DNO International ASA: DNO International Sets New Production Record of 32,500
Barrels per Day at Second Tawke Horizontal Well
Oslo, 14 October 2013 -- DNO International ASA ("DNO International"), the
Norwegian oil and gas company, announced today that it has initiated sales
from its second horizontal well in the Tawke field in the Kurdistan region of
Iraq following testing at a new record rate of 32,500 barrels of oil per day.
Each of ten independent fracture corridors penetrated by a 930-meter
horizontal section in the Cretaceous reservoir interval flowed in excess of
9,000 barrels per day. Tawke-23 was spudded in May 2013 and the cost to drill,
complete and test the well was $12 million. The first horizontal well
completed in the field last July, Tawke-20, is located six kilometers away and
set the previous record production rate for a Tawke well at 25,000 barrels per
day. Both wells are subject to wellbore and surface facilities limitations.
"The exceptional results from Tawke-20 and Tawke-23 have fundamentally changed
our approach to developing this field and also our expectations for its
performance," said Bijan Mossavar-Rahmani, DNO International's Executive
Chairman. "By any measure, these are prolific wells tapping into what
increasingly feels like a sea of oil," he added.
Drilling operations are already underway at two additional horizontal wells,
Tawke-21 and Tawke-22. Both are slated for completion by yearend 2013.
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, 14 October 2013
DNO International ASA
Queries: Bjorn Dale (firstname.lastname@example.org or tel: +47 909 79 889)
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(Norwegian Securities Trading Act)
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Source: DNO International ASA via Thomson Reuters ONE
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