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Genel Energy PLC and Chevron Corporation halt Qara Dagh drill programme

“We will work with Chevron to ascertain the best way forward on the licence,” said Genel chief executive Bill Higgs

Genel Energy PLC (LSE:GENL, OTC:GEGYY) told investors that the QD-2 well at the Qara Dagh project has been suspended after a challenging drill programme.

The company, in a statement, said that a total of three sidetracks were attempted by the team at QD-2 but the programme could not be completed due to insurmountable technical problems.

It noted that the well’s primary target was not reached, though the programme satisfies the partners’ minimum work obligation.

Genel and partner Chevron Corporation (NYSE:CVX) will now conduct a thorough evaluation of the QD-2 well and its results.

Bill Higgs, Genel chief executive, noted that the geological case remains intact and attractive.

“This has been a very challenging operation, and the decision to suspend drilling at this stage is prudent. It is of course not the outcome that we wanted, but the geological case for Qara Dagh remains intact and attractive,” Higgs said.

“We will work with Chevron to ascertain the best way forward on the licence. In the meantime we will continue working with the community on our social initiatives, as we retain our commitment to the region.”

Genel owns a 40% interest in Qara Dagh, which is located in the Kurdistan region of Iraq.

Read More: Genel Energy PLC and Chevron Corporation halt Qara Dagh drill programme

2022-01-04 01:22:00

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