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MOL issues update on exploration in Iraq

Hungarian oil and gas company MOL on Tuesday issued an update of test results at its concession in the Kurdistan region of Iraq.

MOL said initial flow rate at the Shaikan-2 appraisal well reached 8064 bopd of 26 degrees API oil and 2.44 mmscf/d (393 boe/d) of gas (GOR of 302 scf/bbl) on a 2" choke at 250 psi flowing wellhead pressure. Given the Shaikan-2 well test conditions, it is anticipated that higher rates can be achieved in the production phase, it added.

The test results are consistent with those at two other wells MOL has drilled in the Shaikan Block but indicate availability of higher quality oil and of more associated gas expected to enhance oil recover rates.

MOL owns an indirect 20% stake in the concession which it acquired in 2007. The block's operator, Gulf Keystone Petroleum International, owns 75% and Texas Keystone holds 5%.