Chief Executive of New Age, Stephen Lowden has announced,“GPK is delighted with the progress of the Shewashan development and with the continued support from the KRG and the improving conditions in Kurdistan.”
Gas Plus Khalakan (GPK) has been testing Shewashan-2 development well in Kurdistan in October 1 2015 and spent $19.5 million drilling to a depth of 2768m. The oil produced from the well was of "very high quality" and produced 4,400 barrels per day.
GPK has done recompletion of Shewashan-1; phase 1 production will be processed at 10,000 bopd. Phase 1 investment budget is $77US million.