• 25% working interest

The Peshkabir discovery is located on the west side of the Tawke block PSC area, and is currently being appraised. 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.

The Peshkabir-2 well spudded in October 2016, and extended testing of the Cretaceous and Jurassic reservoirs was carried out in H1 2017.

Three Cretaceous productive horizons (Upper Shiranish, Lower Shiranish and Qamchuqa) tested 3,800 bopd, 4,000 bopd, and 1,100 bopd, respectively, of 28⁰ API gravity crude oil during a two week cased hole testing program in May 2017. The Cretaceous column in the Peshkabir-2 well is estimated to range between 380-590 meters.

Two productive horizons in the deeper Jurassic formation tested 2,665 bopd and 400 bopd, respectively, of 25⁰ API gravity crude oil, again over a two week cased hole testing program in April. The Jurassic column in the Peshkabir-2 well is estimated to range between 125-160 meters.

The well's Lower Shiranish Cretaceous zone has been placed on production since late May at an average rate of 4,500 bopd. The P-2 Cretaceous test is expected to continue throughout the remainder of 2017, albeit subject to interruption from the wider Peshkabir activity programme. Test production from both the Jurassic and Cretaceous horizons has been trucked to the operator’s export facility at Fishkhabur and subsequently exported by the KRG through the KRI-Turkey pipeline.

The Peshkabir-3 well spudded on 8 July 2017 and will take approximately three months to drill and complete. The well will target the lateral extent of the Cretaceous discovery to the north of the P-2 penetration over the poorly seismically imaged crest of the Peshkabir structure. The results of the P-3 well and any subsequent production testing will be important in determining the overall potential of the Peshkabir discovery.

Combined production from the P-2 and P-3 wells will be routed through an early production facility which is expected to be installed by year-end 2017.