DNO reports Cretaceous oil discovery in Iraqi Kurdistan

1/9/2017

OSLO -- DNO ASA, the Norwegian oil and gas operator, has announced that the Peshkabir-2 well currently drilling in the Kurdistan region of Iraq has discovered oil in the Cretaceous horizon in the southern flank of Peshkabir field.

The well flowed at a stable rate of 3,800 bpd of 28° API oil on a 52/64 in. choke from an open hole test of a 170-m interval. Pressure data supported by observations of oil shows from cuttings and side wall cores indicate a Cretaceous oil interval in excess of 300 m.

Peshkabir-2 was spudded last October to explore the Cretaceous horizon and appraise the previously tested deeper Jurassic reservoir on a 2012 discovery, 18 km to the west of the company's flagship Tawke field. Following acquisition of new 3D seismic, Peshkabir-2 was originally planned for 2015 but delayed following the drop in world oil prices and interruption in payments for the company's production and exports from Kurdistan.

The well, currently drilling ahead of schedule and under budget, is expected to reach a total depth of 3,500 m and will be completed in the Jurassic by early February. Pre-spud estimates for drilling, open hole testing of the Cretaceous and completion stood at $17.5 million.

DNO is considering a number of options to step up appraisal of the new Cretaceous discovery, including a geological side-track in the central part of the Peshkabir structure or a third well. Options are also under consideration for possible early Peshkabir production and trucking to the company's gathering, processing and export facilities at Fish Khabur some 12 km away. 

 "We are very encouraged by what we have seen so far in this well," said Bijan Mossavar-Rahmani, executive chairman of DNO. "Certainly our subsurface and drilling teams have started the year on the right foot," he added.

DNO operates and holds a 55% working interest in the Tawke license, which holds Peshkabir field. Genel Energy and the Kurdistan Regional Government hold interests of 25% and 20%, respectively.

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