Norway’s DNO announced on 3 August that “the Kurdistan Regional Government has approved the Company’s acquisition of ExxonMobil’s remaining 32% interest in the Baeshiqa license, doubling DNO’s stake.” The firm added that it has declared commerciality on the license and has submitted plans “for fast-track development including early production from previously drilled but suspended wells.”
Proof of concept was demonstrated through the Baeshiqa-2 (40° API) and Zartik-1 (22° API) wells. DNO first acquired a 32% stake in Baeshiqa in 2018 (MEES, 4 May 2018) and in February announced plans to buy out ExxonMobil entirely (MEES, 12 February). In payment, DNO has covered Exxon’s share of exploration costs since January 2019 and paid an additional $15mn. (CONTINUED - 167 WORDS)
