TransAtlantic provided the following operational update:
Selmo Oil Field
Production from the Company's Selmo oil field in Turkey for the first week of January was approximately 2,400 barrels of oil per day, which was slightly lower than the year-end exit rate the Company anticipated in November. "We expected to complete two additional wells before year end, but we were unable to do so. We did, however, successfully fracture stimulate the S-57 well this past week," said Gary Mize, the Company's President. Before fracture stimulation, the S-57 was capable of producing at a rate of about 10 barrels of oil per day, though it was not producing. During swabbing operations after fracture stimulation, the well was swabbed at a rate of approximately 300 barrels of fluid per day, with about a 50% oil cut. Production equipment is now being installed, and the well we be turned to production this week.
"We will closely watch the S-57 well and may fracture stimulate another Selmo well after we fracture stimulate the Dadas shale in the Goksu-1 well on License 4174, before returning the equipment to the Thrace Basin," said Malone Mitchell, the Company's Chairman.
Unconventional Update in Thrace Basin
The Company is awaiting the availability of coiled tubing units to clean out and install tubing in the Kepirtepe-1 and Habiller-2R wells in the Thrace Basin, which were fractured stimulated in the Mezardere and Hamitabat formations in the fourth quarter of 2010. "Once we clean out the wells and install tubing, we should be in a position to flow the wells for an extended period. We were pleased with how the jobs were pumped and expect to move towards multi-stage fracture stimulation jobs and commercial production this year," said Mr. Mitchell.
First Oil Sales in Morocco
The Company made its first sale of oil in Morocco this past week from the HR-33bis well, which is located on the Company's 100%-owned Tselfat license. "We are evaluating our plans for 2011 in Morocco, which will be influenced by results from the HKE-1 well, which is currently being completed on the Ouezzane-Tissa exploration permits, and the GRB-1 well, which is currently drilling on the Asilah exploration permits," said Mr. Mize.
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