Maersk Oil farming into Piramagrun and Qala Dze Production Sharing Contracts.
The Kurdistan Regional Government has approved Maersk Oil's acquisition of a 40% non-operating interest in the Piramagrun and Qala Dze Production Sharing Contracts from Repsol Oriente Medio S.A.
Repsol will continue to operate exploration activities and also hold a 40% interest. The Kurdistan Regional Government will hold the remaining 20% share of each block.
The Piramagrun and Qala Dze blocks are located approximately 150 kilometres east of Erbil, the regional capital of Kurdistan. During 2012, Repsol undertook a significant 2D seismic acquisition programme which identified a number of drilling targets. In November 2013 work commenced on the Zewe-1 exploration well and drilling in the Qala Dze PSC is expected to begin in the early part of 2014.