Genel Energy PLC (LON:GENL) told investors that there has been a two-thirds increase in production at the Peshkabir field, thanks to the completion of a new well.
The Peshkabir-4 well came online producing at a rate of 10,000 barrels of oil per day, the company reported in a statement.
Moreover, the Kurdistan-focused oil firm added that next well - Peshkabir-5 - has been drilled and is undergoing testing, with four zones tested at rates between 4,000 and 7,500 bopd per zone.
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It is expected that the Peshkabir-5 will come online in August.
Presently, the Peshkabir field presently produces a total of 25,000bopd and it is expected to increase above the operator’s production target of 30,000bopd.
Drilling is also taking place for the Peshkabir-6 and Peshkabir-7.
"Peshkabir continues to exceed our expectations,” said Murat Özgül, Genel managing director.
“As the field is part of the Tawke PSC, these are high-value barrels to Genel that benefit from the receivable settlement agreement and will further bolster our free cash flow generation, which is currently over US$10mln a month.”
He added: “With five of the six 2018 wells at Peshkabir yet to be completed, and wells set to be drilled on both the Tawke and Taq Taq fields in the second half of the year, we have significant opportunities ahead."