Akcakoca-3 confirms the "deeper water" reserve potential of the Akcakoca trend in the SASB
The Akcakoca-3 exploration well, the first well in the drilling sequence for the Atwood "Southern Cross" semi-submersible rig to assess the reserve potential in the slightly deeper waters of the South Akcakoca Sub-basin ("SASB") of the Black Sea, offshore Turkey, has been drilled to a total depth ("TD") of 2200 meters. The target zones are in the same Eocene-age Kusuri Formation reservoir sandstones as encountered in recent jack-up appraisal and development drilling along the shallower Ayazli-Akkaya trend to the south and closer to the shore.
Logging operations on the well continue with early results indicating the presence of approximately 80 meters net gas pay within a series of at least seven sand prone intervals developed between 1696 and 2130 meters. Upon completion of logging operations, production casing will be run and the well tested to confirm deliverability and the dynamic properties of the reservoir sandstones. It is anticipated that the well, which was drilled as a deviated well from a surface location between the Akcakoca discovery and the Akcakoca East prospect, will be suspended and used in any future tie-back of the Akcakoca trend to the gas infrastructure and pipeline network already deployed to develop the shallower water Ayazli-Akkya trend.
The "Southern Cross" is expected to drill the next well in the sequence on the Akcakoca East prospect from the same surface location, enabling development of both accumulations, if successful, from a single platform structure. The rig will then move to Bulgarian waters to drill for another operator before returning to Turkish waters to drill a possible third well on the Akcakoca trend. Toreador, as Operator, estimates that 60% of the potential reserves in the project area will be found along the deeper-water Akcakoca trend.
state oil company) and Stratic, who hold a 12.25% working interest in the project and surrounding exploratory permits.
The SASB development is operated by Toreador Resources in partnership with TPAO (the Turkish Menadra-1 encounters gas shows but fails to find commercial hydrocarbons, onshore Morocco
Stratic and partners, Heyco Maroc and Energycorp Maroc, spudded the Menadra-1 wildcat well on 27th October on the Moulay Bousselham permit, onshore Morocco using the ONHYM (Moroccan national oil company) owned H-525 Ideco drilling rig. The well was designed to test a buried thrusted anticlinal structure, tentatively assigned to be Cretaceous in age, although reservoir prediction was very uncertain.
The well reached total depth ("TD") of 1503 meters, having encountered poor to modest gas shows over the interval below 900 meters. Evaluation of the logs suggests the shows were derived from possibly highly fractured intervals within a sequence of predominately calcareous claystones and marls with occasional thin sandstone stringers developed therein. In the absence of significant shows and a material reservoir interval the partners elected not to conduct any further testing of the well, which has been plugged and abandoned.
The well fulfills the work commitment on the initial term of the exploratory permit that covers both the Moulay Bousselham and Mamora areas. The well results and, in particular, the derived lithological and stratigraphic information will be further analyzed prior to the partners electing whether to continue the permits into a second three year exploratory period in mid 2007. Stratic has a 36% working interest (27% post ONHYM back- in) in both areas.
Commenting on the results, Kevin Watts, President and Chief Executive, said "We are very encouraged by the results of the first well in the Attwood Southern Cross drilling program on the Akcakoca deeper water trend in the Turkish Black Sea. The results to date are significantly better than expected and confirm the continuation of the gas prone trend to the north of our existing discoveries in the area. We were disappointed not to find commercial hydrocarbons in our first well in Morocco, in which reservoir development was always the key risk, but we continue to evaluate the remainder of the block for further prospectivity."
Stratic is an international exploration and development company with gas developments in Turkey, oil developments in the UK North Sea and exploration acreage in Morocco and Syria.
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