Shewashan light oil discovery in Kurdistan declared commercial

Oct 17, 2014 12:00 AM

Gas Plus Khalakan Ltd. (GPK) has declared commercial the Shewashan light oil discovery on the Khalakan block in the Kurdistan region of Iraq.

The company says it’s preparing the field development plan (FDP) for the Kurdistan Regional Government’s (KRG) Ministry of Natural Resources in accordance with the Khalakan production-sharing contract. GPK holds direct interest in Khalakan through its PSC with the KRG.

Shewashan-1 produced light, 45° gravity oil on test from reservoir zones in the Cretaceous Shiranish, Kometan, and Qamchuga formations. GPK says the well will be put on production to gather data ahead of final FDP approval.

“The Shewashan discovery establishes GPK as a production operator in the KRG’s expanding oil and gas industry and has demonstrated the potential for significant quantities of light oil to complement the country’s growing reserves base,” commented Steve Lowden, director of GPK.

Ashti Hawrami, KRG minister for natural resources, said, “We are pleased with this new light oil discovery which will contribute to our stated target of 1 million b/d of oil by the end of 2015, early in 2016.”

Shewashan was the second exploration prospect drilled by GPK on Khalakan. The field is now delineated with a 122-sq-km production area.

Range Energy Resources Inc., Vancouver, holds an indirect minority interest in the block through its direct minority interest in New Age Al Zarooni 2 Ltd., which in turn owns 50% interest in GPK.

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