Wednesday, September 03, 2014

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TransAtlantic Petroleum Provides Operational Update

TransAtlantic Petroleum has provided an operational update, including a fracking programme in the Thrace Basin in Turkey.

TranAtlantic says that it had not achieved previous year-end production targets due to operational performance and delays which have pushed some of these targets into early 2012 instead of the end of 2011 as planned. 

With the delays, TransAtlantic ended the year with production levels of 5,651 net barrels of oil equivalent (boe) per day, including approx. 18.7 million cubic feet of natural gas per day (MMcf/d) and approx. 2,530 barrels of oil per day (bbl/d).

The company also says it continues to be encouraged by its progress with a frack (hydraulic fracture) programme in the Thrace Basin, together with partners Valeura Energy and Pinnacle Turkey Holding Company. 

In 2011, the trio completed the fracking of five wells, with initial production rates averaging 2.0 MMcf/d.

The company is this year preparing and initiating a number of new wells, including the Pancarkoy-1 well in the Thrace Basin which is currently being prepared and the Suleymaniye-2 exploration well which is being drilled currently.

In Bulgaria, the company has just completed drilling of the Peshtene R-11 well, which yesterday partner LNG Energy announced had shown a number of positive gas shows. TransAtlantic also plans to complete the Deventci R-2 well later this year.

"We are very encouraged with our recent results in the Thrace Basin," chairman and chief executive Malone Mitchell said. "While still early in the programme, we believe we are making progress in unlocking a natural gas resource play with meaningful running room for both production and reserve growth.

"To date we have tested structures in just two of our Thrace Basin licenses, and have identified approx. 38,500 acres that we believe have the right structure and depositional factors in place to support a successful resource development program. We intend to continue testing structures across our entire Thrace Basin acreage position and are optimistic that we can increase our drilling inventory as we climb the learning curve. It is also important to note that we have only performed single-stage stimulations.

"We expect the stacked pays of the Thrace Basin to support multi-stage completions, which we expect to commence testing during the first quarter of 2012. We also expect to test the blanket Mezardere sands off-structure which, if successful, could add more of our approximately 800,000 net acres in the Thrace Basin to our future unconventional drilling portfolio."

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