25 April 2013
Genel Energy plc
("Genel Energy" or the "Company")
GENEL ENERGY ANNOUNCES SUCCESSFUL ADDITIONAL TEST IN FIRST CHIA SURKH WELL
The Anglo-Turkish oil and gas independent, Genel Energy, today announced that a second drill-stem test carried out on the Chia Surkh 10 well has confirmed the existence of an additional oil bearing section.
The test was carried out over a 12 metre zone in a younger Miocene section than the the first drill-stem test, and flowed at sustained rates of 3,200 barrels of oil a day and 8.4 million cubic feet of gas. The oil was 38 degrees API and well-head flow pressure 2,550 pounds a square inch.
The successful completion of the second test on the Chia Surkh 10 well confirms that the presence of a significant oil discovery in Chia Surkh. As previously announced, the well will now be suspended as a future producer. The first appraisal well Chia Surkh 11 is already drilling on the same structure.
Genel Energy's Head of Exploration Dr John Hurst said: "The successful completion of the second test has further confirmed our belief that this is a significant oil find in the Kurdistan Region of Iraq. We will continue with our rapid appraisal and development programme, including the first appraisal well now underway and will be evaluating and drilling a number of other prospects we have in the Chia Surkh licence."
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.
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For further information, please contact:
Genel Energy plc Julian Metherell Natalie Fortescue |
+44 20 7659 5100 |
M: Communications Patrick d'Ancona Andrew Benbow |
+44 20 7920 2330 |
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within the Middle East and Africa. For further information, please refer to www.genelenergy.com
