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Oil Search Provides Updates on Taza PSC

Source: www.gulfoilandgas.com 6/19/2014, Location: Middle East

Oil Search reports that, the Taza 2 well was at a depth of 3,888 metres and drilling ahead in a 6-1/8” hole in the Shiranish Formation. Drilling progress for the week was 65 metres. The forward plan is to drill ahead to total depth.

Given the security situation in neighbouring provinces of Iraq, Oil Search remains on heightened alert, with precautionary measures in place to enable drilling operations to be suspended safely, if required. Drilling continues to progress according to plan.

Taza 2 is located 10 kilometres north-west of Taza 1 and will appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Dhiban/Jeribe and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.

The participants in Taza 1 are:
- Oil Search (Iraq) Limited 60%
- Total E&P Kurdistan Region of Iraq (Taza) B.V. 20%
- Kurdistan Regional Government (KRG) 20%

Oil Search’s funding interest is 75%, with the KRG carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) B.V.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects

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