OREANDA-NEWS.   Oil Search reports that, the Taza 2 well was at a depth of 3,823 metres and drilling ahead in a 6-1/8” hole. Drilling progress for the week was 188 metres. The forward plan is to drill ahead to the Shiranish Formation.

We note that while the security situation in neighbouring provinces of Iraq has recently deteriorated, there is currently no direct threat to Taza operations or our personnel at the rig site. However, Oil Search is implementing a number of precautionary measures to enable the Company to safely suspend drilling operations, if required.

Taza 2 is located 10 kilometres north-west of Taza 1 and will appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Dhiban/Jeribe and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.

The participants in Taza 1 are:
- Oil Search (Iraq) Limited 60%
- Total E&P Kurdistan Region of Iraq (Taza) B.V. 20%
- Kurdistan Regional Government (KRG) 20%

Oil Search’s funding interest is 75%, with the KRG carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) B.V.