Norway's DNO reported a return to profits with its latest quarterly results and announced an expansion of its drilling programme at the Tawke field in the Kurdistan region of Iraq.
DNO reported quarterly net profit of US$15 million, reversing a net loss of USD$31 million in the previous quarter. Revenues were up 83 per cent to US$77 million on operated production averaging 115,900 barrels of oil equivalent per day.
The firm added that they will be doubling of its planned 2017 wells at the Tawke field. The expanded drilling programme includes eight new production wells, of which six are Cretaceous and two shallow Jeribe wells. A third drilling rig has been mobilised following receipt of regular payments for oil exports through Turkey.
On the Tawke license, DNO said it produced an average of 3,000 barrels of oil per day from the Jurassic horizon of the recently drilled Peshkabir-2 well during a test period in April. These volumes were trucked to DNO's facilities at Fish Khabur and exported. Extended testing of the shallower Cretacous discovery in the Peshkabir-2 well has now started. The Peshkabir-3 appraisal/production well will be spud this summer.
DNO added in a statement that it hopes to bring the Peshkabir field onstream by the end of this year.