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Canada's Talisman Energy Inc said it discovered light oil at one of its wells in Kurdistan in northern Iraq.
"We have tested only a portion of an upper zone, but we have clear indications that there is oil here," said Richard Herbert, executive vice-president of international exploration.
Herbert said the company will now drill deep and conduct more extensive testing at the Kurdamir-2 well over the summer.
Talisman, which had been cutting back on natural gas spending to cope with weak prices, is the operator of the Kurdamir block, with a 40 percent working interest.
Its joint venture partner for Kurdamir is Canadian-based oil explorer Western Zagros Resources, which also holds 40 percent interest.
The tests showed there was no presence of water, Western Zagros said in a separate statement.
Talisman shares closed at C$13.10 on Friday on the Toronto Stock Exchange, while Western Zagros shares closed at 67 Canadian cents on the Toronto Venture Exchange.
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"We have tested only a portion of an upper zone, but we have clear indications that there is oil here," said Richard Herbert, executive vice-president of international exploration.
Herbert said the company will now drill deep and conduct more extensive testing at the Kurdamir-2 well over the summer.
Talisman, which had been cutting back on natural gas spending to cope with weak prices, is the operator of the Kurdamir block, with a 40 percent working interest.
Its joint venture partner for Kurdamir is Canadian-based oil explorer Western Zagros Resources, which also holds 40 percent interest.
The tests showed there was no presence of water, Western Zagros said in a separate statement.
Talisman shares closed at C$13.10 on Friday on the Toronto Stock Exchange, while Western Zagros shares closed at 67 Canadian cents on the Toronto Venture Exchange.
[You must be registered and logged in to see this link.]
