Further to the announcement made on October 2, 2008, Xtract Energy has provided the following update on the Sarakiz-2 well in Turkey which is to be drilled on behalf of Extrem Energy A.S. Extrem Energy is the new joint venture with Merty Energy, Petroleum Exploration, Education and Services Inc.
As of October 13, 2008, mobilization and rig-up was in progress and the Turkish Authorities had confirmed their acceptance of fulfilment of the drilling obligation required by that date. The expected spud date has been deferred from October 13 until October 27 due to the delay in the arrival of some imported well-head equipment and drill bits. Shipment of these items from Houston, Texas was delayed by the effects of Hurricane Ike.
The rig is operated by Gney Yildizi of Turkey. The target is in the interval of 1500-1700m in depth, which is expected to be reached within 25-30 days. Depending on the drilling results, first production could be expected in the first half of 2009.
Xtract currently holds a 20% interest in Extrem Energy and has the option of increasing its shareholding to 34% by contributing a further investment of US $3.5 million before June 2009.
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