DNO joins ExxonMobil on Baeshiqa license in Kurdistan region of Iraq

9/8/2017

OSLO -- DNO ASA, the Norwegian oil and gas operator, today announced an agreement with ExxonMobil to join the Baeshiqa license in the Kurdistan region of Iraq.

DNO will assume operatorship of the license with a 40% paying (32% net) interest, acquiring one-half of ExxonMobil's position. ExxonMobil retains a 40% paying (32% net) interest, the Turkish Energy Company (TEC) its 20% paying (16% net) interest and the Kurdistan Regional Government its 20% carried interest.

Pending Government approval, DNO will drill an exploration well in the first half of 2018 with a second exploration well to follow on a separate structure.

The 324-km2 license is situated 60 km west of Erbil and 20 km east of Mosul. ExxonMobil had previously conducted extensive geological and geophysical studies and constructed a drilling pad before work was interrupted due to security conditions in the region.

The Baeshiqa license contains two large, undrilled structures which are expected to have multiple independent stacked target reservoir systems, including in the Cretaceous, Jurassic and Triassic.

DNO currently operates two other licenses in Kurdistan: one contains the Tawke and Peshkabir fields which together produce over 110,000 bopd and the other the Benenan and Bastora heavy oil fields, which are undergoing further appraisal and development. With three rigs currently deployed, the Company is the most active driller among the international operators in Kurdistan.

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