Afren Updates on Iraqi Operations

A total of 9 DST's were carried in the Triassic, Jurassic and Cretaceous reservoirs reaching a cumulative rate of 6,293 bopd. Of the 9 tests, the Kurra Chine reservoirs produced at rates of 6,043 bopd 36° API gravity crude oil with 4.1mmscfg/d on a 64/64th choke with a WHP of 645 psi. The test of the Mus/Adaiyah produced 250 bopd of 14°API gravity but confirmed the petrophysical interpretation that an Oil Water Contact (OWC) had been intersected by producing 1,164 bwpd with the oil when flowed to surface.

The Cretaceous heavy oil reservoirs did not deliver oil to surface using conventional testing methodology. Reprocessing of the Simrit 3D seismic data is underway so that the well data can be integrated with the updated structural understanding and volumetric estimates upgraded. The rig is currently being mobilised to the Maqlub-2 location.

Operator Hunt Oil spudded the Maqlub-1 well testing the high potential Maqlub structure in June 2013. The drilling programme is expected to last 110 days. The Maqlub structure is located adjacent to the Barda Rash PSC and will be testing the Cretaceous, Jurassic and Triassic reservoirs. The well is currently drilling ahead in the Jurassic reservoirs at 6,995 ft. To date hydrocarbons have been encountered in the Cretaceous and Jurassic reservoirs as confirmed by wireline, Logging While Drilling (LWD), cuttings and gas data.

Commenting today, Osman Shahenshah, Chief Executive of Afren plc, said:

"Our strong financial performance, with revenue of US$ 1.2 billion, is underpinned by a year-on-year increase in production of 18 per cent.  We expect full year production to be at the upper end of guidance of 40,000 to 47,000 barrels of oil equivalent per day.  

"We continue to build an excellent exploration track record with more successful wells in Nigeria and the Kurdistan region of Iraq, notably the play opener south of Lagos. I am confident that with our track record of project delivery, exploration success and financial discipline, we are well placed to continue to realise significant value from our existing portfolio and for our shareholders."

(Source: Afren)

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