Tag Archive | "Aspect Energy"

List of Oil Companies in Kurdistan

Erbil Governorate has compiled and published a list of the top oil companies in Kurdistan [Note: This list was originally compiled and published by Marcopolis – Ed.].

Please click here to see a list of oil companies with licences granted by the Ministry of Oil in Baghdad.

[NEW: An updated list can now be found by clicking here – Ed.]

Listing them by country:


  • Exxon Mobil
  • Chevron
  • Aspect Energy
  • Marathon Oil Corporation
  • Hillwood International Energy
  • Hunt Oil
  • Prime Oil
  • Murphy Oil
  • Hess Corporation
  • HKN Energy
  • Viking International


  • Forbes and Manhattan
  • Western Zagros Resources
  • Talisman Energy Inc
  • NIKO Resources
  • Ground Star
  • Shamaran

Posted in Oil & GasComments (14)

TAQA Buys into Atrush Block

By John Lee.

General Exploration Partners (GEP) has signed a purchase and sale agreement to sell 53.2% of its participating interest in the Atrush Block to Abu Dhabi National Energy Company PJSC (“TAQA”).

In conjunction with the sale, Aspect Energy International, LLC will divest itself of any interest in GEP, leaving ShaMaran Ventures B.V. (a wholly owned subsidiary of ShaMaran) as the sole interest holder of GEP’s remaining participating interest.

The agreement is subject to the final approval by the Kurdistan Regional Government and obtaining necessary partner consents.

Following the closing of the transaction, and subject to the Kurdistan Regional Government’s 25% carried option, the Atrush Block will be held 53.2% by TAQA, 26.8% by GEP, and 20% by Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO).

Pradeep Kabra, President and CEO of ShaMaran, commented:

We are pleased to note that TAQA has acquired a significant interest in the Atrush Block. TAQA will bring strengths and synergies which will assist with development of the block and we look forward to working closely with them.

(Source: ShaMaran)

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ShaMaran Petroleum Rises on Iraq Update

Shares in ShaMaran Petroleum (TSX VENTURE:SNM) rose 8% today following an update on its Atrush-1 exploration well in Kurdistan.

The well was spudded on October 5, 2010 and 9 5/8″ intermediate pipe was set after logging the Jurassic section to the top of Kurrachine at a depth of approximately 2,230 metres. Drilling operations have progressed well and results to date have met pre-drill expectations.

The first zone of interest was encountered slightly higher than prognosis at 800 metres in the Lower Cretaceous Garagu and Lower Sarmord formations. Below the Garagu shale top seal, a small amount of live oil was visible in the mud pits before total lost circulation occurred, indicating a possible oil-bearing zone with excellent fracture reservoir properties. Logs suggest a gross fractured interval of 80 metres with a matrix porosity of 8%. The zone was isolated behind casing for possible later testing, which would be required to make any determination of this zone’s prospectivity.

After setting 13 3/8″ casing, drilling continued in the Jurassic Barsarin-Sargelu-Alan-Mus (“BSAM”) interval. Live oil was encountered continuously at the surface during the drilling of these formations. An oil-stained core was recovered from the Lower Jurassic Mus formation which consisted of highly fractured porous dolomite. The potential gross oil column encountered in the BSAM was 250 metres, with shows down to the base of the formation with no clear oil-water contact.

Drilling continued in the 12 1/4 inch hole to the third zone of interest of the Lower Jurassic Butmah formation, which was encountered at 1,460 metres. The porous dolomite reservoir provided abundant live oil at the surface during drilling until a depth of 1540 metres, indicating a minimum column of 80 metres, which may or may not be connected to the BSAM reservoir above. The deeper Butmah section down to at least 1750 meters indicated possible fractured and occasionally porous oil-bearing dolomites based on logs and more subtle oil drilling shows. Reservoir pressure measurements have confirmed an oil gradient in the main reservoir with no clear water leg detected.

Logging results are still being evaluated, but preliminary analysis suggests combined BSAM/Butmah reservoir section of approximately 200 meters of net pay using 8% porosity and 40% oil saturation cutoff. Fractured and lower porosity zones could add several hundred meters to this pay count. These formation evaluation results are preliminary and production test are planned for these zones for a determinative assessment.

The forward plan is to drill the remaining three to four zones of interest that are expected in the deeper 8 1/2 inch hole section (stacked reservoirs in the Kurra Chine formation).

Pradeep Kabra, President and CEO of ShaMaran, commented, “We are very pleased with the progress and preliminary results on the Atrush-1 well. The well is going according to plan and we are looking forward to announcing the detailed results of the well in early 2011.”

The well is being operated by the joint-venture company General Exploration Partners Inc. (“GEP”) which holds an 80% interest in the Block. Aspect Holdings, LLC through its Aspect Energy International LLC subsidiary has a two thirds interest and ShaMaran Petroleum Corp. (TSX VENTURE:SNM) through its wholly owned subsidiary, ShaMaran Ventures BV, holds a one third interest in GEP. Marathon Petroleum KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 20 percent interest in the block.

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ShaMaran Buys Into Major Oil Project in Kurdistan

ShaMaran Petroleum, the Canadian oil and gas company, has announced that it has entered into an agreement with Aspect Energy International to acquire a one third stake in General Exploration Partners, a wholly owned subsidiary of Aspect.

The Kurdistan Regional Government of Iraq (“KRG”) and GEP are parties to a Production Sharing Contract dated November 10, 2007 (the “PSC”) in respect of the Atrush Block Oil and Gas Exploration Area located in the Kurdistan Region of Iraq (the “Atrush Block”). GEP currently owns 80% of the rights and obligations of the Contractor in the PSC and the Contract Area and the KRG owns the remaining 20%.

The Atrush Block is located immediately north and adjacent to the major new Shaikan discovery announced by Gulf Keystone Petroleum Ltd. in January 2010. The 2D seismic data over the Atrush Block indicates that the Atrush structure is similar to the Shaikan structure. The Shaikan discovery was announced as multiple stacked oil reservoirs in the Cretaceous, Jurassic and Triassic sections, with reported estimated potential resources between 1.9 billion barrels (P90) and 7.4 billion barrels (P10), with a mean of 4.2 billion barrels of oil (see Gulf Keystone website (www.gulfkeystone.com) – press release dated 14th January 2010.) The Atrush Block is also adjacent to and on trend with the recent Bijeel oil discovery to the east, operated by Kalegran Limited (MOL).

The Atrush 1 exploration well location has been approved and the well is expected to spud in September 2010. The well (planned depth of 3100 meters) is prognosed to encounter the same reservoir sections as Shaikan and will also test the structural extension of the Shaikan discovery into the Atrush block as indicated from the 2D seismic data. Of the ten expected target reservoirs in Atrush 1, nine were confirmed to be oil-bearing in Shaikan, while the Lower Kurra Chine encountered high pressure gas. There is also additional upside potential in the shallower Cretaceous Qamchuga formation, and the deeper Permian section (not reached in Shaikan), which is also indicated by seismic data to have closure in Atrush.

Under the terms of the agreement, ShaMaran BV has acquired 33.5% of the fully-diluted share capital of GEP in exchange for initial cash payments totaling $24.1 million, 12.5 million shares of ShaMaran, and a future obligation to contribute the next $15.9 million in cash which will be required to fund GEP’s operations (the Company has over USD $50 million in cash as of date to fund these commitments). Thereafter, each of the shareholders of GEP will fund operations pro-rata according to their participating interest (including its share of the KRG carried interest). All of the above mentioned payments, with the exception of the share consideration, will be added to a designated cost pool within GEP, to be repaid to ShaMaran BV out of future oil production which is attributable to petroleum cost recovery under the terms of the PSC.

Pradeep Kabra, President and CEO of ShaMaran, commented, “We are very excited about our partnership with Aspect and the opportunity to participate in one of the most exciting exploration blocks in the Kurdistan Region of Iraq.

About ShaMaran

ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle. Its initial three projects in the region are the Pulkhana development/appraisal block and the Arbat and K42 exploration blocks. These projects are nearby and on trend with existing fields and recent discoveries.

Kurdistan lies within the northern extension of the Zagros Folded Belt. The area is highly underexplored and is currently undergoing a significant exploration and development campaign by over 30 mid to large size international oil companies.

ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture under the symbol “SNM”.

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