The consortium comprised of "Kuwait Energy" and "Dragon Oil" has made its second oil discovery at Block 9 in Iraq, it was announced Thursday.
A press release by Kuwait Energy said: "The successful discovery was at the consortium's second target, the Yamama formation at 4,000 meters, in its Block 9 exploration well, 'Faihaa-1', located in Northern Basra, Iraq." Preliminary tests of the Faihaa-1 Yamama formation resulted in oil flow rates of circa 5,000 and 8,000 BOPD of 35 API crude on 32"/64" and 64"/64" chokes respectively, it added.
CEO of Kuwait Energy Sara Akbar said: "This is the second discovery in the first well drilled in Block 9, so we are delighted to have accomplished additional progress. We are confident that Block 9 has strong exploration potential." The consortium will conduct more detailed testing on Yamama towards the end of the year.
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons. Since establishment in 2005, it has built a high-quality, diversified portfolio of oil and gas assets in the MENA region.
Block 9 is located in the Basra province, onshore Iraq, and covers an area of 866km2. Kuwait Energy is the operator for Block 9, participating with a 70 percent contractor share, while Dragon Oil has 30 percent.