Second Oil Discovery in Iraq

Second Oil Discovery in IraqSecond Oil Discovery in Iraq

The consortium comprised of Kuwait Energy (70% and operator) and Dragon Oil (30%) has made its second oil discovery at 'Block 9' in Iraq, Zawya reported.

The successful discovery was at the consortium's second target, the Yamama formation at 4,000 meters, in its Block 9 exploration well, 'Faihaa-1', located in Northern Basra, Iraq.

Preliminary tests of the Faihaa-1 Yamama formation resulted in oil flow rates of circa 5,000 and 8,000 barrels of oil per day of 35 API crude.

The consortium will conduct more detailed testing on Yamama towards the end of the year, Sara Akbar, CEO of Kuwait Energy , said. "This is the second discovery in the first well drilled in Block 9, so we are delighted to have accomplished additional progress. We are confident that Block 9 has strong exploration potential," she added.

Kuwait Energy is an independent oil and gas exploration and production company operating in the MENA region. As at 31 May 2014, Kuwait Energy 's working interest proven and probable reserves were 165.7 million barrels of oil equivalent and its current production has reached approximately 24,250 barrels of oil equivalent per day as at 30 Nov 2014.