Oil Search completes Taza 2 drilling in Kurdistan and prepares well testing

7/24/2014

Oil Search completes Taza 2 drilling in Kurdistan and prepares well testing

PORT MORESBY -- Oil Search reported that on 23 July 2014, the Taza 2 well was at a total depth of 4,200 m in a 6-1/8” hole.

During the week, having seen encouraging hydrocarbon shows towards the base of the previously drilled section, a further 102 metres was drilled to the final total depth of 4,200 m. Wireline logs are currently being acquired over the new section of hole and preparations are underway for a comprehensive testing programme, likely to comprise drill stem tests over up to five intervals.

Taza 2 is located 10 kms north-west of Taza 1 and is designed to appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Jeribe/Dhiban and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.

The participants in Taza 2 are: Oil Search (Iraq) Limited - 60%, Total E&P Kurdistan Region of Iraq (Taza) BV - 20% and Kurdistan Regional Government (KRG) - 20%.

Oil Search’s funding interest is 75%, with the KRG’s 20% interest carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) BV.

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