January 9, 2017 / 5:32 AM / 7 months ago

BRIEF-Norway's DNO makes oil discovery at Peshkabir field

Jan 9 (Reuters) - DNO Asa

* Says the Peshkabir-2 well currently drilling in the Kurdistan region of Iraq has discovered oil in the Cretaceous horizon in the southern flank of the Peshkabir field

* Well flowed at a stable rate of 3,800 barrels of 28 API oil per day on a 52/64 choke from an open hole test of a 170-meter interval

* Pressure data supported by observations of oil shows from cuttings and side wall cores indicate a Cretaceous oil interval in excess of 300 meters

* Peshkabir-2 was spudded last October to explore the Cretaceous horizon and appraise the previously tested deeper Jurassic reservoir on a 2012 discovery 18 kilometres to the west of the company's flagship Tawke field

* The well, currently drilling ahead of schedule and under budget, is expected to reach total depth of 3,500 meters and will be completed in the Jurassic by early February. Pre-spud estimates for drilling, open hole testing of the Cretaceous and completion stood at USD 17.5 million

* Considering a number of options to step up appraisal of the new Cretaceous discovery including a geological side-track in the central part of the Peshkabir structure or a third well

* Options are also under consideration for possible early Peshkabir production and trucking to the company's gathering, processing and export facilities at Fish Khabur some 12 kilometres away

* "We are very encouraged by what we have seen so far in this well"

* will provide an update on the resource potential of both the Cretaceous and Jurassic horizons following post-well evaluation of all data acquired during Peshkabir-2 operations

* DNO operates and holds a 55 percent working interest in the Tawke license which holds the Peshkabir field. Genel Energy plc and the Kurdistan Regional Government hold a 25 percent and 20 percent interest, respectively Source text for Eikon: Further company coverage:

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