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MOL spuds second exploration well at the Akri-Bijeel Block

Hungarian oil and gas company MOL has spudded a second exploration well at the Akri-Bijeel block in the Kurdistan region of Iraq, MOL announced on Friday.

The Bekhme-1 exploration well, located 20 km northeast of the Akri-Bijeel Block's Bijell-1 well, is designed to penetrate the main target in Jurassic to a planned depth of 3,000 meters in the secondary target of Triassic layers that contain proven oil and gas reservoirs in the neighboring Shaikan Block, MOL said.

MOL Group member INA's subsidiary Crosco is providing the drilling rig for the newly spudded well, MOL noted.

MOL holds an 80% participating interest in the Akri-Bijeel Block's operation through the company's fully-owned unit Kalegran Ltd, while Gulf Keystone Petroleum International Ltd holds a 20% share. Kalegran signed a production-sharing contract with the Kurdistan Regional Government for the Akri-Bijeel exploration block in 2007.