HAMILTON, Bermuda, July 22, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today provided an operational update on its current drilling program.
The Company increased its rig count from two to five rigs in July 2013 and significantly increased its drilling activity in accordance with its three-part strategy in Turkey.Southeastern Turkey – Selmo Field Redevelopment TransAtlantic recently completed the Selmo-13H (100% working interest), the first horizontal well the Company has drilled in the Selmo Field. The well was drilled to a total measured depth of 7,966 feet in 22 days at a cost of approximately $2.2 million (15% below AFE and 50% below initial engineering estimates). Initial tests indicate that the well will produce approximately 200-525 barrels of oil per day ("BOPD") from the LSD zone from a natural completion. This was TransAtlantic's first completion in the LSD zone. As a result of the success of Selmo-13H, TransAtlantic will likely add additional LSD horizontal wells to its 2013 drilling schedule. The Company also plans to drill at least four additional horizontal wells in the MSD formation of the Selmo Field this year. Southeastern Turkey – Molla Drilling Program TransAtlantic recently completed the Bahar-2H horizontal well (100% working interest) which was the Company's first attempt to drill a horizontal well within the targeted Bedinan H-1 sand that was encountered in the Bahar-1 well. The Company was unable to encounter and stay within the target zone. A two-stage frac resulted in uneconomic production. TransAtlantic is currently plugging back to test the Hazro section, which tested 150 BOPD in the Bahar-1, and depending on results of the test, may elect to re-drill the well below 8,000 feet as a vertical Bedinan H-1 well. Bahar-1 production has gradually declined to approximately 230 BOPD with no water production. The Company recently ran gas lift equipment on the well to increase production. Since December 1, 2012, the Bahar-1 has produced approximately 60,000 barrels of oil.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV