MOL Hungarian Oil and Gas makes oil discovery in Kurdistan Region of Iraq block

rig3Gulf Keystone has announced that MOL Hungarian Oil and Gas, operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq, has made a new Triassic discovery

Bakrman-1, the first exploration well to target the Bakrman structure on the Akri-Bijeel Block, was spudded in May 2012. The well was drilled to 4,100 metres in the Kurra Chine B formation in the Triassic, which resulted in calculated daily flow rates of approximately 2,616 bopd and a gas rate of approximately 165,937 cubic metres per day. The well testing programme is ongoing and is expected to be completed in April 2013.

This is the second discovery on the block following the Bijell discovery made in 2010.

According to a statement by Gulf Keystone, who hold a 20 per cent working interest in the block, a five-test well test programme has now been completed.

John Gerstenlauer, chief operating officer of Gulf Keystone, said, "The discovery on the Akri-Bijeel block marks the beginning of an exciting year for Gulf Keystone. We look forward to joining the ranks of key producers in the Kurdistan Region of Iraq in 2013.

"In addition to drilling a number of development wells on Shaikan, as well as our first deep exploration well, we anticipate further positive results of the extensive exploration, appraisal and early production programme on the Akri-Bijeel Block.

"We will also focus on appraising the Sheikh Adi discovery, taking into account clear future synergies with Shaikan in terms of production facilities, infrastructure and logistics."

Shaikan PF-1 is expected to become operational in March 2013. It would be tied to the Shaikan-1, -3 and -4 producing wells and was designed to produce 20,000 bopd, processing the crude to export specification.

The company also planned to spud Shaikan-10, the first development well, and Shaikan-7, the first deep exploration well, targeting the mid to lower Triassic and, potentially, Permian horizons, by the end of Q1 2013.

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