DNO reports the WI Production of 37,991 bopd

Source: www.gulfoilandgas.com 9/29/2011, Location: Middle East

The gross production from the Tawke field during August was 54,119 bopd of which 52,812 bopd was delivered for export. Additional third party crude oil was delivered and exported via the DNO operated facilities at Fishkabour at an average rate of 4,513 bopd, bringing the overall exported rate through these facilities to 57,325 bopd in August.

As reported in the July production report, the gross production at Tawke was temporary reduced to around 50,000 bopd during August for reservoir monitoring activities. As a result of this the Tawke production is lower in August compared to previous months.

The oil production allocated for export during September has continued to be set at 50,000 bopd. However, the regularity of the Iraqi-Turkey pipeline has been lower during September due to various technical problems. As a result of this the Tawke gross production in September is expected to be around 37,000 bopd. As previously reported, DNO has initiated efforts towards crude oil sales to the local market in Kurdistan, a program that had been successfully implemented previously, but terminated when all production was earmarked for export in early February this year.

Going forward DNO expects to deliver at least 5,000 bopd to the local market at a realized oil price of around 50 USD per barrel. The oil price is set based on a recent auction undertaken by the KRG for Tawke crude oil to be delivered to the local market. However the oil price level may be changed subject to market conditions. The revenues from the local sales are expected to be allocated directly to the Company.

Drilling and well operations

- Erbil PSC: Bastora-1A horizontal test producer
Test production at Bastora-1A recommenced in August. The surface equipment has been modified to optimize the production process. Various alternative methods for artificial lift are currently being assessed before putting the well into long-term test production at higher sustainable rates. Produced crude oil has so far been transported to Tawke CPF to be reprocessed and made ready for export. Going forward DNO will also evaluate the feasibility to deliver the crude oil from Bastora-1A to the local market in Kurdistan.

- Dohuk PSC: Summail-1 exploration well
The Summail-1 well in the Dohuk license has now reached the total depth and well logging is currently being performed. Oil shows have been observed in several of the target zones in the Cretaceous, Jurassic and Triassic intervals. A comprehensive test program is planned for this well and the testing is expected to commence within the next few weeks.

- Tawke PSC: Peshkhabir-1 exploration well
The drilling of Peshkabir-1 exploration well within the Tawke PSC area commenced on 4 September. After drilling down to around 400 meters it was decided to halt the drilling operations to repair some of the foundations to the rig sub-structure. This is expected to cause a few weeks delays until the drilling operations can resume.


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