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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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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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