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Dragon confirms Iraq oil find

10/09/2014 by

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Dragon Oil has confirmed an oil find in the Block 9 exploration well, 'Faihaa-1', located in northern Basra, Iraq.

Preliminary tests of the Faihaa-1 Mishrif formation resulted in a flow rate of around 2,000 barrels of 20 API oil per day on a 32/64-inch choke. 

Kuwait Energy and Dragon - which have a 70% and 30% interest respectively - will conduct more detailed testing on Mishrif towards the end of the year.

Dragon chief executive Dr Abdul Jaleel Al Khalifa said: "We are pleased to report along with our operating partner Kuwait Energy an oil discovery in the first target, the Mishrif formation, in Block 9, Iraq. This represents the first significant success in Dragon Oil's exploration portfolio. Drilling continues towards the second target, which will be tested later this year, and we look forward to a full evaluation of the discovery and the drawing up of a block appraisal plan by the consortium."

This article has been extracted from http://www.stockmarketwire.com/, please click on this link to read the article in full http://www.stockmarketwire.com/article/4882999/Dragon-confirms-Iraq-oil-find.html

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