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The share price of Afren was buoyed by news of an oil discovery in the Kurdistan region of northern Iraq, which chief executive Osman Shahenshah believes has "the potential to be transformational". Afren has a 20 per cent stake in the Simrit-2 discovery well as part of the Ain Sifni product sharing contract. Drill tests to 3,700 metres encountered an estimated 409 metre hydrocarbon interval, including 312 metres of what is believed to be light oil. Afren and operator Hunt Oil Middle East plan to continue drilling to test additional zones.