• 25% working interest

The Peshkabir discovery is located on the west side of the Tawke block PSC area, and is currently being appraised. The structure is a high amplitude anticline, which forms a mountain range on the surface with shallow layers outcropping to the surface on the flanks of the structure.

Drilling of the Peshkabir-1 exploration well completed in 2012. Oil shows were encountered in the Cretaceous, Jurassic and Triassic intervals and six zones were tested. The Jurassic Sargelu formation tested 27-29 API oil and water at varying rates of oil and water cut.

The Peshkabir-2 well spudded in October 2016, and extended testing of the Cretaceous and Jurassic reservoirs was carried out in H1 2017.

Three Cretaceous productive horizons (Upper Shiranish, Lower Shiranish and Qamchuqa) tested 3,800 bopd, 4,000 bopd, and 1,100 bopd, respectively, of 28⁰ API gravity crude oil during a two week cased hole testing program in May 2017. The Cretaceous column in the Peshkabir-2 well is estimated to range between 380-590 meters.

Two productive horizons in the deeper Jurassic formation tested 2,665 bopd and 400 bopd, respectively, of 25⁰ API gravity crude oil, again over a two week cased hole testing program in April. The Jurassic column in the Peshkabir-2 well is estimated to range between 125-160 meters.

The Peshkabir-3 well spudded on 8 July 2017 , targeting the lateral extent of the Cretaceous discovery to the north of the P-2 penetration over the poorly seismically imaged crest of the Peshkabir structure. As of November 2017, the Peshkabir-3 well was undergoing extended production testing across a horizontal section in excess of 1.2 kilometres of Cretaceous and Jurassic aged reservoirs. A total of ten oil zones and one gas zone have been identified for testing. The first oil zone tested flowed in excess of 3,000 bopd on a 64/64” choke.

The Peshkabir-2 well was continuing to produce at a steady rate of 4,700 bopd from one of four production zones, being commingled with over 100,000 bopd from the adjacent Tawke field for export. The Peshkabir early production facility remains on track for start-up by year-end 2017.