Friday, September 07, 2007
DNO says two Tawke wells confirm deposits
Oil
(IDP) - Norwegian independent oil producer DNO said two new wells at its Tawke field in northern Iraq have both confirmed oil deposits. "DNO is pleased to announce that Tawke No. 8 has confirmed oil in the central/down flank position of the field," DNO said in a statement on Wednesday. "Good reservoir properties have been confirmed, and so far the well has achieved a gross rate of more than 17,000 barrels of oil per day aggregated from four tests. A maximum of 8,000 bod was achieved from the most productive test interval." Tawke No. 5A has been drilled to its final depth, DNO said, and confirmed oil in the central area of the lower reservoir.
Labels: DNO, oil, Tawke field
Friday, August 24, 2007
DNO rejects unsolicited $700 mn. bid
Oil
(AFX News Limited) - DNO ASA said it has rejected an unsolicited 700 mln US$ bid by 'a large international oil company' for its licenses in Kurdistan region (northern Iraq). The Norwegian oil minnow said it has 'reviewed the interest and decided not to pursue the matter further'. The suggested price, it said, was based on information available in the market as of early July 2007. 'No further comments can be given due to confidentiality requirements,' DNO added.
DNO ASA said it is expecting the first export of oil from its Tawke field in Kurdistan region (northern Iraq) in November this year, assuming it secures the relevant permission from authorities in the region. Speaking after the release of its second quarter results, DNO said it is aiming to begin the export of oil into Turkey via pipeline from November.
The Kurdistan Petroleum Law was ratified by the region's parliament in August, and DNO said it expects the federal law to be approved in September. According to this schedule, he said, exports could begin the following month. Due to the political situation in Iraq, DNO is currently being forced to sell its oil in the local market.
DNO ASA said it is expecting the first export of oil from its Tawke field in Kurdistan region (northern Iraq) in November this year, assuming it secures the relevant permission from authorities in the region. Speaking after the release of its second quarter results, DNO said it is aiming to begin the export of oil into Turkey via pipeline from November.
The Kurdistan Petroleum Law was ratified by the region's parliament in August, and DNO said it expects the federal law to be approved in September. According to this schedule, he said, exports could begin the following month. Due to the political situation in Iraq, DNO is currently being forced to sell its oil in the local market.
Labels: DNO, Kurdistan, oil, Tawke field, Turkey
