Shares in Genel Energy (GENL) rose by 6 per cent after the frontier oil and gas specialist revealed that it had made a "significant oil find" at the Chia Surkh 10 well in Kurdistan.
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Drilling over a number of days at the well produced flow rates of up 11,950 barrels of oil a day and 15 million cubic feet of gas. The output was given a 41 degree API measure, meaning that it falls in the category of higher-value light crude. Drilling is already under way at Chia Surkh 11 to appraise the discovery, while Genel chief executive Tony Hayward confirmed that the company expected "to have an early production scheme operating in the first half of 2014".
