Further to the announcement made on July 17, 2009, Xtract Energy announced that the production test was completed on July 30, 2009 and that the Sarikiz-2 well at Xtract's Turkish joint venture Extrem Energy A.S. is being shut in as a production well with commercial production expected to commence in October. The rig is now being moved to the site of the former East Sarikiz-1 well and will test the horizons from which commercial production is expected. If successful Extrem Energy will have two commercial wells on stream in the fourth quarter.
The results of the production test at Sarikiz-2 indicated a theoretical production potential of 690 bbl/day from the tested zones and a potential of up to 450 bbl/day more from untested zones. Not all levels can in practice be produced at once due to production techniques. Four levels have been selected for initial production. After the results of testing, Extrem Energy has decided to apply an optimized value of initial 350 bbl/day of production in order to maximize the field life and the amount of recoverable oil through time.
The pressure and other logging data from the production test will now be processed, which will enable an improved estimate of field size.
Further updates will be provided as appropriate.
In addition to progress at Sarikiz, Extrem Energy continues to advance its interests in other license areas. A short additional program of seismic acquisition over the Edirne license in the Thrace Basin in western Turkey was commenced in the second half of July. As at July 30, 2009, the 75.76km project was 40% completed. The results will be used to firm up drilling targets in this predominantly gas-bearing region. A geochemical study on Adana-Siraseki license has also been completed and sent for analysis.
All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy.
Xtract holds 27% of Extrem Energy and has the option of increasing its shareholding to 34% by contributing a further investment of
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