Africa-focused oil and gas group Afren has reported positive test results from the Simrit-2 well on the Ain Sifni Block (20%) in the Kurdistan region of Iraq.
The on-going testing programme on the well, which is operated by Hunt Oil Middle East, has delivered incremental flow rates of 5,368 barrels of oil per day (bopd), with a cumulative rate of 18,952 bopd from six of the 12 zones tested.
Osman Shahenshah, Chief Executive of Afren, said: "The latest test results on the Simrit-2 exploration well continue to suggest excellent production capability and the transformational potential of this discovery to Afren.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The Simrit-3 well is drilling ahead and confirms the eastern extent of the large scale Simrit anticline."
Afren has a 20% interest in the blockm Hunt Oil Middle East 60%, and the Kurdistan regional government owns the remaining 20%.
NR
-
How inheritance tax trick is helping families save ‘six-figure sums’Happy to skip a generation to save thousands on inheritance tax? A deed of variation could be the estate planning tool you need.
-
Nationwide: House prices unexpectedly dropped in AugustHouse prices fell by 0.1% in August in a surprise drop, according to Nationwide, as “affordability remains stretched”
