Australia's Oil Search has signed a seismic option agreement with the Kurdistan Regional Government (KRG) in northern Iraq covering the 511 sq km Block K42, which lies next to the Kor Mor gas condensate field, as well as the Pulkhana oil discovery. Oil Search will acquire 200 sq km of 2-D; work, fully funded by the Papua New Guinea company, is expected to start in the next six months. Should results prove promising, Oil Search can convert the agreement into a full production- sharing contract (PSC).
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