March 26, 2012 / 1:02 PM / 6 years ago

UPDATE 1-Talisman finds light oil at Iraq well

March 26 (Reuters) - Canada’s Talisman Energy Inc said it discovered light oil at one of its wells in Kurdistan in northern Iraq.

“We have tested only a portion of an upper zone, but we have clear indications that there is oil here,” said Richard Herbert, executive vice-president of international exploration.

Herbert said the company will now drill deep and conduct more extensive testing at the Kurdamir-2 well over the summer.

Talisman, which had been cutting back on natural gas spending to cope with weak prices, is the operator of the Kurdamir block, with a 40 percent working interest.

Its joint venture partner for Kurdamir is Canadian-based oil explorer WesternZagros Resources, which also holds 40 percent interest.

The tests showed there was no presence of water, WesternZagros said in a separate statement.

Talisman shares closed at C$13.10 on Friday on the Toronto Stock Exchange, while WesternZagros shares closed at 67 Canadian cents on the Toronto Venture Exchange.

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