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Wed 10 Sep 2014 02:02 PM

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Kuwait Energy, Dragon Oil find oil in Iraq

Companies say they were able to around 2,000 bpd from the Faihaa-1 well in the Mishrif formation

Kuwait Energy, Dragon Oil find oil in Iraq
Sara Akbar, chief executive of Kuwait Energy.

Oil explorers Kuwait Energy and Dragon Oil have discovered oil in an exploration well in northern Basra in Iraq, the companies said on Wednesday.

They were able to flow around 2,000 barrels of oil per day from the Faihaa-1 well in the Mishrif formation, they said.

The two firms will continue drilling in the area and conduct further tests in Mishrif towards the end of the year.

"This is the first well drilled in our planned high-impact exploration campaign on Block 9, so we are delighted to have made a discovery so quickly," said Sara Akbar, chief executive of Kuwait Energy.

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