Trans-Dominion drills another successful well in Turkey
Trans-Dominion Energy Corporation TDE
Shares issued 78,946,856 Aug 16 close $0.06
Tue 17 Aug 99 News Release
Mr. Michael Doherty reports
Trans-Dominion Energy has drilled a successful well, Zeynel No. 12, in the
Zeynel field in the Gaziantep region of southeast Turkey. The operator,
Aladdin Middle East Ltd., has indicated that initial production on the well
is 1,000 barrels of oil at 24 degree API gravity oil.
Michael Doherty, president and chief executive officer of Trans-Dominion,
said: "The well is being completed at present and is already set up to
deliver to a gathering station in the Zeynel field. The well is producing
from the Mardin carbonate reservoir. To date 12 wells have been drilled in
the Zeynel production lease and 11 have produced oil, with one dry hole
having been drilled, for a 92-per-cent success ratio. With increased
production from the field and higher oil prices, our revenues from Turkey
will be substantially improved."
On the Zeynel 12 well, Trans-Dominion will receive a gross overriding
royalty of 12.5 per cent of total production. The operator, Aladdin Middle
East Ltd., indicated deliveries to Turkey's TUPRAS refinery will commence
on Sept. 1, 1999. Current production in the Zeynel field is being delivered
to TPAO, at the Cemberlitas gathering terminal and TUPRAS refinery at
Batman, Turkey.
Trans-Dominion indicated that the previous producing wells in the Zeynel
field have experienced initial declines, followed by a period of sustained
production. While estimated at 1,000 barrels per day, Zeynel 12 is expected
to have similar characteristics with the sustained flow likely to be lower
than this initial rate. |
