Oil Search Commenced Drilling of the Taza 1 Well

Oil Search reports that the Taza 1 well, located in the Taza PSC in the Kurdistan Region of Iraq (KRI), commenced drilling on 3 July 2012. As at 06:00 hours KRI time on 5 July, the well was at a depth of 264 metres and drilling ahead in a 26” hole.

The Taza prospect is located approximately 80km southwest of the city of Sulaymaniyah. The primary objectives are Miocene and Oligocene carbonates of the Jeribe and Euphrates Formations.

The well’s planned depth is 3,250 metres and it is estimated to take approximately 100 days to drill.

The participants in Taza 1 are:
Oil Search (Iraq) Limited (60%)
ShaMaran Petroleum BV (20%)
Kurdistan Regional Government (KRG) (20%)

Oil Search’s funding interest is 75%, with the KRG carried by Oil Search and ShaMaran.

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