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Genel Energy inks drill contract for next year’s Qara Dagh well

The second well at the 200mln barrel oil project is due in the first half of 2020, preparations are presently underway

Driller at work
Genel owns a 40% stake in the Qara Dagh field

Genel Energy PLC (LON:GENL) told investors Tuesday it has inked a contract with Parker Drilling for the planned QD-2 well at the Qara Dagh field in the Kurdistan region of Iraq.

The London-listed oiler has a 40% stake in the project where QD-2 will test a ‘structural crest’ some 10 kilometres away from the previously QD-1 well which confirmed sweet, light oil.

READ: Genel Energy moves Sarta field moves closer to 2020 start-up

In a statement, Genel highlighted an estimate of resources for Qara Dagh’s which envisages some 200mln barrels of crude (gross).

Genel noted that civil construction work is currently underway to prepare the well site and camp for drill.

QD-2 is on track to be drilled during the first half of 2020, the company concluded.

Quick facts: Genel Energy PLC

Price: 139.8541 GBX

Market: LSE
Market Cap: £3.88 m

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