Norway-based DNO has made a new discovery during exploration activities at the Peshkabir field in Iraqi Kurdistan.
The Peshkabir-2 well is flowing at a stable rate of 3,800 barrels a day (b/d), the company reported, saying it had renewed exploration after delays caused by lower prices and delayed payments from the Kurdistan Regional Government (KRG).
DNO is examining a number of options to develop the assets including a geological side-track or a third well, as well as early production and trucking the companys gathering, processing and export faciliries at Fish Khabur.
Peshkabir-2 was originally planned for 2015 but delayed following the drop in world oil prices and interruption in payments for the companys production and exports from Kurdistan, said DNO.
DNO operates and holds a 55 per cent stake in the Tawke license which holds the Peshkabir field. London-based Genel Energy and the KRG hold respective stakes of 25 per cent and 20 per cent.