1waving Posted July 6, 2009 Report Share Posted July 6, 2009 One to look out for -- Very positive production testing in today's announcement from the Sarikiz area, with even greater expectations from other projects , Candarli Bay in Turkey being one. 6 July 2009 AIM: XTR XTRACT ENERGY PLC ('Xtract' or the 'Company') DRILLING UPDATE - Extrem Energy Further to the announcement made on 1 July 2009, Xtract Energy Plc ('Xtract') is pleased to provide the following update on the progress of the production test being carried out at Sarikiz-2 by its Turkish joint venture Extrem Energy A.S. ('Extrem Energy'). Following the test of the interval at 1728-1733m which was found to produce associated carbon dioxide, further technical interpretation was carried out. This revealed the existence of a minor fault which was causing carbon dioxide from deep levels to penetrate the deeper oil reservoirs. The fault did not appear to extend further upwards. The new interpretation has been validated by the test of the interval between 1710-1715m which was completed on 6 July 2009. After recovery of the drilling fluids, the production test flowed oil without associated carbon dioxide. Initial indications are that a pumped oil flow rate of approximately 180bbl/day could be achieved from that interval alone. With the benefit of the new interpretation, the number of intervals still to test has been increased to eight, representing a further 57.5m of reservoir thickness compared with 6.5m of thickness in the interval just tested. The remaining sandstone intervals lie in a structure between the depth range 1483m to 1697m. Log indications are favourable for the remaining intervals but the ability to produce from them will remain unknown until they are tested. At this time, it is reasonable to expect that the total production flow rate from the well will meet or exceed the pre-drill estimate of 500bbl/day. Further progress updates will be provided as appropriate. All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. Xtract holds 27% of Extrem Energy and has the option of increasing its shareholding to 34% by contributing a further investment of US$1.75m before 5 August 2009. The above information has been reviewed and approved by Ongun Yoldemir, Managing Director of Extrem Energy, who has a masters degree in geological engineering and worked as an explorationist in the oil and gas sector in the Middle East, Kazakhstan, Azerbaijan, and North Sea, has over 28 years' experience in the resource and energy sector and is a member of the American Association of Petroleum Geologists, European Association of Geologists and Engineers, the Society of Exploration Geophysicists and several related Turkish institutions. --------------------------- Would now expect XTR to take up that additional 7% in Extrem Energy. http://www.xtractenergy.co.uk/ Link to comment Share on other sites More sharing options...
This topic is now archived and is closed to further replies.