The well is the first exploration well to be drilled in the block, which covers an area of 984km² in the southern part of the Kurdistan Region of Iraq.

The estimated prospective resources of the well is at more than 300 million barrels of oil equivalent, the company said.

The well is designed to test the Lower Miocene to Palaeocene section and it anticipates that the well will be drilled to a total depth of approximately 2,500m. The results are expect on the first quarter of 2013.

Genel Energy, with the ownership of a 60% operated interest, is the operator of the project.