Atrush-2 Well Flows 42,212 bopd
DENVER, Sept. 13, 2012
DENVER, Sept. 13, 2012 /PRNewswire/ -- General Exploration Partners Inc.
("GEP" or the "Company") has undertaken an extensive testing program for the
Atrush-2 Exploration and Appraisal well ("AT-2") drilled 3.1 kilometres east
and down dip of the Atrush-1 discovery well ("AT-1") in the Kurdistan Region
AT-2 was spud on 23 May 2012 and successfully reached the planned total depth
of 1750 meters in 49 days. The well was drilled on time and 30% under budget.
The new Barsarin-Sargelu-Alan-Mus ("BSAM") reservoir Oil Down To was found 97
metres deeper than that encountered by AT-1. Reservoir intervals within the
Jurassic Adaiyah and the upper part of the Butmah formation were also
Three drillstem tests ("DST") were conducted over the "BSAM" reservoir of the
main Jurassic discovery. A combined rate of up to 42,212 barrels of oil per
day ("bopd") of oil was achieved with the use of an electrical submersible
pump. The test rates were limited by surface testing equipment.
None of the tests had measurable amounts of formation water.
Separate DSTs were also conducted in the Butmah and Adaiyah formations. The
highly fractured upper part of the Butmah tested up to a maximum of 1,450
barrels of fluid per day under nitrogen lift and towards the end of the short
test was producing 9 degree API dry oil. A reservoir zone within the Adaiyah
anhydrite tested up to 500 bopd of 11 degree API dry oil under nitrogen lift.
Pursuant to the Production Sharing Contract, GEP has presented a notice of
Discovery to the Ministry of Natural Resources of the Kurdistan Regional
Meanwhile in the eastern part of the Atrush block, the second phase of the 3D
seismic acquisition was completed, providing GEP with 3D coverage of the
entire Block. Tendering is underway for the lease of an Extended Well Test
Facility ("EWTF") with an award expected shortly. Plans are for a recompleted
AT-1 to be connected to the EWTF in early 2013.
Alex Cranberg, the Chairman of Aspect Holdings, commented, "We are excited
about the results from the AT-2 Exploration and Appraisal well. The well
accomplished three important goals – discovery of additional resource
potential in the Butmah and Adaiyah; lowering the Oil Down To 97 metres
further in the BSAM, without encountering an oil/water contact; and
demonstration of the significant production capability of the BSAM reservoir.
Operationally, our team did a great job getting the well down on time and
under budget. We look forward to continuing our work with the Kurdistan
Regional Government to appraise and develop this important discovery."
The Atrush Block is operated by the joint-venture company General Exploration
Partners Inc. ("GEP") which holds an 80% working interest in the Block. Aspect
Holdings, LLC through its Aspect Energy International LLC subsidiary has a
66.5% interest and ShaMaran Petroleum Corp. through its wholly owned
subsidiary, ShaMaran Ventures BV, holds a 33.5% interest in GEP. Marathon Oil
KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO),
holds a 20 percent interest in the block.
About Aspect Holdings, LLC and Aspect Energy International, LLC
Aspect Holdings, LLC is a privately held independent exploration and energy
investment company that engages in exploration and production activities
through affiliates and subsidiaries globally, including the United States,
Central and Eastern Europe, and the Middle East. Aspect Energy International,
LLC is a wholly owned subsidiary of Aspect Holdings. Please direct additional
inquiries to Matthew Alley – email@example.com.
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and
exploration vehicle. ShaMaran Petroleum is a Canadian oil and gas company
listed on the TSX Venture Exchange under the symbol "SNM" as well as NASDAQ
OMX First North under the symbol "SNM."
This press release contains statements about expected or anticipated future
events and financial results that are forward-looking in nature and, as a
result, are subject to certain risks and uncertainties, such as legal and
political risk, civil unrest, general economic, market and business
conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events and management's capacity to execute and
implement its future plans. Actual results may differ materially from those
projected by management. Further, any forward-looking information is made only
as of a certain date and neither the Company nor its partner's undertakes any
obligation to update any forward-looking information or statements to reflect
events or circumstances after the date on which such statement is made or
reflect the occurrence of unanticipated events, except as may be required by
applicable securities laws. New factors emerge from time to time, and it is
not possible for management of the Company to predict all of these factors and
to assess in advance the impact of each such factor on the Company's nor its
partner's business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in
any forward-looking information.
For Further Contact:
SOURCE Aspect Holdings, LLC
Press spacebar to pause and continue. Press esc to stop.