Genel Energy PLC (GENL.LN), an Anglo-Turkish oil and gas independent, Thursday reports a significant oil discovery in Chia Surkh following a second drill-stem test on the Chia Surkh 10 well, and said the well will now be suspended as a future producer.

MAIN FACTS:

-Test was carried out over a 12 meter zone in a younger Miocene section than the first drill-stem test, and flowed at sustained rates of 3,200 barrels of oil a day and 8.4 million cubic feet of gas.

-Oil was 38 degrees API and well-head flow pressure 2,550 pounds a square inch.

-First appraisal well Chia Surkh 11 is already drilling on the same structure.

-License is operated and held 60% Genel Energy; remaining 40% is held equally between Petoil, Inc. and the Kurdistan Regional Government.

-Shares at 0755 GMT up 10.5 pence, or 1.22%, at 870.5 pence valuing the company at 1.84 billion pounds.
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