Genel Energy (GENL) has received another highly promising update from DNO International ASA, operator of the Tawke Field in the Kurdistan region of Iraq, in which it holds a 25 per cent stake.
The Norwegian driller revealed that Tawke-23, the second horizontal well, flowed at a record 32,500 barrels of oil a day (bopd). That's a major step up since the first horizontal well in the series - Tawke-20 - pumped out 25,000 bopd back in July. According to analyst estimates, the $12m (£7.5m) outlay for Tawke-23 means that Genel and its partners can expect a break-even rate of $20 a barrel. At that level it's little wonder that industry analysts are predicting that the Tawke Field will eventually attract the attention of oil majors now operating in the region.
