The chief executive of Norwegian oil company DNO said it was too early to estimate the size of an oil find in northern Iraq that has spurred a sharp share rise for DNO.

Helge Eide stuck to previous estimates, before drilling began in December, that the Kurdish area could have the potential of yielding between 0.5 billion and 1 billion barrels of oil for DNO.
“But we have drilled so little that it is hard to say how much it might be. These are preliminary estimates of the potential, but we have to drill more first,” Eide said.
DNO said last week it had hit oil in the Kurdish part of Iraq. It is the first western company to find oil in Iraq since the 2003 invasion.