|
Addax Petroleum Reports Kurdistan
region-Iraq oil Discovery
2.3.2007 |
|
|
|
March 2, 2007
Kurdistan region (Iraq)
Addax Petroleum Corp. on Thursday announced flow
test results for the TT-05 well, the second
appraisal well recently drilled on the Taq Taq field
by Taq Taq Operating Company (TTOPCO), the joint
venture company formed by Genel Enerji A.S. (Genel)
and Addax Petroleum to carry out the petroleum
operations in the Taq Taq license area.
Two reservoir intervals were tested separately and
flowed at an aggregate rate of 26,550 bbl/d of light
oil, measured gravity ranging from 44 to 50 degrees
API with |
Kurdistan Oil |
low gas oil ratio. The intervals tested were a 105
meter perforated interval in the Shiranish formation
which flowed at a rate of 12,890 bbl/d and a 82
meter interval in the Qamchuga formation which
flowed at a rate of 13,660 bbl/d. Oil flow rates
from the Shiranish and Qamchuga intervals were
restricted by 56/64" and 64/64" choke size
respectively, and in each instance, limited by the
capacity of the surface testing facilities.
Evaluation of these flow test results is ongoing.
Commenting, Jean Claude Gandur, President and Chief
Executive Officer of Addax Petroleum said: "I am
delighted at the continued successful appraisal of
the Taq Taq field and the excellent cooperation
amongst the Taq Taq field partners. I believe that
this operational momentum, alongside the
constructive efforts of the Kurdistan Region and
Iraq towards finalizing a legal framework, will
expedite the development of the Taq Taq field. We
believe that the development of the Taq Taq field
can deliver excellent value to the people of the
Kurdistan Region, to the people of Iraq and to our
shareholders."
The TT-05 well is located on the crest of the Taq
Taq field and was drilled approximately 580 meters
north-northeast of the TT-04 well. The TT-05 well
was spudded in late October, 2006 and completed
drilling in late December, 2006 at a total depth of
2,070 meters. Testing commenced in mid-February,
2007.
Interpretation of data acquired, including wireline
and core data, confirm the presence of a significant
and extensive fracture system as observed in the
TT-04 well. The TT-05 well was the second of an
initial three well drilling program by Genel and
Addax Petroleum. The drilling of the third appraisal
and development well, TT-06, is now in progress. The
TT-06 well location is approximately 3.6 kilometers
north-northwest of the TT-05 well.
The Taq Taq field is located in the Kurdistan Region
of Iraq some 60 kilometers northeast of Kirkuk, 85
kilometers northeast of Erbil and 120 kilometers
northwest of Sulaimaniyah.
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 90,000
barrels per day for 2006.
Addax Petroleum Corp.
Top |
Kurd Net
does not take credit for and is not responsible for the content of news
information on this page
|
® 