Tanganyika Gets Approval for Tishrin & Sheik Mansour Fields
Tanganyika Oil Company reports that the production sharing agreements signed with the Syrian Petroleum Company and the Syrian Government over the Tishrin and Sheik Mansour fields have been ratified by the Syrian Parliament and President.
The Tishrin and Sheik Mansour fields are located in the prolific oil producing region of Jbisseh in Syria some 120 km southwest of the company's existing Oudeh field project (please see attached map). The Tishrin field is currently producing approximately 6000 bopd through the central production facility and analysis of data and current well performance indicates significant production upside potential. The Sheik Mansour field productive area has been defined by 5 appraisal wells, but is as yet undeveloped.
The Company intends to immediately commence an aggressive evaluation and development program on the two projects. This will involve reprocessing of existing seismic, geologic studies to confirm the size of the reservoirs and to define locations for new wells, and also evaluation and recompletion of existing well stock. One of the primary objectives is to establish the productivity of the Sheik Mansour reservoir with an extended testing program on the existing wells. A new drilling program will commence on the Tishrin and Sheik Mansour fields following completion of the well testing and geologic studies. Pursuant to the Production Sharing Agreements, the Company will share in incremental production above a baseline level to be established in a 90 day production test.
The two fields are estimated to contain in excess of 700 million barrels 3P (proved, probable and possible) oil in place with upside potential (estimate based on in-house studies and available third party reports by independent consultants for the Syrian Petroleum Company).
Total 3P oil in place for the Company's Oudeh field is estimated at 2.56 billion barrels (Sproule May 31, 2004). Gross field production from the Oudeh field averaged 2,032 bopd in January, 2004.
In Egypt, the Company's Hana field gross production is currently
approximately 1,950 bopd.
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