Oslo, 17 March 2014 -- DNO International ASA ("DNO International"), the Norwegian oil and gas company, announced today that it has initiated production from two newly completed horizontal wells in the Tawke field in the Kurdistan region of Iraq at a combined rate of 37,000 barrels per day.
In one of the new wells, Tawke-21, eight productive fracture corridors penetrated by a 980-meter horizontal section in the main Cretaceous reservoir interval flowed an average rate of 9,700 barrels per day each. In the other well, Tawke-22, located six kilometers away, seven productive fracture corridors penetrated by an 800-meter horizontal section flowed an average rate of 8,800 barrels per day each. Both wells are subject to wellbore and surface facilities limitations.
"We hit a new production record of 129,000 barrels per day at the Tawke field on March 5 which is close to the limit of what we currently can deliver by pipeline and road tanker," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman. "With the exceptional results from these latest wells and the installation of early production packages and a new 24-inch pipeline, we are on track to meet our ambitious deliverability goal of 200,000 barrels per day in 2014," he added.
Two previous Tawke horizontal wells came on production in the second half of last year, two wells are currently drilling and three more are scheduled which, together with Tawke-21 and Tawke-22, will bring the total number of horizontal wells in the field to nine by yearend.
DNO International holds a 55 percent interest in and operates the Tawke license. Genel Energy plc holds 25 percent and the Kurdistan Regional Government the remaining 20 percent interest.
--- DNO International ASA is an Oslo-listed, Middle East and North Africa focused oil and gas company holding stakes in 20 blocks in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates, the Tunisian Republic and Somaliland.---
Oslo, 17 March 2014
DNO International ASA
Queries: Bjorn Dale (email@example.com or tel: +47 909 79 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)