• 40% working interest¬†

The Chia Surkh licence is located in the southernmost region of the Kurdistan Region, adjacent to the Iranian border. It is 70 km from Sulaimaniyah and 120 km from Kirkuk.

The first exploration well to be drilled on this block since 1954, Chia Surkh 10, spudded in October 2012 and was announced as a discovery in April 2013.

The CS-11 appraisal well was drilled in 2013, with the CS-12 exploratory appraisal well then spudded in March 2016. Genel was carried on its share of the CS-12 well costs by its partner Petoil. The well was drilled to a measured depth of 2,500 metres ahead of time and budget. The primary Oligocene and Eocene objectives proved to be water bearing.

In January 2017, Genel signed a Sales and Purchase Agreement to transfer its 40% interest in the licence to Petoil, subject to approval by the Ministry of Natural Resources. Petoil will pay Genel an initial consideration of $2 million, and an additional $25 million in staged payments contingent on future crude oil production from the Chia Surkh licence.