TransAtlantic spuds second well in Egypt
TransAtlantic Petroleum Corp TNP.U
Shares issued 53,715,092 Aug 4 close $0.27
Thu 5 Aug 99 News Release
Also Tanganyika Oil Company Ltd (TYK)
Mr. Barry Lasker reports
TransAtiantic Petroleum Corp. has disclosed that the second well in its
drilling program on the West Gharib Block, onshore Gulf of Suez, has
spudded.
The Farha-1 well will be drilled to a total depth of approximately 5,800
feet to evaluate the prospective Miocene sands. The Farha prospect is 15
kilometres to the south of the Hana-1 well which was recently drilled and
completed as an oil discovery. Several oil fields operated by the Egyptian
state oil company, GPC, are 10 kilometers to the south of Farha-1.
After completion and testing of the Farha-1 well (within four to five
weeks), the joint venture will move forward with plans to drill an
appraisal well to further validate the extent of the Hana reservoir. Being
structurally updip, the Hana-2 stepout well could hold even greater sand
pay and productivity than the discovery well.
The West Gharib Block (630,000 acres) is within the prolific Gulf of Suez
rift basin, which holds over six billion barrels of reserves and produces
800,000 barrels of oil a day. The joint venture's current exploration
program is based on extensive geological and geophysical studies resulting
from a 2-D and 3-D seismic program conducted last summer. Several
additional prospects and leads have been confirmed for future evaluation.
GHP 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.com
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