Afren plc (AFR LN) East Simrit exploration drilling commences

Afren plc (“Afren” or the “Company”) announces that exploration drilling has commenced at the East Simrit prospect (Simrit-3 well) located on the Ain Sifni PSC in the Kurdistan region of Iraq. Afren and operator Hunt Oil Middle East (“Hunt Oil”) have commenced exploration drilling at the East Simrit prospect located on the Ain Sifni PSC in the Kurdistan region of Iraq. The Simrit-3 well is located approximately 10 km east of the successful Simrit-2 discovery well, and is exploring the eastern extent of the large scale Simrit anticline.
The Simrit anticline is a large scale east to west trending structure located on the northern part of the Ain Sifni PSC. The partners recently completed drilling of the Simrit-2 exploration well, the purpose of which was to test the western extent of the structure. The well was ultimately drilled to a total measured depth of 3,800 metres and encountered 460 metres of net oil pay throughout Cretaceous, Jurassic and Triassic age reservoirs. No oil water contact has been established in the target reservoirs. Following the conclusion of drilling operations in June 2012, a comprehensive well test programme commenced and is ongoing.
The partners intend to undertake up to 12 separate drill stem tests (“DSTs”) in total, and announced in July 2012 that the first batch of three DSTs in the Triassic age Kurra Chine formation had yielded an aggregate flow rate of 13,584 bopd of 39° API gravity oil. The Simrit-3 exploration well is seeking to demonstrate the presence of oil within the same Cretaceous, Jurassic and Triassic reservoir intervals at the eastern extent of the Simrit anticline. Afren has a 20 per cent. interest in the Ain Sifni PSC and is partnered by Hunt Oil Middle East (60 per cent. and operator) and the Kurdistan Regional Government (20 per cent.).
Osman Shahenshah, Chief Executive of Afren, commented: “The drilling and test results recorded to date have already confirmed Ain Sifni in the Kurdistan region of Iraq to be a world-class asset. The Simrit-3 exploration well, which is part of ongoing evaluation of the block’s transformational potential, will test the areal extent of the existing discovery.”
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