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2014-09-11 18:10:00

KUWAIT DISCOVERS IRAQ

KUWAIT DISCOVERS IRAQ

A consortium comprised of Kuwait Energy and Dragon Oil PLC has made an oil discovery on Block 9 in Northern Basra, Iraq.

The discovery occurred in the Mishrif formation—the consortium's first target—at 2,700 m via the Faihaa-1 exploration well. Preliminary tests resulted in a flow rate of 2,000 b/d of 20° gravity oil on a 32/64-in. choke. Kuwait Energy says the consortium will conduct more detailed testing on Mishrif toward yearend.

The consortium plans to continue drilling activities, exploring deeper horizons, and collecting further data to evaluate the discovery and define an appraisal plan.

"This is the first well drilled in our planned high-impact exploration campaign on Block 9, so we are delighted to have made a discovery so quickly," commented Sara Akbar, Kuwait Energy chief executive officer. "We continue to believe that Block 9 has strong exploration potential and look forward to facilitating an appraisal plan on Faihaa-1 and continuing to drill other exploration targets."

Kuwait Energy operates the consortium with 70% interest. Dragon Oil holds the remaining 30%.

ogj.com

Tags: KUWAIT, IRAQ, OIL,

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