DNO International ASA : DNO International Announces Jurassic Discovery,
Successful Horizontal Drilling in Tawke License
Oslo, 11 June 2013 -- DNO International ASA ("DNO International"), the
Norwegian oil and gas company, announced today that its deep Tawke-17 well
tested 1,500 barrels a day of 26-28 degree API crude oil from an Upper
Jurassic reservoir underlying the Tawke field in the Kurdistan Region of Iraq.
Separately, the Tawke-20 well, the Company's first horizontal well in the
Tawke field, has flowed an average of 8,000 barrels a day from each of the
first four of ten fractured corridors penetrated by the well. Testing
continues on both wells.
"We are very pleased that initial Tawke-17 results are in line with the
Company's pre-drill estimates," said Bijan Mossavar-Rahmani, DNO
International's Executive Chairman. "This discovery in the Sargelu formation,
over 200 meters below the main field Cretaceous reservoir, likely bumps
recoverable reserves on the Tawke license to the one billion barrel mark," he
Drilling of a second Tawke horizontal well continues on schedule. "If this
second well, Tawke-23, demonstrates the significant deliverability uptick we
are now seeing in Tawke-20, we will go back to the drawing board and consider
further enhancements to our current target of 200,000 barrels a day of
production capacity by 2015," Mr. Mossavar-Rahmani said. Last month the
Company announced that it had met its previous goal of delivering 100,000
barrels a day from the Tawke field following 72 hours of well and facility
The Tawke-17 well, the deepest drilled by the Company in the Tawke field,
encountered several Triassic zones that proved either tight or water bearing.
Two additional identified reservoir intervals in the Upper Jurassic remain to
be perforated and tested.
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 18 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, 11 June 2013
DNO International ASA
Queries: Bjørn Dale (firstname.lastname@example.org or +47 909 79 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
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Source: DNO International ASA via Thomson Reuters ONE
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