GPK completes development well

Kurdistan Region of Iraq

LONDON, April 5, 2016 – Gas Plus Khalakan (GPK) announced the completion of the Shewashan-2 development well on Tuesday, having drilled it to 2,768 m. The USD 19.5-million well flowed at a rate of 4,400 bopd, putting GPK on track to reach its 10,000-bopd production target from Shewashan by year-end 2016.

Spudded in October 2015, the well is part of GPK’s Shewashan phase one development programme, pegged at USD 77 million. Earlier in 2016, the Shewashan exploration well was tested for a 180-day period, yielding 65,000 bopd before it was shut-in due to an increased water cut. The well will be recompleted with a deviated well bore. GPK will now turn to drilling the Shewashan-3 development well.

The Shewashan discovery is located in the Khalakan production-sharing contract area, operated by GPK on an 80% stake. The company is a 75%-owned subsidiary of New Age.

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