logo-loader
viewGenel Energy PLC

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: 207.5 GBX

LSE:GENL
Market: LSE
Market Cap: £576.17 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Genel Energy PLC named herein, including the promotion by the Company of Genel Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Union Jack's West Newton potential confirmed

Headlines from the Proactive UK newsroom. Union Jack Oil (LON:UJO) has been informed by the operator that the Kirkham Abbey reservoir in the West Newton project area contains a base case 146mln barrels of oil and up to 283mln barrels in a best case. The liquid element is much higher than...

4 days, 2 hours ago

2 min read