DNO plans 20 Kurdistan wells, acquires Faroe

DNO ASA, Oslo, plans to drill as many as 20 exploration and production wells in the Kurdistan region of Iraq this year as it expands in Norway through acquisition.

Spending more than 40% above the 2018 level of $300 million, the company will drill 14 wells in Kurdistan’s Tawke field, 4 at Peshkabir, and 2 on the Baeshiqa license. The company also plans five wells in Norway.

Much of the 2018 spending, which was up from the prior year, was for Peshkabir development and Tawke drilling.

DNO planned to start production from the Peshkabir-9 and Tawke-52 wells this month. On the Baeshiqa license, testing of the first exploration well has been delayed by rain but is expected to begin this month.

Most of the company’s 128,000 b/d of operated oil production, 90,000 b/d net to its working interest, is in Kurdistan. The rest is in Oman.

DNO said it is completing its unsolicited takeover of Faroe Petroleum PLC, bringing its Norwegian holdings to 90 licenses, 22 operated (OGJ Online, Dec. 5, 2018).

It said it has acquired 96% of Faroe shares and has begun compulsory acquisition of remaining shares.