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 UK's Afren PLC, Hunt make major oil find in Iraqi Kurdistan

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UK's Afren PLC, Hunt make major oil find in Iraqi Kurdistan ‎ 18.4.2012 

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Photo: afren.com See Related Links
April 18, 2012

LONDON
, — London-listed oil explorer Afren Plc said on Tuesday it and partner Hunt Oil had made a "significant" oil discovery in Iraqi Kurdistan region, adding to a string of discoveries that have attracted foreign oil companies to the semi-autonomous region of Iraq in recent years.

Afren said the find in the Ain Sifni exploration block, which is operated by Hunt Oil, suggested the results of the Simrit-2 well suggested the block had "the potential to be transformational for Afren".

Afren previously said on its website that Ain Sifni had prospective resources of 917 million barrels.

Afren climbed as much as 11 percent to 149.70 pence, the highest since July, and traded at 144 pence at 9:14 a.m. U.K. time. The shares have surged 68 percent this year.

The Simrit-2 exploration well on the Ain Sifni block encountered an estimated 409 meters (1,342 feet) of net oil pay,www.ekurd.net the London-based company said on Tuesday in a statement.

The results suggest the Ain Sifni block has the potential to be “transformational for Afren,” Chief Executive Officer Osman Shahenshah said in the statement.

Afren has a 20 percent interest in the block and Hunt Oil Co. is the operator.

Kurdistan remains locked in a dispute over oil revenue sharing with Baghdad, which says the contracts signed by the Kurdistan Regional Government KRG are illegal. This has blocked exports of crude from the region, weighing on the value of assets there.

Copyright ©, respective author or news agency, Reuters | bloomberg.com


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