Afren hoping for more success in Iraq
Afren, the FTSE 250 oil and gas firm focused in Africa and the Middle East, announced on Wednesday morning that it has started drilling at its East Simrit prospect located on the Ain Sifni project in the Kurdistan region of Iraq.
Afren, the FTSE 250 oil and gas firm focused in Africa and the Middle East, announced on Wednesday morning that it has started drilling at its East Simrit prospect located on the Ain Sifni project in the Kurdistan region of Iraq.
Afren and Ain Sifni's operator, Hunt Oil Middle East, have commenced exploration drilling at the Simrit-3 well, located around 10km east of the successful Simrit-2 discovery well.
Simrit-2 was drilled to a total measured depth of 3,800 metres and encountered 460m of net oil pay throughout Cretaceous, Jurassic and Triassic age reservoirs. The well test programme which started in June is still ongoing on this well.
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
Afren, which owns a 20% stake in Ain Sifni (Hunt Oil owns 60% and the Kurdistan government owns 20%), said that Simrit-3 is looking for the presence of oil within the same reservoir intervals as the previous well.
"The drilling and test results recorded to date have already confirmed Ain Sifni in the Kurdistan region of Iraq to be a world-class asset," said Chief Executive Osman Shahenshah.
"The Simrit-3 exploration well, which is part of ongoing evaluation of the block's transformational potential, will test the areal extent of the existing discovery," he said.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: The Hut, Colwell Bay – a seafood lunch with a holiday feel
Travel Getting to The Hut in Colwell Bay on the Isle of Wight is almost as rewarding as actually eating there
-
What is the 7 year inheritance tax rule and how does it help cut your bill?
Speculation is rife chancellor Rachel Reeves has plans to target inheritance tax once again in her upcoming Budget. But the 7 year inheritance tax rule can save you thousands - here’s how it works.