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Dragon Oil makes second discovery in Iraq

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Dragon Oil (LON:DGO) told investors it has made a second oil discovery in Block 9, near Basra onshore Iraq.

Kuwait Energy, the project operator, revealed that the Faihaa-1 exploration well discovered oil in the Yamama formation.

The formation, at a depth of 4,000 metres, during preliminary testing flowed at rates between 5,000 and 8,000 barrels of oil per day.

The oil has an API rating of 35 degrees.

It is anticipated that the consortium will now conduct more detailed testing of the new discovery.

Dragon Oil owns a 30% interest in the exploration venture.

The Yamama discovery follows earlier success in the Faihaa-1 well which in September unearthed the Mishrif formation at a rate of 2,000 barrels per day during testing.

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