What the incompetent management of Longford could not do for years, Genel has done in a few months. It sucks to see how much money shares holdres lost due to the scam management.
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London-listed Genel Energy has spudded its first exploration well on the Chia Surkh Block in the Kurdistan region of Iraq.

Chia Surkh-10 is being drilled to a total depth of about 2500 metres to test the Lower Miocene to Palaeocene section on the block.

Genel said results from the well are expected during the first quarter of next year.

Chia Surkh covers 984 square kilometres in the southern part of Kurdistan and has prospective resources estimated at more than 300 million barrels of oil equivalent.

Genel increased its stake in the block to 60% earlier this year, after buying Forbes & Manhattan’s 40% share for $68 million.

Turkish company Petoil  also holds a 20% interest in the Chia Surkh Block, while the Kurdistan regional government holds a 20% carried interest.