HKN tests second commercial well

Kurdistan Region of Iraq

ERBIL, May 21, 2014 – US oil company HKN Energy declared its Swara Tika-2 discovery a commercial prospect after testing a flow of 18,000 barrels of oil per day from the well on the Sarsang licence in the Kurdistan Region of Iraq.

Sarsang operator HKN drilled Swara Tika-2, the second well on the structure in 2011. After achieving flow rates of 7,000 bopd at Swara Tika-1, a different perforation and stimulation strategy at the Swara Tika-2 well yielded cumulative test flows from selected Triassic intervals of more than 18,000 barrels per day of light oil and 14 mcm (490 mcf) per day of associated gas, under the limitations of the test.

HKN plans to submit the field development plan for the Swara Tika prospect before the end of June 2014. Early production from existing extended well test facilities at Swara Tika-1 is expected to begin this month.

HKN has a 37-percent stake in the Sarsang block, with US oil company Marathon Oil, which holds a 20-percent interest and Danish company Maersk Oil, which has an 18-percent interest in the block.

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