Eurasia Energy Hires TRACS International for Work on Azerbaijan Field
Eurasia Energy has engaged TRACS International Consultancy as its petroleum engineering consultants. TRACS will work with the Company's technical team to assist in the preparation of a rehabilitation, development and exploration plan for the Company's 600 square kilometer oil and gas block in the Republic of Azerbaijan. This plan will form the basis of the terms of a future exploration, rehabilitation, development and production sharing agreement ("ERDPSA") between the Company and the State Oil Company of the Azerbaijan Republic ("SOCAR"). The Company's technical team is currently working with SOCAR to identify, assemble, digitize and evaluate existing production and exploration data on the Block. It is expected that members of the TRACS technical team will begin their assessment of this data by the end of February, 2006.
TRACS' project scope includes: an assessment of the existing producing fields in the Block with consideration to volumes of hydrocarbons in place, identifying opportunities for further development, estimating production profiles, assessing the capacity and integrity of existing facilities and determining economic viability. TRACS will also evaluate the potential exploration upside in the Block including an outline of an exploration and appraisal program, an outline for a notional development scheme and determining cost estimates for development.
The Company is party to a memorandum of understanding with SOCAR which grants the Company the exclusive right to negotiate an ERDPSA for a 600 square kilometer oil and gas block in the Republic of Azerbaijan. The Block is located in the shallow coastal waters of the Azerbaijan sector of the Caspian Sea approximately 70 kilometers south of the Azerbaijan capital of Baku.
The Block includes the producing Alat-Deniz oil and gas field and a string of seven prospective exploration structures (Hamamdag-Deniz, Garasu, Sangi-Mugan, Ulfat, Aran-Deniz, Dashly and Sabayil) trending in a south-easterly direction from the coast to seventy kilometers offshore. Water depths are predominantly up to twenty meters and reach a maximum of fifty meters at the far end of the Block. The Alat-Deniz field was discovered in 1983 and to date has produced approximately 12.5 million barrels of oil and 1 billion cubic meters of gas. SOCAR estimates recent production to be approximately 750 barrels of oil and 100,000 cubic meters of gas per day from 14 wells, and remaining recoverable reserves from the Alat-Deniz field of 15 million barrels of oil and 1 billion cubic meters of gas. The main producing horizon is at 3,700-4,500 meters depth. Available data includes low density Soviet-era seismic over the entire Block and well data from the Alat-Deniz field and several other structures. In addition there is modern seismic and well data in onshore and offshore areas proximal to the Block that may be used for interpolation.
With a team of over 50 professionals, TRACS operates from offices in Aberdeen (Scotland), Guildford (England) and Moscow. TRACS provides technical assistance in the disciplines of geophysics, geology, petrophysics, reservoir engineering, production technology, well engineering and completions design and petroleum economics. TRACS provides its consultancy services to a wide range of companies operating in the upstream oil and gas industry including a number of the world's largest multinational oil and gas companies. TRACS has 12 years experience operating in Russia and the former Soviet Union. This experience includes Russian and FSU field studies, including exploration and appraisal, new field development and brown-field redevelopment projects, asset valuation and reserves auditing.
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