DNO Spuds Third Peshkabir Well; Resumes Field Appraisal

DNO, the Norwegian oil and gas operator, today announced resumption of appraisal drilling at the Peshkabir discovery on the Tawke license in the Kurdistan region of Iraq following extended testing of the Cretaceous and Jurassic reservoirs in the Peshkabir-2 well.

The Company spud the Peshkabir-3 well on 8 July as part of a fast track field development plan including the acquisition and installation of an early production facility by yearend 2017 to be followed by a pipeline connection to the Tawke export terminal at Fish Khabur.

Three Cretaceous productive horizons (Upper Shiranish, Lower Shiranish and Qamchuqa) tested 3,800 barrels of oil per day (bopd), 4,000 bopd and 1,100 bopd, respectively, of 28o API gravity crude oil during a two-week cased hole testing program in May. The Cretaceous column in the Peshkabir-2 well is estimated to range between 380-590 meters.

Two productive horizons in the deeper Jurassic formation tested 2,665 bopd and 400 bopd, respectively, of 25o API gravity crude oil, again over a two-week cased hole testing program in April. The Jurassic column in the Peshkabir-2 well is estimated to range between 125-160 meters.

The well's Lower Shiranish Cretaceous zone has been placed on production since late May at an average rate of 4,500 bopd, trucked to Fish Khabur some 12 kilometers away and commingled with Tawke production for pipeline export through Turkey.

Tawke license production from the two fields has averaged 115,000 bopd month-to-date in July.

"With 16 consecutive monthly export payments from the Kurdistan Regional Government in line with contractual entitlements, we've ramped up drilling with three rigs currently active across the portfolio," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "We're particularly pleased about prospects at Peshkabir," he added.

The Company holds a 55 percent working interest in and operates the Tawke license; Genel Energy plc holds a 25 percent interest and the Kurdistan Regional Government the remaining 20 percent interest.

(Source: DNO)

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