TransAtlantic is pleased to report continued strong production rates from the stacked pay zones on the Molla licenses in southeastern Turkey. In the Horizontal Mardin Program, the Goksu-3H produced an average of 319 barrels of oil per day over the seven day period ended March 10, 2013 and has produced more than 54,000 bbls of oil since the well was completed in late October 2012. The next well in the program, the Goksu-4H was spudded on March 5, 2013 with results expected during the second quarter of 2013. The Company expects to keep a rig running on Mardin exploration and development prospects for the next several months.
The Bahar-1 well, which has been completed in the Bedinan and Hazro formations, produced an average of 285 bbls of oil per day over the seven day period ended March 10, 2013 and has produced more than 30,000 bbls of oil since the well was completed in early December 2012, including approximately two weeks of downtime to test and complete the Hazro formation. The first well in the Horizontal Bedinan Program, the Bahar-2H, was spud in January and is currently directionally drilling below 9,000 feet. The Bahar-2H is expected to be drilled with an approximately 3,000 to 4,000 foot horizontal section and TransAtlantic anticipates completing the well with a multi-stage frac during the second quarter of 2013. After drilling the Bahar-2H, the Company plans to drill a field extension well west of the Bahar-1 on the West Molla block.
Selmo FieldNet sales at Selmo field averaged 1,872 bbls of oil per day over the 7-day period ending March 10, 2013. Production in the field has declined as no new wells have been drilled in the field since June 2012. The Company has recently completed a remapping of the subsurface that will be utilized for the Company's future vertical and horizontal drilling program. The Company expects to spud five horizontal wells at Selmo during 2013.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts