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Calibre Energy, Inc. Announces Update on First Well in Iraqi
Kurdistan |
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: Calibre Energy, Inc |
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Kurd Net
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Calibre Energy, Inc. Announces Update on
First Well in Iraqi Kurdistan
9.12.2006 |
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December
9, 2006
WASHINGTON & HOUSTON, December 8 ,--- Calibre
Energy, Inc., an American-based independent natural
gas and oil exploration and development company,
announces the Bina-Bawi-1 exploration well was at a
depth of 2,112 meters (6,929 feet) and has completed
running 9 5/8" casing and is currently drilling
ahead to a total depth estimated to be 2,900 meters
(9,514 feet).
The Bina-Bawi-1 is the first well in Calibre's
planned multi-well exploration and development
drilling program in Kurdistan. The primary
objectives of the well are the Cretaceous, the
Qurachina Formation in the Triassic, and the
Chiazaire Formation in the Permian. |
Calibre Energy, Inc |
Calibre is participating in the Bina-Bawi-1 through
an Exploration and Production Sharing Agreement ("EPSA")
with the Kurdistan Regional Government ("KRG") of
the Republic of Iraq in the Arbil Province, covering
the Bina-Bawi structure. Calibre has a 10 percent
interest in the EPSA through a participation
agreement with Hawler Energy Ltd., a privately-held
oil and gas exploration company based in Houston,
Texas. A&T Petroleum, a wholly-owned subsidiary of
Turkish-based Petoil, is the operator.
While other parts of Iraq remain mired in violence
and unrest, the semi- autonomous region of Kurdistan
has been the most peaceful and stable region of Iraq
since the creation of the no-fly zones in 1991.
The Bina-Bawi structure is a 28 kilometer by 7
kilometer anticline immediately northwest of the
Taq-Taq Field where Genel Enerji and Addax Petroleum
recently announced test results from the Taq-Taq 4
well which flowed at an initial aggregate maximum
rate of 29,790 barrels per day from three separate
reservoir intervals in the Cretaceous. The flow
rates were reported to be constrained by the limited
capacity of surface testing facilities.
Genel Enerji and Addax Petroleum are currently
drilling an appraisal well and expect initial export
of oil from the Taq Taq Field in 2007. Addax
Petroleum in their November 2006 presentation
estimated that the Taq Taq Field has current STOIP
of 1.2 to 2.7 billion barrels with expected STOIP of
1.9 billion barrels.
ABOUT CALIBRE ENERGY, INC.
Headquartered in Washington, DC with operating
offices in Houston, Texas, Calibre Energy, Inc. is
an early stage oil and gas company focused on the
creation of shareholder value through the
development of world class unconventional and
untapped domestic and international oil and gas
resources with domestic operations in the Barnett
and Fayetteville Shales and international operations
in Iraqi-Kurdistan.
www.calibreenergy.com
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