TransAtlantic Petroleum Ltd. (the Company or TransAtlantic), an oil and natural gas company focused on Turkey and Bulgaria, provided Monday an update on its recent well results in Turkey.
Southeastern Turkey - Molla Drilling Program
TransAtlantic recently completed several wells in its Bahar field. Well locations were selected using 3D seismic from the Company's 337 square miles (872 square kilometers) seismic program in 2013-2014, which was the largest in Turkey's history.
The Bahar-4 (100 percent working interest) had an initial production rate of more than 500 barrels of oil per day (bopd) from its upper Bedinan zone at a depth of approximately 10,000 feet, and has produced an average rate of 450 bopd during its initial seven days of production.
The Bahar-3 (100 percent working interest) had an initial production rate of more than 400 bopd from its upper Bedinan zone, which produced an average rate of 350 bopd during its initial seven days of production. Combined with production from the lower Bedinan zone, at a depth of approximately 10,550 feet, the average production rate for the Bahar-3 during the most recent 7 days is 470 bopd. The Bahar-3 and Bahar-4 are currently flowing up casing. TransAtlantic expects to install production tubing on both wells in October.
The Bahar-2ST (100 percent working interest) has been completed in the Hazro zone and is currently on a pump test.
Southeastern Turkey - Selmo Field Development
TransAtlantic is currently completing the Selmo-68H3 (100 percent working interest), in the MSD zone. In July, the Company completed the Selmo-85H1 (100 percent working interest), which produced an average rate of 320 bopd during its initial 60 days of production. In June, TransAtlantic completed the Selmo-54H1 (100 percent working interest), which produced an average rate of 660 bopd during its first 90 days. Average production for the initial 120 days of production from the Selmo-84H2 (100 percent working interest) and Selmo-86H2 (100 percent working interest) have been 370 bopd and 375 bopd, respectively.
Northwestern Turkey - Thrace Basin Development
The Company recently completed the TDR-5H (41.5 percent working interest), a horizontal well targeting the Teslimkoy formation. The well had an average initial production rate of 1.5 million cubic feet per day (MMcf/d) during its first 20 days.
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