Addax Petroleum Announces Update to Continued Appraisal Program at Taq Taq
06/09/2007 11:51
PR Newswire
CALGARY, Canada, September 6 /PRNewswire/ --
- Not for Release, Publication or Distribution in or Into The United
States, Australia or Japan
- Second Step-Out Appraisal Well TT-07 Flows at an Aggregate Rate of
37,560 Barrels Per Day
Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation")
(TSX: AXC, LSE: AXC) today announced flow test results for the TT-07 well,
the fourth appraisal and development well recently drilled on the Taq Taq
field by Taq Taq Operating Company, 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.
Three reservoir intervals were tested separately and flowed at an
aggregate rate of 37,560 bbl/d of light oil, measured gravity of 48 degrees
API with low gas oil ratio. The intervals tested were a 232 meter bare foot
completion interval in the Shiranish formation which flowed at a rate of
10,240 bbl/d, a 111 meter interval in the Kometan formation which flowed at a
rate of 10,250 bbl/d and a 53 meter interval in the Qamchuqa formation which
flowed at a rate of 17,070 bbl/d. Oil flow rates from the Shiranish, Kometan
and Qamchuqa intervals were restricted by 128/64", 76/64" and 128/64" choke
sizes respectively. Evaluation of these flow test results is ongoing.
Commenting on the well results, Dr. Ashti Hawrami, the Minister of
Natural Resources for the Kurdistan Regional Government said: "We are
delighted by these results, as they demonstrate the high production potential
of the Taq Taq field. We congratulate our Turkish partners (Genel Enerji) and
Canadian partners (Addax Petroleum) on these excellent results. We also
congratulate the people of the Kurdistan Region and all of Iraq. With this
good news, Taq Taq will become the first major contributor in the Kurdistan
Region to the increase of revenues for all Iraqi people. The KRG will
continue its efforts in the development of the Region's oil resources to meet
our stated target of 1,000,000 barrels per day within the next five years."
Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "The success of our appraisal program at Taq Taq
continues to be very encouraging. The TT-07 well is significant because, in
addition to being another successful step-out appraisal well, it tested at
the highest aggregate flow rate of any Taq Taq well to date including having
the highest single formation flow rate. We are integrating these additional
results, together with the ongoing 3D seismic campaign, into a full
development program for the Taq Taq field. We are also encouraged that recent
constructive efforts of the Kurdistan Region and Iraq could result in a legal
framework that will enable the Corporation to commence implementing this full
field development in 2008."
TT-07 is a step-out well located approximately 2.9 kilometres southeast
of the TT-04 well, which was located on the crest of the Taq Taq field. It is
the second well which is attempting to define the length-wise areal extent of
the Taq Taq structure approximately 6 kilometres in the opposite direction of
the crest of the field from TT-06. The TT-07 well was spudded in late April
and completed drilling in early July at a total depth of 2,187 metres.
Testing of TT-07 commenced in mid August, 2007.
Interpretation of data acquired from TT-07, including wireline and 36
metres of core, confirmed the presence of a significant and extensive
fracture system as observed in the TT-04, TT-05 and TT-06 wells in the tested
formations. The Shiranish interval in the TT-07 well was acid stimulated.
The TT-07 well is the fourth of a six well drilling and seismic appraisal
program by Genel and Addax Petroleum. The drilling of the fifth and sixth
appraisal and development wells, TT-08 and TT-09, are now in progress. The
TT-08 well was spudded in mid-July and is located approximately 1.7
kilometres east of the TT-04 well along the width-wise axis of the Taq Taq
field. In addition to the ongoing drilling program, Genel and Addax Petroleum
have commenced shooting 290 square kilometres of 3D seismic over the Taq Taq
field and expect to complete the acquisition early in the fourth quarter of
2007. The results of the drilling and seismic appraisal program will be
integrated into a full field development plan which Genel and Addax Petroleum
expect to commence implementing in 2008. Genel and Addax Petroleum also are
finalizing the acquisition of 175 kilometres of 2D seismic over the Kewa
Chirmila prospect and surrounding area, which is in the same license area as
the Taq Taq field.
The Taq Taq field is located in the Kurdistan Region of Iraq some 60
kilometres northeast of Kirkuk, 55 kilometres southwest of Erbil and 120
kilometres northwest of Sulaimaniyah.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and
production company with a strategic focus on West 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
bbl/d for 1998 to an average of approximately 123,000 bbl/d for the second
quarter of 2007. Further information about Addax Petroleum is available at
http://www.addaxpetroleum.com or at http://www.sedar.com.
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timing and success, facility reliability, reservoir performance and natural
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including labour and material supply, project management, drilling rig rates
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statement.
For further information: Mr. Patrick Spollen, Investor Relations,Tel.: +41(0)22-702-95-47, patrick.spollen@addaxpetroleum.com; Mr. Mac Penney, Press Relations, Tel.: +1-416-934-8011, mac.penney@cossette.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. James Henderson, Press Relations, Tel.: +44(0)20-7743-6673, james.henderson@pelhampr.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Alisdair Haythornthwaite, Press Relations, Tel.: +44(0)20-7743-6676, alisdair.haythornthwaite@pelhampr.com