Genel Energy, the oil and gas giant led by former-BP frontman Tony Hayward, has said the Chia Surkh 10 exploration well, the first to be drilled on the Chia Surkh block, started drilling on Sunday, October 7th.
The block, in which Genel holds a 60% operating interest, covers an area of 984 square kilometres in the southern part of the Kurdistan Region of Iraq and has prospective resources estimated at more than 300m barrels of oil equivalent.
The well is set to be drilled to around 2,500 metres, with the first results expected in the first quarter of next year.
Subscribe to 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
Despite the news, investors appeared unimpressed, with the share price down 1.34% to 735p by 10:00.
NR
-
Private school fees soar and VAT threat looms – what does it mean for you?Rising private school fees could see more than one in five parents pull their children out of their current school. Before you remortgage, move house or look to grandparents for help, here’s what you need to know.
-
Best and worst UK banks for online banking revealedWhen it comes to keeping your money safe, not all banks are equal. We reveal the best and worst banks for online banking when it comes to protecting your money from scams
