Tanganyika On Track with Syrian and Egyptian Development Plans
Tanganyika Oil updates its operations in Egypt and Syria. In Egypt, the Company now has five oil fields in production or under development - Hana, Hoshia, West Hoshia, Fadl and South Ramhi. Since the Company launched its development and exploration initiatives in June, 2005, gross field production levels in Egypt have grown from approximately 1,600 bopd to over 2,500 bopd today, an increase of over 56%.
The company is currently shooting 3D seismic in the West Gahrib Block, and has a continuous 12 month, 12 well exploration, appraisal and development drilling program underway. The Company has 3 rigs in use in Egypt at the present time. Four wells have been drilled since June (Hoshia 2 and 3, West Hoshia 2 and West Yusr) and one of the existing South Ramhi wells re-completed. The Hana Field currently has 5 wells on production, the Hoshia Field has 2 with a third looking to come on stream shortly. Fadl has 1 well on production and the West Hoshia and South Ramhi wells are undergoing testing.
In Syria, development of the Oudeh Field is progressing very well. The Company is currently drilling its third new horizontal well since June (OD-141). OD-139 and OD-140 have been completed and are now undergoing testing. One drilling rig at Oudeh is currently in use with a second being procured. Gross field production from the Oudeh Field, not including the wells undergoing testing, is approximately 2,500 bopd, an increase of 26% since June. Test results from OD-139 and OD-140 are expected to available within the next two weeks. Over the next 14 months, an additional 24 wells are scheduled to be drilled. The Company has also commenced its Enhanced Oil Recovery ("EOR") program through microbial stimulation on several existing wells on the project. The Company is encouraged with the early results and has seen improvements in rate and API gravity. Pilot planning and equipment procurement is ongoing for the thermal stimulation (steam injection) scheduled to be tested over the course of 2006.
At Tishrine, the Company has completed 3 well workovers and production pump changes. Gross field production levels are currently approximately 6,700 bopd. Base case production rates for purposes of production sharing have been set at 6,525 as of May 31, 2005. This base case rate declines 5% annually. A rig is on site at Tishrin and upon formal receipt of approvals to commence production sharing, the Company will move forward immediately with an aggressive development program which will include drilling, workovers and at least 2 horizontal wells at Tishrin and 1 at Sheik Mansour as well as thermal EOR testing over the next 12 months.
Gross field production levels including the West Gharib projects in Egypt and the Oudeh and Tishrine Fields in Syria now totals approximately 11,700 bopd. The Company has a 100% working interest in the Oudeh, Tishrine and Sheik Mansour projects in Syria and a 70% working interest in the Hana Field in Egypt and 45% in the remaining West Gharib projects in Egypt.
Gary Guidry, President of Tanganyika Oil, commented, "We're well on our way to achieving gross 2005 exit production rates in the range of 15,000 bopd. We are all hard at work at achieving our goals and are very pleased with our success in both Egypt and Syria to date."
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