Oslo, 22 July 2013 -- DNO International ASA ("DNO International"), the Norwegian oil and gas company, announced today that it has initiated production from the first horizontal well in the Tawke field in the Kurdistan region of Iraq at a record rate of 25,000 barrels of oil a day.
The Company previously reported that the Tawke-20 well had flowed an average of 8,000 barrels a day from each of the first four of ten fractured corridors penetrated by a 600-metre horizontal section in the Cretaceous reservoir interval of the field. Each of the remaining six corridors also flowed an average of 8,000 barrels a day. Following completion of testing, the well has been placed on production but is subject to wellbore and surface facilities limitations. Currently, the most productive vertical well in the Tawke field is flowing at an average daily rate of 10,000 barrels.
"We are pleased with the exceptional results from this well and excited about the prospects for horizontal drilling at Tawke," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman. "Our next task is to optimize production from Tawke-20 while assessing the potential of horizontal wells in terms of drilling efficiency, well recovery factor and overall Tawke field output capacity," he added.
Drilling operations are underway at a second horizontal well, Tawke-23, and the Company is preparing to commence drilling of a third horizontal well, Tawke-21.
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 Africa focused, oil and gas company holding stakes in 20 licenses 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. http://www.dno.no ---
Oslo, 22 July 2013
DNO International ASA
Queries: Bjørn Dale (email@example.com or +47 909 79 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)