Update on Bina Bawi Oilfield

By John Lee.

Austria's OMV, the operator of the Bina Bawi field in the Kurdistan Region of Iraq, has today issued the following press release:

An extended well test ("EWT") commenced production from the Bina Bawi-3 well on March 20, 2013. Furthermore the contractor group has submitted a Declaration of Commerciality for the field to the Ministry of Natural Resources of the Kurdistan Regional Government (KRG).

The initial capacity of the EWT from Bina Bawi 3 is around 5,000 boe/d with the potential to expand beyond this level to approximately 10,000 boe/d, as future wells become available. The Bina Bawi field, located east of Erbil, is operated by OMV which holds a 36% stake, 44% is held by Genel Energy plc and a further 20% by the KRG.

A further extensive testing programme will be planned on the Bina Bawi 4 and 5 wells during the course of 2Q/2013, and the contractor group will be moving ahead with the preparation of a Field Development Plan for submission to the Ministry of Natural Resources of the KRG in 3Q/2013."

Charles Proctor (pictured), Head of Business Development for Genel Energy, said:

"We are very pleased to reach these important milestones as we progress the development of Bina Bawi, the next world class field in Genel's KRG portfolio. We will continue to work closely with the operator OMV, to fully appraise the potential of this exciting field as it moves towards full field development."

(Source: Genel Energy)

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