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HKN Energy receives approval of Sarsang Development Plan and declares commerciality on East Swara Tika

HKN Energy receives approval of Sarsang Development Plan and declares commerciality on East Swara Tika HKN Energy (HKN) has announced that the Kurdistan Regional Government of Iraq (KRG) has formally approved its Sarsang Development Plan, which projects increasing production to 50,000 barrels of oil per day. - 16th November 2015

HKN Energy (HKN) has announced that the Kurdistan Regional Government of Iraq (KRG) has formally approved its Sarsang Development Plan, which projects increasing production to 50,000 barrels of oil per day. Sarsang Block Additionally, HKN has also declared that the East Swara Tika-1 well, drilled adjacent to the Swara Tika structure, is commercial. As operator of the Sarsang Block, HKN conducted extensive testing on the East Swara Tika-1 well bringing oil to the surface from both Triassic and Jurassic reservoirs with aggregate rates exceeding 8,000 barrels of oil per day. Of note, the test of the Triassic Kurra Chine A achieved a natural flow rate of 5,675 barrels of 37-39 API gravity oil per day on a 72/64” choke with associated gas of 6.8 MMSCF/day and a well head pressure of 805 psia. “We are pleased with the approval of our Development Plan and eager to proceed with the next phase of our program,” said Russell Freeman, CEO of HKN. “The recent commercial discovery on the East Swara Tika Prospect is exciting and representative of the tremendous potential of the Sarsang Block. We appreciate the support from the KRG as we continue to grow our operations.” HKN began commercial production of the Swara Tika-1 well in June 2014 and has since produced in excess of 1.5 million barrels of oil which have been sold into the local market. Due to the commerciality of East Swara Tika-1, HKN has submitted a proposed amendment to the Sarsang Development Plan to include that prospect. HKN holds a 42 percent participating interest in the Sarsang Block. The other Sarsang contractors include Marathon Oil KDV B.V. and Maersk Oil Kurdistan A/S, holding a 20 percent and 18 percent participating interest, respectively. The remaining interest in the block is held by the KRG.
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