• 25% working interest

The Peshkabir prospect is located on the west side of the Tawke block PSC area. The structure is a high amplitude anticline, which forms a mountain range on the surface with shallow layers outcropping to the surface on the flanks of the structure.

Drilling of the Peshkabir 1 exploration well completed in 2012. Oil shows were encountered in the Cretaceous, Jurassic and Triassic intervals and six zones were tested. The Jurassic Sargelu formation tested 27-29 API oil and water at varying rates of oil and water cut.

Recently acquired 3D seismic has confirmed that the Peshkabir-1 well was drilled at structural closure. The Peshkabir-2 well has been located to appraise the Jurassic discovery up-dip from the original well location as well as test additional prospectivity in the Cretaceous.

The well commenced drilling in early October 2016 and discovered oil in the Cretaceous horizon in the southern flank of the Peshkabir field.

The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a 52/64 choke from an open hole test of a 170-metre interval. Pressure data supported by observations of oil shows from cuttings and side wall cores indicate a Cretaceous oil interval in excess of 300 metres.

The Tawke partners are considering a number of options to step up the appraisal of the new Cretaceous discovery, including a geological side-track in the central part of the Peshkabir structure or a third well. Options are also under consideration for possible early Peshkabir production and trucking to the Tawke field's gathering, processing facility and export facilities at Fishkabur some 12 kilometres away.

The Tawke operator’s initial estimate of gross 2C contingent resources for the Peshkabir Cretaceous discovery is 48 MMboe.