DNO International taps additional oil in Kurdistan

11/7/2012

DNO International taps additional oil in Kurdistan

BAGHDAD -- DNO International's Benenan-3 well drilled on its Erbil license, Kurdistan region of Iraq, has encountered an additional 210-m oil column in the Najmeh reservoir, which is expected to more than double the Benenan field's gross 2P oil in place volumes from 300 MMbbl to an estimated 600-700 MMbbl.

The well produced 800-1,000 bopd of 12-16 API gravity oil from an openhole test in the Lower Najmeh interval, having earlier confirmed movable oil from an openhole test in the Bekhme formation. The Bekhme formation is currently producing in the Company's Bastora-1A long term test well in the neighboring Bastora field and the Upper Najmeh previously tested as productive in the Benenan field discovery and appraisal wells.

Benenan-3 was originally designed as a horizontal producer in the Upper Najmeh formation with a deeper deviated exploratory probe. The well will now be completed as a deviated well capable of producing from several Najmeh intervals as well as from the Bekhme formation.

The Benenan and Bastora field development program is continuing with a second development well scheduled for mid-2013. DNO International holds a 40% working interest and is the operator of the Erbil license.

"Like Tawke before it, Benenan is starting to grow as we explore and appraise the field," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman. "We are excited to continue to build reserves, production and value across our licenses in the Kurdistan region of Iraq."

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