DENVER, Sept. 13, 2012 /PRNewswire/ -- General
Exploration Partners Inc. ("GEP" or the "Company") has
undertaken an extensive testing program for the Atrush-2
Exploration and Appraisal well ("AT-2") drilled 3.1 kilometres east
and down dip of the Atrush-1 discovery well ("AT-1") in the
Kurdistan Region of Iraq.
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AT-2 was spud on 23 May 2012 and
successfully reached the planned total depth of 1750 meters in 49
days. The well was drilled on time and 30% under budget.
The new Barsarin-Sargelu-Alan-Mus ("BSAM") reservoir Oil Down To
was found 97 metres deeper than that encountered by AT-1. Reservoir
intervals within the Jurassic Adaiyah and the upper part of the
Butmah formation were also oil-bearing.
Three drillstem tests ("DST") were conducted over the "BSAM"
reservoir of the main Jurassic discovery. A combined rate of up to
42,212 barrels of oil per day ("bopd") of oil was achieved with the
use of an electrical submersible pump. The test rates were limited
by surface testing equipment.
None of the tests had measurable amounts of formation water.
Separate DSTs were also conducted in the Butmah and Adaiyah
formations. The highly fractured upper part of the Butmah tested up
to a maximum of 1,450 barrels of fluid per day under nitrogen lift
and towards the end of the short test was producing 9 degree API
dry oil. A reservoir zone within the Adaiyah anhydrite tested up to
500 bopd of 11 degree API dry oil under nitrogen lift. Pursuant to
the Production Sharing Contract, GEP has presented a notice of
Discovery to the Ministry of Natural Resources of the Kurdistan
Regional Government.
Meanwhile in the eastern part of the Atrush block, the second
phase of the 3D seismic acquisition was completed, providing GEP
with 3D coverage of the entire Block. Tendering is underway for the
lease of an Extended Well Test Facility ("EWTF") with an award
expected shortly. Plans are for a recompleted AT-1 to be connected
to the EWTF in early 2013.
Alex Cranberg, the Chairman of
Aspect Holdings, commented, "We are excited about the results from
the AT-2 Exploration and Appraisal well. The well accomplished
three important goals – discovery of additional resource potential
in the Butmah and Adaiyah; lowering the Oil Down To 97 metres
further in the BSAM, without encountering an oil/water contact; and
demonstration of the significant production capability of the BSAM
reservoir. Operationally, our team did a great job getting the well
down on time and under budget. We look forward to continuing our
work with the Kurdistan Regional Government to appraise and develop
this important discovery."
The Atrush Block is operated by the joint-venture company
General Exploration Partners Inc. ("GEP") which holds an 80%
working interest in the Block. Aspect Holdings, LLC through its
Aspect Energy International LLC subsidiary has a 66.5% interest and
ShaMaran Petroleum Corp. through its wholly owned subsidiary,
ShaMaran Ventures BV, holds a 33.5% interest in GEP. Marathon Oil
KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation
(NYSE: MRO), holds a 20 percent interest in the block.
About Aspect Holdings, LLC and Aspect Energy International,
LLC
Aspect Holdings, LLC is a privately held independent exploration
and energy investment company that engages in exploration and
production activities through affiliates and subsidiaries globally,
including the United States,
Central and Eastern Europe, and
the Middle East. Aspect Energy
International, LLC is a wholly owned subsidiary of Aspect Holdings.
Please direct additional inquiries to Matthew Alley – malley@aspectenergy.com.
About ShaMaran
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and
exploration vehicle. ShaMaran Petroleum is a Canadian oil and gas
company listed on the TSX Venture Exchange under the symbol "SNM"
as well as NASDAQ OMX First North under the symbol "SNM."
This press release contains statements about expected or
anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain
risks and uncertainties, such as legal and political risk, civil
unrest, general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation,
competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans,
the occurrence of unexpected events and management's capacity to
execute and implement its future plans. Actual results may differ
materially from those projected by management. Further, any
forward-looking information is made only as of a certain date and
neither the Company nor its partner's undertakes any obligation to
update any forward-looking information or statements to reflect
events or circumstances after the date on which such statement is
made or reflect the occurrence of unanticipated events, except as
may be required by applicable securities laws. New factors emerge
from time to time, and it is not possible for management of the
Company to predict all of these factors and to assess in advance
the impact of each such factor on the Company's nor its partner's
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking information.
For Further Contact:
Matthew Alley
malley@aspectenergy.com
303/573-7011
SOURCE Aspect Holdings, LLC