LNG Energy announced that the Peshtene R-11 well in Bulgaria has been successfully drilled to its total depth of 3,190 meters under the farm-in agreement with TransAtlantic Worldwide, a wholly owned subsidiary of TransAtlantic Petroleum.
The Peshtene R-11 well ("Peshtene"), located on the A-Lovech exploration license, targeted the Middle Jurassic age Etropole formation. Peshtene was successfully drilled in a total of 56 days to a depth of 3,190 meters, including 354 meters of Etropole argillite.
Numerous gas shows were recorded in the argillite, consisting of methane, ethane and propane (C1, C2, and C3). Over 289 metres of the Jurassic age Etropole and Ozirovo whole core has been taken from the well. The Ozirovo formation produces nearby in the Chiren Gas Field and in TransAtlantic's Deventci R1 discovery ell 36 kilometers to the east.
Petrophysical analysis of the Etropole formation indicates net pay of 114 meters, with an average porosity of 6% and water saturation of 48%. Comprehensive core analysis by Core Laboratories is expected to be completed in the first quarter of 2012. The core data from the Etropole argillite and Ozirovo carbonate will be evaluated for reservoir rock properties, geochemical analysis, and rock mechanics.
The results of the core and well log analysis will help to design and plan the future completion procedure for the well. Peshtene is scheduled to be completed and tested in Q2, 2012. Based on the data recovered to date, TransAtlantic's subsidiary, Direct Petroleum Bulgaria EOOD ("Direct Bulgaria"), has applied to the government of Bulgaria for a Production Concession (the "Stefanetz Concession"). The Stefanetz Concession is expected to cover an area up to 1,600 square kilometers (395,000 acres) for a term of up to 35 years.
"We are excited with the very positive gas shows and data obtained in the Peshtene," commented Dave Afseth, President and CEO of LNG. "We look forward to reviewing the results of the core analyses that will enable us to design and implement an appropriate stimulation to flow test both the Peshtene and Starogard wells."
LNG is also pleased to announce that it has received additional data from the Starogard S-1 well drilled on the Starogard concession in Poland in which LNG has an indirect 20% interest through its ownership of Saponis Investments Sp z.o.o ("Saponis"):
The previously announced 2D seismic program is progressing with approximately 50% of the data already acquired. The program consists of about 407 km on the Saponis concession. The objective of the seismic program is to further define basin structure and burial history as well as to aid in the selection of individual well locations.
LNG is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and Bulgaria. LNG holds a 100% interest in approximately 5.5 million acres of prospective oil and gas properties in Papua New Guinea.
LNG is operator and has a 50% net interest in approximately 360,000 gross acres of prospective shales in Poland together with San Leon Energy. LNG also has a 20% net interest in approximately 734,000 gross acres of prospective shales in Poland together with BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft.
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