Dragon Oil Updates on Iraq Operations

By John Lee.

As part of its Drilling and Production Update this morning, Dragon Oil made the following statement about its operations in Iraq:

In December 2014, the consortium of Dragon Oil (30%) and Kuwait Energy (70% and operator) reported their second oil reservoir discovery at Block 9 in Iraq. The successful discovery was at the consortium's second target, the Yamama formation at 4,000 meters, in the exploration well Faihaa-1.

Preliminary tests of the Faihaa-1 Yamama formation resulted in the oil flow rates of around 5,000 and 8,000 bopd of 35 API crude on 32"/64" and 64"/64" chokes, respectively.

The consortium's strategy is to accelerate the evaluation of the Faihaa-1 discovery by drilling two appraisal wells in 2015 in order to fast track the development.

(Source: Dragon Oil)