An onshore exploration well being drilled on Iraq’s Block 9 has reached the first of its two targets, Dragon Oil PLC said in a statement posted on its web site regarding 2014 interim operating results.
The well is being drilled in Iraq’s Basra Province by operator Kuwait Energy Co., which holds 70% interest. Dragon Oil owns 30% interest.
The partners completed an environmental impact assessment in preparation for a 3D seismic survey planned for the first half of 2015, Dragon Oil said.
Kuwait Energy and Dragon Oil previously arranged an initial 5-year exploratory period. They are eligible to renew the block for 2 years twice, and they are entitled to 20-year development and production phases extendable by 5 years (OGJ Online, Nov. 5, 2013).