TransAtlantic Petroleum Corp -
TransAtlantic discovers oil in Gulf of Suez, Egypt
TransAtlantic Petroleum Corp
TNP.U
Shares issued 53,715,092
1999-07-26 close $0.2
Tuesday Jul 27 1999
Mr. Barry Lasker reports
TransAtlantic Petroleum Corp.'s initial exploration well in the Gulf of Suez, Egypt,
has been successfully drilled and completed as an oil discovery. The Hana-1 well
was drilled to a total depth of 7,415 feet and production casing was landed at
5,475 feet in order to evaluate the prospective middle Miocene Kareem
formation.
The Hana-1 exploration well is the first of seven exploration wells that
Transatlantic anticipates drilling over the next 18 months on its two Gulf of Suez
concessions.
Logs run through casing indicated a gross sand section of 116 feet with over 60
feet of net sand pay, which is believed to he hydrocarbon-bearing. The uppermost
20 feet of sand interval was perforated from 4,868 feet to 4,888 feet and the well
flowed oil to surface. Typical wells in this region require pumping equipment to
maximize production.
When assisted with a nitrogen string set at 2,500 feet, the Hana-1 well flowed at
rates averaging 500 barrels of oil a day of 25.81 API gravity with zero water
content. It is anticipated that this production rate will be exceeded when equipped
with artificial lift equipment. This discovery well is situated within two miles of an
existing oil pipeline with excess capacity. Tanganyika Oil Co., as operator on
behalf of the West Gharib joint venture, has initiated plans to drill an appraisal well
as soon as possible to further evaluate the extent of the oil accumulation.
The EDC Rig No. 17 will be relocated immediately to drill a second exploratory
prospect, Farha-1, which is seven miles south of Hana-1. The Farha-1 well will
be drilled to a total depth of 5,800 feet to evaluate the prospective Miocene
sands.
CHP Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic
Petroleum Corp., holds a 30-per-cent interest in the West Gharib concession.
Tanganyika Oil Company Ltd., through its wholly owned subsidiary, Dublin
International Petroleum (Egypt) Ltd., is the operator of the West Gharib block,
holding a 50-per-cent interest. Drucker Petroleum Inc., a wholly owned
subsidiary of Drucker Industries Inc., holds the remaining 20-per-cent interest.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.c |
