Afren increases total net oil pay at Simrit-2

Digging deeper at the Simrit-2 exploration well in the Kurdistan region of Iraq has paid off for oil exploration firm Afren as the well's total net oil pay has increased to 460 metres.

A cumulative flow rate of 13,584 barrels of oil per day has been achieved from three of the 12 zones to be tested. The cumulative gas rate is 23.5m square cubic feet per day.

The well was deepened 100 metres past its originally planned depth in order to test additional prospectivity. Analysis of data collected indicates the continual presence of light oil shows throughout the deepened section of the well, extending the estimated net pay encountered by the well to 460 metres, the firm said. No oil water contact has been established in the target reservoirs.

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Following completion of this first batch of drill stem tests the partners will now switch the Viking-11 drilling unit for a work-over rig at the Simrit-2 location in order to complete the remaining nine planned drill stem tests.

Osman Shahenshah, Chief Executive of Afren, said: "The latest results on the Simrit-2 exploration well confirm the transformational potential of this discovery to Afren, further validated by the test results, suggesting excellent production capability."

The share price rose 3.87% to 123.50p by 08:27.

NR