TransAtlantic: Results Of First Goksu-3H Well
Bermuda-based TransAtlantic Petroleum Ltd. have provided initial production results of the Goksu-3H, the Company’s first horizontal producing well in Turkey.
The Goksu-3H exploration well (100% working interest) was recently completed as TransAtlantic’s first horizontal producing well in Turkey. The Goksu-3H began flowing naturally on October 22, 2012 after approximately 36 hours of jetting.
TransAtlantic has flowed the well on chokes ranging from 19/64″ to 24/64″. The well’s flowing tubing pressure has stabilized between 185 and 205 pounds per square inch (“psi”) with a stable shut in casing pressure of approximately 500 psi.
To date, the well has recovered approximately 3,000 barrels (“bbls”) of oil and 10,000 bbls of water (approximately 65% of the drilling fluid lost during drilling operations). Average oil cut has ranged between 20% and 40% with daily production between 350 and 500 bbls of oil.
The production rate has been restricted to allow flowing tubing pressure to remain in the 200 psi range, similar to the conditions maintained with the Goksu-2 exploration well that was completed in February 2012.
N. Malone Mitchell, 3rd, TransAtlantic’s Chairman and Chief Executive Officer, stated, “As this is a new completion method for the country, and the method utilized on the Goksu-3H may or may not be optimal, water to oil ratios may change, for better or worse, when the volume of drilling fluid lost during drilling is recovered.
“Long-term decline rates for this completion method and this reservoir are not known at this time. We are certainly pleased with the early production results and will closely monitor the well before projecting the ultimate outcome.”
Oil and natural gas sales during the third quarter of 2012 averaged 4,168 thousand barrels of oil equivalent (“Mboe”) per day with crude oil accounting for sixty percent of total volumes. Gas sales during the third quarter of 2012 were impacted by reduced demand during the Ramadan religious holiday in Turkey.
During the quarter, TransAtlantic and its subsidiaries spudded nine gross wells, completed 17 gross wells and executed fracs in 10 wellbores. The Company’s 7-day average net production rate as of October 21, 2012 was approximately 4,366 net boe per day, including approximately 10.4 million cubic feet (“MMcf”) per day of natural gas and approximately 2,628 bbls per day of oil..
