Swara Tika Discovery Declared Commercial

HKN will submit a development plan for the Swara Tika discovery to the KRG during the 2nd quarter of 2014 for the KRG’s consideration and approval. HKN intends to begin production from the Swara Tika-1 well in May 2014 through the existing facilities. In addition to declaring commerciality on the Swara Tika structure, HKN will continue the ongoing operations within the 682 square kilometer Sarsang Block, including drilling in the East Swara Tika, West Swara Tika and the Mangesh structures as agreed and permitted by the KRG.

“Kurdistan continues to show tremendous promise, not only in the richness of its energy reserves but also in the determination of its people to enable commercial development of its natural resources,” said Ross Perot, Jr., HKN Energy’s founder. “Our team has been working in Kurdistan since 2006 and remain honored to be able to explore and develop one of the last great onshore oil frontiers in the world.”

HKN Energy holds a 37 percent participating interest (with an option to acquire an additional 5% from the KRG which HKN has initiated) in the Sarsang Block. The other Sarsang contractors include Marathon Oil KDV B.V., which holds a 20 percent participating interest and Maersk Oil, which holds an 18 percent participating interest. The remaining interest on the block is held by the KRG.

(Source: HKN)

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