ShaMaran announced that drilling of the Pulkhana-9 appraisal/development well in the Pulkhana oilfield commenced on April 3, 2011.
The Company has contracted an alternative drilling rig (Sakson 101) to the originally agreed Sakson PR3 rig as there was a delay in the release of the Sakson PR3 rig by the previous operator. The Pulkhana-9 well is designed to appraise the proven Euphrates/Jaddala and Shiranish oil reservoirs as well as appraise possible upside in the Jeribe and Lower Jaddala formations. The well is planned to be drilled to a total depth ("TD") of 2700m and is estimated to take approximately 90 days.
ShaMaran is currently tendering for a workover rig for the planned third quarter workover of Pulkhana-8 and at the same time progressing with a feasibility study and design for the Pulkhana Early Production Facility ("EPF") which is planned to be installed by the end of the year. ShaMaran has also received Ministry of Natural Resources ("MNR") approval for an additional appraisal well, Pulkhana-10.
ShaMaran also provided the following operational updates.
Arbat: Following completion of seismic interpretation the Company has received MNR approval for the location of the first commitment exploration well (designated Arbat-A). Tendering and preparations are underway to enable drilling to commence in the fourth quarter of this year.
Atrush: The Atrush-1 well reached a revised extended TD of 3400m on January 21, 2011 and has entered into an extensive testing programme. Well test results will be reported shortly by General Exploration Partners, Inc ("GEP"), once testing operations are concluded. The well is being operated by GEP. ShaMaran, through its wholly owned subsidiary, ShaMaran Ventures BV, holds a one third interest in GEP.
Block K 42: The Company has completed its obligations under the "Block K 42 Option Agreement" with the Kurdistan Regional Government of Iraq ("KRG") and intends to apply to the KRG to convert the Option Agreement into a Production Sharing Contract.
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