Tag Archive | "Talisman"

Talisman to Sell Kurdamir Stake


By John Lee.

Talisman Energy has said that it still plans to sell its oil properties in Iraqi Kurdistan, despite the recent declaration that its Kurdamir Block was commerical.

Reuters reports that the Calgary-based company plans to look for buyers for its Kurdistan assets as it continues restructuring to cut debt and boost its flagging shares.

Kyle Glennie, a spokesman for Talisman, said:

The (discovery declaration) is really just a procedural step. It gives us a bit of optionality … Really, we’re of the same mindset and the same strategy.”

Talisman also owns the Topkhana property in Kurdistan and is evaluating the results of a well drilled there.

(Source: Reuters)

Posted in Oil & GasComments (0)

Kurdamir Block Declared Commercial


By John Lee.

WesternZagros Resources and its co-venturer, Talisman, have submitted a Declaration of Commercial Discovery (“DoC”) to the Kurdistan Regional Government (“KRG”) for the oil and gas discovery in the Kurdamir Block.

A phased development plan, outlining future production wells, facilities and supporting infrastructure, is under preparation for submission to the KRG.

Simon Hatfield (pictured), WesternZagros Chief Executive Officer, said:

This is a long anticipated, important milestone for WesternZagros as well as the Kurdistan Region. We estimate the Kurdamir block to hold nearly 1 billion barrels of oil equivalent (BOE) of contingent resources on a mean basis.

“In addition, the three stacked reservoirs in Kurdamir hold significant upside potential, of an additional estimated 1.6 billion BOE of prospective resources on a mean basis.

“Declaring Kurdamir as a commercial discovery is another key step as we continue our evolution from an explorer to a producer and towards generating cash flow.”

Future expansion phases will be determined by the success of the first phase of the development drilling campaign. The co-venturers are advancing plans for the first horizontal development well with an anticipated spud date in Q4 2014, subject to KRG approval.

The DoC submission was accompanied by an Appraisal Report, which reflects the work conducted during an exploration and appraisal program on the Kurdamir field that began in 2009 and concluded in May 2014. The program consisted of acquiring 2D and 3D seismic, drilling three exploration wells, performing numerous formation tests and carrying out an extended well test (“EWT”). Positive results from the Kurdamir-2 EWT were a key component in advancing the DoC.

WesternZagros currently holds a 40 percent working interest in the Kurdamir Block. Talisman holds a 40 percent working interest and is the operator, while the KRG holds the remaining 20 percent.

(Source: WesternZagros)

Posted in Oil & GasComments (0)

Talisman Energy Updates in Kurdistan Operations


By John Lee.

As port of its operating and unaudited financial results for the second quarter of 2014, Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has given the following update on its operations in Iraqi Kurdistan:

In the Topkhana Block, testing continues on the T-2 well and is expected to be complete in the coming days.

“In the Kurdamir Block, Talisman continues to evaluate next steps after the completion of the K-2 extended well test.

(Source: Talisman Energy)

Posted in Oil & GasComments (0)

Talisman Testing Kurdamir-3 Well


A unit of Talisman Energy Inc., Calgary, has begun a cased-hole test program of the Oligocene reservoir at the Kurdamir-3 well on the Kurdamir block in the Kurdistan Region of Iraq.

Talisman (Block K44) BV drilled the well to 2,895 m about 5 km southwest and downdip of the Kurdamir-2 well in what the block coventurers interpret to be a thicker portion of the Oligocene reservoir. The Kurdamir-3 well penetrated the oil column without encountering the gas cap, said partner WesternZagros Resources Ltd., Calgary.

Talisman recorded oil shows and supportive log data indicative of oil over the majority of the Kurdamir-3 Oligocene section penetrated. The Oligocene comprises a gross interval of 372 m of naturally fractured marlstones and dolomitic limestones including an interpreted 194 m of porous reservoir interval.

By comparison, the Kurdamir-2 well penetrated a gross interval of 300 m of which 140 m comprises the Oligocene porous interval. Coring and wireline logging operations have ended, and the wellbore is cased with a 7-in. production liner in preparation for testing. No evidence of formation water has been detected.

In the first well test at Kurdamir-3, Talisman will perforate the deepest interval between 2,776 and 2,788 m. Based on initial logging results, WesternZagros believes that the lowest known oil could extend 150 m deeper than that proven in Kurdamir-2.

The test program will then move uphole to focus on testing the potential of the porous reservoir section. WesternZagros expects to complete the Oligocene testing program in the second half of August.

Meanwhile, the 184 sq km Kurdamir block 3D seismic survey has been completed in order to define more clearly the areal extent of the Oligocene, Eocene, and Cretaceous reservoirs. Following the completion of seismic operations on Talisman’s neighboring block, the seismic crew will shoot a 3D survey on the northern part of the Garmian block in August.

The North Garmian survey will cover 258 sq km to define more clearly the areal extent of the Oligocene reservoirs. The North Garmian and Kurdamir 3D surveys will be combined to provide contiguous seismic coverage in order to determine whether the Oligocene reservoir is connected as one large structure across the two blocks. The data will be used to decide on future appraisal and development well locations and to refine resource assessments.

Elsewhere on the Garmian block, a crew is rigging up to drill the Baram-1 well with an anticipated spud date in the first half of August. Baram-1 will explore the potential extension of the oil leg discovered in the Oligocene reservoir of the Kurdamir structure onto the northern part of the Garmian block. Drilling time is 5 months to planned total depth of 3,800 m.

WesternZagros said Baram-1 “is the highest impact well of the 2013 drilling program and has the potential to add gross unrisked mean contingent resources of up to 200 million to 300 million bbl of oil equivalent in the Garmian block and, if the structure is shown to extend onto the existing Kurdamir discovery, an additional 500 to 600 MMboe in the Kurdamir block.”

Also on Garmian, the Hasira-1 appraisal and exploratory well is drilling ahead at 1,860 m after setting 20-in. casing at 1,014 m. The next casing point is at 2,050 m. Setting the third intermediate string of casing is planned for 3,900 m, just above the Jeribe reservoir, before drilling to a planned total depth of 4,100 m in the Oligocene reservoir.

WesternZagros plans to complete the well either in the Jeribe or the Oligocene reservoir depending on drilling and test results. Drilling time is estimated at 7 months.

Also on Garmian, WesternZagros drilled two of the planned three wells in the Upper Bakhtiari formation. This shallow, inexpensive well program recovered formation water and oil and gas at subcommercial rates. The wells have been suspended, the third well canceled, and the rig released.

The Upper Bakhtiari program was exploring low-cost oil production potential in the South Garmian area but was not viewed as a high-potential program to add greatly to the Company’s resource estimates.

(Source: Oil & Gas Journal)

Posted in Oil & GasComments (0)

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.].

Listing them by country:

USA

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

Canada

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

Posted in Oil & GasComments (4)

WesternZagros Spuds Kurdamir-3


WesternZagros Resources has spudded the latest well of its extensive exploration and appraisal program in the Kurdistan Region of Iraq.

Drilling began on the Kurdamir-3 appraisal well on the Kurdamir Block on February 22, 2013. 3D seismic surveys are also underway on both the Kurdamir and Garmian Blocks, and preparations are progressing for the three wells on the Garmian Block planned for 2013.

Simon Hatfield (pictured), CEO of WesternZagros commented:

2013 promises to be an exciting, transformational year for the Company. We are actively delineating our two major discoveries at Sarqala and Kurdamir and also pursuing high-impact step-out exploration on our Baram and Hasira prospects.

KURDAMIR BLOCK (Operated by Talisman (Block K44) B.V.)

Kurdamir-3 Appraisal Well

Drilling operations have begun at the Kurdamir-3 appraisal well on the giant Kurdamir Discovery. The well was spudded on February 22, 2013. The well is expected to take approximately four months to reach the planned total depth of 2,800 metres. The Company expects the gross costs of drilling and testing operations to be $50 million.

The Kurdamir-3 well is being drilled on the southwest flank of the Kurdamir structure approximately three kilometers and five kilometers from the Company’s Kurdamir-1 and Kurdamir-2 discovery wells respectively. Kurdamir-3 will further appraise the extent of the oil leg in the Oligocene interval previously encountered in the Kurdamir 1 and 2 wells.

Posted in Oil & GasComments (0)

WesternZagros Completes Successful Oil Test at Kurdamir-2


By John Lee.

WesternZagros Resources has announced that it and the operator, Talisman, are preparing to complete the Kurdamir-2 well after successfully finishing an additional cased-hole test in the Oligocene Formation (DST#7).

The test was conducted over a 24 metres thick interval between depths of 2,528 metres and 2,552 metres. It achieved a stabilized flow rate of 2,184 barrels per day (“bbl/d”) of light, 42 degree API oil, together with 10.4 million cubic feet per day (“mmcf/d”) of natural gas.

The gas to oil ratio likely indicates a partial contribution from the gas cap due to free gas drawdown through natural fractures in the reservoir. The 3.5 inch tubing size used to conduct this test, together with the unanticipated gas contribution from the gas cap, restricted the oil flow from the reservoir.

As a result, the Operator and WesternZagros have agreed that further tests of shallower zones in the Oligocene reservoir are unnecessary and are now working together on plans to realize the maximum oil production potential from the Oligocene reservoir in Kurdamir-2, potentially through an extended well test subject to the approval of the Kurdistan Regional Government.

Simon Hatfield (pictured), WesternZagros’s Chief Executive Officer commented:

This second cased hole test in the Oligocene further reinforces our view that Kurdamir is a giant discovery. The results of the entire Oligocene testing program have exceeded our expectations for both thickness of oil column and reservoir quality.

“It is apparent that the intervals tested have excellent permeability and, with optimally designed well completions to isolate the gas cap, are expected to yield oil production rates far in excess of the currently constrained rates.

“The results continue to support our belief that the Oligocene has the potential to hold over a billion barrels of recoverable oil. We are excited about our next appraisal well in the Kurdamir structure at Kurdamir-3. Kurdamir-3 will spud as soon as possible in the new year.

This most recent cased-hole test was conducted over a perforated interval of 24 metres thick in fractured carbonates in the main porous zone of the Oligocene reservoir. The flow rates of 2,184 bbl/d of light oil and 10.4 mmcf/d of natural gas were recorded after flowing and stabilizing the well for three days at progressively larger choke sizes.

Posted in Oil & GasComments (1)

WesternZagros Issues 3Q Results


By John Lee.

WesternZagros Resources has issued its results for the period ended September 30, 2012:

At the Kurdamir-2 well, the operator, Talisman (Block K44) B.V. (“Talisman”), and WesternZagros successfully completed the first of three planned cased-hole tests in the Oligocene Formation of the Kurdamir-2 well.

The test targeted 20 metres of fractured reservoir below the main porous zone. This zone tested at stabilized rates of up to 3,450 barrels per day of light 38 degree API oil and 8.8 million cubic feet per day of natural gas over a two-day period. The final rate was achieved on a 72/64” choke with a wellhead flowing pressure of 810 psi. No formation water was detected.

The Company’s expectation of an increase in its contingent resources is based on the now proven lowest known oil in the Kurdamir-2 well at 2,590 metres, 28 metres deeper than reported following the initial open-hole test conducted in March 2012. The Company now interprets the Oligocene oil leg encountered in this well to be 146 metres minimum thickness (previously interpreted to be 118 metres).

The test results also validate that the prospective resources contained in the Oligocene extend still further down the structure and this will be further evaluated in the upcoming Kurdamir-3 well to be drilled once current operations on Kurdamir-2 are completed. The operator will continue the testing program of two additional Oligocene intervals at Kurdamir-2.

On November 8, 2012, WesternZagros restarted the extended well test (“EWT”) at the Sarqala-1 well after approval was received from the Kurdistan Regional Government (“KRG”). The Company is now producing approximately 5,000 bbl/d of oil, with the crude oil being trucked from Sarqala to Khurmala and delivered into the export market. Payment terms are expected in accordance with the September 13, 2012 Oil Agreement between the Federal Government and the KRG.

Posted in Oil & GasComments (1)

IBN Newsletter 'FREE Weekly Subscription'