Who is Operating in Kurdistan

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The list of companies operating in Kurdistan is growing regularly. Here is the list of the main companies:

Vast Exploration Inc. is an independent oil and gas company, and a partner of Niko Resources Ltd. Vast is focused on the exploration and development of its principal asset, the Qara Dagh Block, in the Kurdistan region of Iraq. www.vastexploration.com

In June of 2004, DNO entered into production sharing contracts with the Kurdistan Regional Government in Northern Iraq. As one of the first international oil companies to enter this highly prospective region, DNO holds a key position in developing the local oil industry. DNO is the operator for the areas covered by the contracts. www.dno.no

In November 2007 Gulf Keystone secured interests in two production sharing contracts in the Kurdistan Region of Northern Iraq, Shaikan and Akri-Bijeel. In 2009, the Company diversified the asset base in Kurdistan with the addition of two new Production Sharing Contracts, Sheikh Adi and Ber Bahr. This region has the potential to be a world class hydrocarbon province and Gulf Keystone believes it is well positioned to seek out further growth opportunities. www.gulfkeystone.com

In October 2010, Marathon acquired a position in four exploration blocks in the Kurdistan Region of Iraq, totaling approximately 368,000 net acres (650,000 gross acres). The Company has signed production sharing contracts (PSCs) for operatorship and a 100 percent working interest (80 percent ownership) in two open blocks northeast of Erbil – Harir and Safen. The Kurdistan Regional Government holds a fully carried 20 percent interest, which Marathon is currently carrying. Additionally, Marathon has been assigned working interests (WI) in two blocks north-northwest of Erbil – Atrush (20 percent WI) and Sarsang (25 percent WI). www.marathon.com

Hunt Oil Company conducts ongoing exploration programs around the globe. In addition to its extensive activities in the United States, both onshore and in the Gulf of Mexico, the company has exploratory acreage under evaluation in Canada, the Kurdistan Region of Iraq, Peru, Australia, Romania and Italy. www.huntoil.com

In May 2009 MOL acquired 10% stake in Pearl Petroleum Limited and reinforced its current portfolio in the Kurdistan Region of Iraq, where MOL has accumulated excellent knowledge and work experience during the last two years. Pearl Petroleum Company Ltd. is the sole license holder of two giant gas-condensate fields, Khor Mor and Chemchemal, out of which Khor Mor field is under development, already producing and supplying gas to local power plants.

MOL, via its 100% subsidiary, Kalegran Ltd., signed a Production Sharing Contract with the Kurdistan Regional Government for Shaikan exploration block in 2007. The operator of the block is Gulf Keystone Petroleum International Ltd. with 75% participating interest. Kalegran holds 20% share, and the remaining 5% is held by Texas Keystone. The participating interests are subject to dilution by a Government held Third Party Participation of 15% and a Government Interest of 20%. www.mol.hu/en/

Sterling is the 53.33% operator of the Northern Sangaw Block in Kurdistan. It shares the operation with Addax and KNOC.

The Sangaw North-1 exploration well, the first to be drilled on the Sterling operated Sangaw North Block, spudded on 1 February 2010. The well, targeting Cretaceous and Jurassic aged reservoir intervals has a planned depth of 3,660m and the well design allows drilling to a total depth of 4,160m to test deeper Jurassic and Triassic aged reservoirs. The decision to drill the additional deeper section will be based on drilling results encountered up to the decision point. www.sterlingenergyuk.com

The Taq Taq field is located in the Kurdistan Region of Iraq, 60 km north of the giant Kirkuk oil field, 85 km south-east of Erbil and 120 km north-west of Sulaimaniyah.

Addax Petroleum, through its participation in Taq Taq, is an early entrant in what is potentially a world class oil field. www.addaxpetroleum.com

Genel Energy was among the first few companies to be awarded a Production Sharing Contract (PSC) by the Kurdistan Regional Government (KRG). Since then, Genel Energy has built an extensive portfolio of exploration and production assets in Northern Iraq. Genel Energy’s exploration portfolio in the potentially prospective fields has increased once Genel started production in Taq Taq field. Genel Energy is determined to continue identifying and acquiring new assets in Northern Iraq. www.genelenergy.com

In 2010, the Kurdamir-1 exploration well in Block K44 was suspended after finding significant gas resources and encouraging indications of liquids. A seismic acquisition program was conducted on Block K9. The conversion of Block K39 into a PSC was underway at year-end 2010. In 2011, the Company expects to drill its first well in Block K39 followed by a re-drill of the Kurdamir well to test deeper horizons. www.talisman-energy.com

OMV has been active in the Kurdistan Region (KR) of Iraq since 2007, with operations that have started in 2008. The company currently holds two exploration blocks, Mala Omar and Shorish, and is a 10% shareholder in Pearl Petroleum Company Limited, a company which has been set up to appraise, develop and produce Khor Mor and Chem chemal gas fi elds. These gas fi elds have signifi cant reserves including condensates and LPG. www.omv.com

KNOC secured five exploration blocks in northern Iraq(Kurdistan autonomous region) in November, 2008. The deal, followed by the contract of Bazian block in 2007, is the part of KNOC’s long-term strategic plan. Iraq has the third largest oil reserves in the world and much of the nation’s territory is still remaining or is still unexplored and undeveloped.

The five blocks, located in the Zagros basin of northern Iraq, KNOC operates three of these blocks – Qush Tappa, Sangaw South, Bazian – with technologies and experiences accumulated for decades, and KNOC took part in the Sangaw North and Hawler blocks as partner. www.knoc.co.kr

WesternZagros is one of a number of oil and gas companies/consortia active in the Kurdistan region.

WesternZagros holds a Production Sharing Contract (“PSC”) in the Kurdistan Region which provides for the exploration and development of crude oil and natural gas over a 2,120 square kilometre block (523, 826 acres or 818 square miles). www.westernzagros.com

TAQ TAQ OPERATING COMPANY LTD (TTOPCO) is a purpose entity established and jointly owned by Genel Energy International Ltd of Turkey and Addax Petroleum International Ltd of Canada for the conduction of petroleum operations under a Production Sharing Agreement (PSA) in the Taq Taq License Area in Northern Iraq. TTOPCO is not a party to the PSA nor own any assets other than what is required to conduct its operations, but is based on no-profit-no-loss principles. www.ttopco.com

NORBEST LIMITED is registered on October 4, 2007 to perform exploration activities in Iraq. The Company was awarded Production Sharing Contract on Hawler Area in Kurdistan Region on November 10, 2007.

It is planned to complete drilling of 3 exploration wells during 2010 and 2011. Further exploration activities will depend on the results obtained during initial exploration program. www.norbestoil.com

  ShaMaran Petroleum Corp. is a Kurdistan-focused oil development and exploration vehicle with two ongoing projects in the region: the Atrush oil discovery, and the Taza exploration blocks. These projects are nearby and on trend to existing fields and recent discoveries.

http://www.shamaranpetroleum.com

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