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Genel Enerji and Addax Petroleum Announce
Taq Taq Test Results in Kurdistan
20.11.2006 |
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CALGARY, November
20,-- Genel Enerji A.S. ("Genel"), part of the
Çukurova Group, and Addax Petroleum Corporation
("Addax Petroleum") (TSX:AXC) today announced flow
test results for the recently drilled TT-04 well,
the first well on the Taq Taq field in
Kurdistan-Iraq drilled by Taq Taq Operating Company
("TTOPCO"), the joint venture company formed by
Genel and Addax Petroleum to carry out the petroleum
operations in the Taq Taq license area.
Three reservoir intervals were tested separately and
flowed at an aggregate rate of 29,790 bbls/d of
light, 47 degrees API oil with low gas oil ratio.
The intervals tested were a 106 meter perforated
interval in the Shiranish formation which flowed at
a rate of 3,940 bbls/d, a 55 meter perforated
interval in the Kometan formation which flowed at a
rate of 12,930 bbls/d, and a 86 meter bare foot
interval in the Qamchuga formation which flowed at a
rate of 12,920 bbls/d. Oil flow rates from the three
intervals are in a 64/64" choke size. In each
instance, the flow rates were constrained by the
limited capacity of the surface test facilities.
Evaluation of these flow test results is ongoing.
Commenting on the results, Dr. Ashti Hawrami, the
Minister of Natural Resources of the Kurdistan
Regional Government of Iraq, said; "This is a great
achievement and we look forward to establishing our
initial export of oil from the Taq Taq field in
2007. Additionally, we will be utilizing some of the
oil resources to satisfy the local requirement for
the refined products and power needs. We will
continue our exploration campaign to achieve our
export oil target of one million barrels per day of
new oil from the Kurdistan Region over the next few
years. This will make a significant contribution to
the oil revenues of Iraq to be shared by all peoples
of Iraq." |
Oil fields in Kurdistan Region (Iraq) |
Commenting, Mehmet Sepil, Chief Executive Officer of
Genel Enerji said : "We are very pleased with the
test results of the TT-04 well. For the first time,
a privately-owned Turkish Oil Company is developing
a major oil field.
We believe that this project will make Genel Enerji
a world class exploration and production company in
the international petroleum industry. This project
will also generate wealth for the people of the
Kurdistan Region and of Iraq while also helping to
meet the urgent energy requirements of the region."
Commenting, Jean Claude Gandur, President and Chief
Executive Officer of Addax Petroleum said: "This is
a significant milestone for Addax Petroleum. The Taq
Taq field has the potential to be a major source of
reserves and production growth for the company. As
demonstrated by these test results, the production
potential of Taq Taq is truly significant and
highlights the under-developed potential of the
region. We believe that the Taq Taq field can
deliver excellent value to the people of the
Kurdistan Region and of Iraq and for our
shareholders."
The TT-04 well is the first well drilled on the Taq
Taq field, drilled using the TTOPCO-owned drilling
rig and located some 500 meters from the TT -01
well, the Taq Taq field discovery well drilled in
1978. TT-04 was spudded in mid May and reached a
total depth of 2,286 meters in early September.
Interpretation of data acquired, including wireline
static reservoir pressure data, indicate the
presence of a significant and extensive fracture
system and a single oil column in the Taq Taq field
through the Shiranish, Kometan and Qamchuga
formations in excess of 500 meters. The TT- 04 well
was the first of a three well drilling program by
Genel and Addax Petroleum. The drilling of the
second appraisal and development well, TT-05 , is
now in progress.
The Taq Taq field is located in the Kurdistan Region
of Iraq some 60 kilometers northeast of Kirkuk, 85
kilometres northeast of Erbil and 120 northwest of
Sulaimaniyah.
About Genel and Addax Petroleum
Genel Enerji A.S. is a Turkish registered company
and owned by the Turkish Çukurova Group. The
Çukurova Group is among Turkey's largest industrial
and commercial conglomerates with numerous
investments ranging from automotive,
telecommunications, media, textiles, energy and
information technology services. Further information
about Genel Enerji is available at
www.genel-enerji.com or at
www.cukurovaholding.com.tr.
Addax Petroleum is an international oil and gas
exploration and production company with a strategic
focus on Africa and the Middle East. Addax Petroleum
is one of the largest independent oil producers in
West Africa and has increased its crude oil
production from an average of 8,800 barrels per day
for 1998 to an average of approximately 91,500
barrels per day for the third quarter of 2006.
Further information about Addax Petroleum is
available at www.addaxpetroleum.com or at
www.sedar.com
newswire.ca/
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