Genel Releases Full Year Results


Chia Surkh (60% working interest, operator)

Genel Energy has a 60% operated interest in the Chia Surkh licence, which is located in the southeast of the KRI. The Chia Surkh 10 exploration well was spudded in October 2012 and was announced as a significant discovery in April 2013. The well was drilled to a depth of 1,696 metres in the Oligo-Miocene section, and on test, flowed at up to 11,950 bopd of 41 degree API and 15 mmscfd of gas. A second DST was carried out in the Miocene, and flowed at sustained rates of 3,200 bopd of 38 degree API oil and 8.4 mmscfd of gas. CS 10 has been suspended as a future producer.

The Chia Surkh discovery was appraised by the CS-11 well, which was drilled 3km to the northwest of CS-10 and 85 metres down-dip on the structure. It penetrated a gross hydrocarbon column of 170 metres in Miocene and Oligocene aged reservoirs. The Miocene Jeribe formation previously tested in CS-10 flowed at a cumulative rate of 3,550 bpd of 50 degree API oil and 21 mmscfd of gas from two zones. Deeper Miocene and Oligocene formations not penetrated in the CS-10 well flowed at a combined rate of 3,660 bpd of light oil and 25 mmscfd of gas.

Based on current data and ahead of further exploration and appraisal activity, gross contingent resource on the Chia Surkh structure is estimated at 250 mmboe. The acquisition of 300km2 of new 3D seismic over the Chia Surkh licence has recently been completed and is being processed. One appraisal well is planned on the greater Chia Surkh structure in 2014. Further E&A activity, including a potential exploration well on the Qalami structure, is planned for 2015.

Ber Bahr

During 2012, the Ber Bahr-1 well made an oil discovery in Jurassic aged reservoirs, although two drill stem tests over the interval failed to flow. The well was successfully side-tracked in the first half of 2013 and tested 2,100 bpd of 15 degree API oil from the Jurassic Sargelu formation. A 3D seismic survey is planned for completion by mid-year 2014. Ber Bahr-2, an appraisal well, is planned to spud in the fourth quarter of 2014.

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