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Chia Surkh Discovery
Chia Surkh Discovery.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9624B Genel Energy PLC 10 April 2013 \n \n\n10 April 2013\nGenel Energy plc\n(\"Genel Energy\" or the \"Company\")\n \nGENEL ENERGY MAKES SIGNIFICANT OIL DISCOVERY IN FIRST CHIA SURKH WELL\n \nThe Anglo-Turkish oil and gas independent, Genel Energy, today announced that the first of five exploration wells it plans to drill this year in the Kurdistan Region of Iraq has made a significant oil discovery. \n \nThe Company said the Chia Surkh 10 well was drilled to a depth of 1,696 metres in the Oligo-Miocene section, and, in tests extending over several days, flowed at up to 11,950 barrels of oil a day and 15 million cubic feet of gas. The oil was 41 degrees API and well-head flow pressure 2,000 pounds a square inch. \n \nChia Surkh 10 was drilled on a large thrust-fault, controlled structure with up to 94 square kilometres of closure. A second drill-stem test is being planned for the Miocene section, after which the well will be suspended as a future producer. \n \nGenel Energy chief executive Tony Hayward said the well confirmed the presence of 'a significant oil find' and that the Company had this week begun drilling a second well, Chia Surkh 11, to appraise the discovery. \n \n\"We intend to carry out a rapid appraisal and development programme and expect to have an early production scheme operating in the first half of 2014. Over the same period we will be evaluating and drilling a number of other prospects we have in the Chia Surkh licence,\" Hayward said. \n \n\"We are delighted at this level of success in what is the first of the five high-impact exploration wells we plan in the Kurdistan Region of Iraq during 2013. To have made a discovery of such potential materiality at this early stage is highly encouraging,\" Hayward said.\n \nChia Surkh 10 is the first exploration well to be drilled on the Chia Surkh acreage since 1954. The 985 square kilometre licence is operated and held 60 per cent by Genel Energy. The remaining 40 per cent is held equally between Petoil, Inc. and the Kurdistan Regional Government. \n \nFor further information, please contact:\n\n\n\n\n \nGenel Energy plc\nJulian Metherell\nNatalie Fortescue\n \n\n\n \n+44 20 7659 5100\n\n\n\n\nM: Communications\nPatrick d'Ancona\nAndrew Benb...