Not exactly SIY news, but hopefully this story can bring us some good karma. This discovery is south of Issaran.
TRANSATLANTIC PETROLEUM CORP ("TNP.U-T") TANGANYIKA OIL CO LTD ("TYK-V;TKYOF-L") - TransAtlantic Gulf Of Suez Well (Hana-1) Discovers Oil
TransAtlantic Petroleum Corp. is pleased to announce that its 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 eighteen 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 be 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 per day of 25.8 degrees 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 Company, 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 located 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.
GHP Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Corp. holds a 30% interest in the West Gharib concession. Tanganyika Oil Company Ltd., through its wholly owned subsidiary, Dublin International Petroleum (Egypt) Limited, is the operator of the West Gharib Block, holding a 50% interest. Drucker Petroleum Inc., a wholly owned subsidiary of Drucker Industries Inc., holds the remaining 20% interest.
TransAtlantic, through its wholly-owned subsidiaries, is engaged in the exploration, development and production of crude oil and natural gas in Nigeria, Egypt, Tunisia and in the USA. The Company currently has 62.9 million common shares outstanding. TEL: (713) 626-9373 Barry D. Lasker TEL: (713) 626-9373 G. Wade Stubblefield Internet: tapcor.com |
