ShaMaran Petroleum Corp. Provides an Operational Update on the Atrush Development in the Kurdistan Region of Iraq
Sep 24 14
ShaMaran Petroleum Corp. has provided an operational update on the Atrush development in the Kurdistan Region of Iraq. The DQE31 drilling rig resumed drilling operations on the Chiya Chere-8 on August 30, 2014 and reached a Total Depth of 2195 metres on September 13, 2014. The bottom hole location is approximately 1.4 ESE of the surface location and the AT-1 discovery well. CK-8 was spudded on July 19, 2014 and reached TD in 33 days. The well found the top of Jurassic reservoir approximately 90 metres structurally higher than the AT-1 discovery well. This well completes the predrilling of the initial four producers for the Phase One facilities, namely AT-2, AT-4, CK-5 and CK-8. The well is on schedule to be tested using a service rig in 2015 prior to final completion and tie-in to the Phase 1 Production Facility. The EDC Romfor 25 drilling rig is currently being mobilised to the Atrush Block and preparing to spud the Chiya Khere-6 ("CK-6") Phase 2 appraisal well. The well is located in the eastern part of the structure and is being drilled from the same well pad as the Atrush-3 appraisal well ("AT-3"). CK-6 is being drilled to a planned total depth of 2,164 metres targeting the Jurassic reservoir approximately 1.1 km SE of the surface location and the AT-3 well (approximately 10.3 kilometres east of the AT-1 discovery well). The drilling of the CK-6 well is estimated to take up to 70 days. The current plan is for the rig to conduct the retest of AT-3 following the testing of CK-6. In August 2014 initial work commenced for the construction of the Right of Way for the Atrush feeder pipeline over the Chiya Khere mountain section.
Shamaran Petroleum Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 22 14
ShaMaran Petroleum Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported loss before finance items and income tax expense was $536,000 against $1,020,000 a year ago. Loss before income tax expense was $1,819,000 against $1,033,000 a year ago. Loss from continuing operations was $1,842,000 against $1,043,000 a year ago. Loss for the period was $1,843,000 against $1,050,000 a year ago. Net cash inflows from operating activities were $4,365,000 against $1,235,000 a year ago. Purchases of intangible assets were $14,948,000 against $7,957,000 a year ago.
For the six months, the company reported loss before finance items and income tax expense was $1,250,000 against $1,490,000 a year ago. Loss before income tax expense was $3,895,000 against $1,453,000 a year ago. Loss from continuing operations was $3,950,000 against $1,503,000 a year ago. Loss for the period was $3,966,000 against $1,530,000 a year ago. Net cash outflows from operating activities were $2,472,000 against $2,287,000 a year ago. Purchases of intangible assets were $28,665,000 against $10,320,000 a year ago.
Shamaran Petroleum Corp Provides Drilling Update on the Atrush Development
Jul 21 14
ShaMaran Petroleum Corp. provided an operational update on the Atrush development in the Kurdistan Region of Iraq. The Chiya Khere (CK-5) development well was spudded on May 16, 2014 using the DQE31 drilling rig and reached Total Depth of 2,098 metres Measured Depth (1,744 metres True Vertical Depth) in the Butmah formation on June 28, in 43 days. The well was drilled ahead of schedule and under budget. The well was deviated from the same well pad as AT-1 & AT-4 with the bottomhole location approximately 870 metres WSW of the surface location. The average hole angle through the reservoir section was 40 degrees. CK-5 will be tested using a service rig in early 2015 prior to final completion and tie-in to the Phase One production facility. As in previous wells, no water leg was encountered in the reservoir section, with the well penetrating a gross vertical oil column (assuming an estimated average Free Water level of -443 metres subsea) of approximately 540 metres. The DQE31 spudded the Chiya Khere (CK-8) development well from the same well pad on July 19, 2014, which is a similar well to CK-5 targeting a bottomhole location approximately 1.5 km ESE of the surface location. This well is also planned to be tested using a service rig in early 2015 prior to final completion and tie-in to the Phase One production facility. A second drilling rig is to be mobilised in August 2014 to focus on the Phase Two appraisal work which consists of the CK-6 appraisal well (to be drilled from the same well pad as AT-3), the planned retest of AT-3 and the CK-7 appraisal/development well (location under construction).