Two Turkish companies find oil in Iraq

The Anglo-Turkish oil and gas independent, Genel Energy, today announced that the first of the five exploration wells it plans to drill this year in the Kurdistan Region of Iraq has made a significant oil discovery.  The Company said the Chia Surkh 10 well was drilled to a depth of 1,696 metres in the Oligo-Miocene section, and flowed at up to 11,950 barrels of oil a day and 15 million cubic feet of gas. Genel 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.  "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.  "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. Chia 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.