Xtract Moves Forward with E&P Operations in Turkey
Xtract Energy Plc provided the following update on the operations of its Turkish joint venture Extrem Energy A.S.
Sarikiz-2 Production Test
The drilling rig to be used for the production test is now expected on site on or before April 13, 2009. Set-up for the production test will take approximately one week and it will therefore start as previously indicated in the second half of April. The testing of the 12 levels of sandstone will take approximately one month. The daily production rate achieved will be used to determine the number of wells to be drilled in the field and the capacity of the surface facilities required. Production from the well is expected to be at least 500b/d. Laboratory reports indicate good quality 33.5 API crude oil. The well was cased when originally drilled and will therefore be ready for commercial production following a successful test.
Siraseki 2-D Seismic Acquisition
In addition to developing its plans for Sarikiz, Extrem Energy is conducting a 2-D seismic acquisition campaign over its Siraseki license area in south eastern Turkey. As at 5 April, 73.0km out of a projected 162 kilometers of seismic lines had been acquired, representing approximately 45.1% completion of the project. Initial indications are encouraging. Following acquisition and interpretation of the data it is expected that quantified drilling prospects will be identified in the Siraseki licence area by the end of July 2009. Extrem Energy holds a 100% economic interest in the Siraseki licence.
All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. Further progress updates will be provided as appropriate.
Xtract currently holds 20% of Extrem Energy and has the option of increasing its shareholding to 34% by contributing a further investment of US$3.5 million before June 30, 2009.
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