Calibre Announces Update on First Well in Iraqi Kurdistan

Source: www.gulfoilandgas.com 12/7/2006, Location: Middle East

Calibre Energy, Inc., announced the Bina-Bawi-1 exploration well was at a depth of 2,112 meters (6,929 feet) and has completed running 9 5/8" casing and is currently drilling ahead to a total depth estimated to be 2,900 meters (9,514 feet). The Bina-Bawi-1 is the first well in Calibre's planned multi-well exploration and development drilling program in Kurdistan. The primary objectives of the well are the Cretaceous, the Qurachina Formation in the Triassic, and the Chiazaire Formation in the Permian.

Calibre is participating in the Bina-Bawi-1 through an Exploration and Production Sharing Agreement ("EPSA") with the Kurdistan Regional Government ("KRG") of the Republic of Iraq in the Arbil Province, covering the Bina-Bawi structure. Calibre has a 10 percent interest in the EPSA through a participation agreement with Hawler Energy Ltd., a privately-held oil and gas exploration company based in Houston, Texas. A&T Petroleum, a wholly-owned subsidiary of Turkish-based Petoil, is the operator. While other parts of Iraq remain mired in violence and unrest, the semi- autonomous region of Kurdistan has been the most peaceful and stable region of Iraq since the creation of the no-fly zones in 1991.

The Bina-Bawi structure is a 28 kilometer by 7 kilometer anticline immediately northwest of the Taq-Taq Field where Genel Enerji and Addax Petroleum recently announced test results from the Taq-Taq 4 well which flowed at an initial aggregate maximum rate of 29,790 barrels per day from three separate reservoir intervals in the Cretaceous. The flow rates were reported to be constrained by the limited capacity of surface testing facilities. Genel Enerji and Addax Petroleum are currently drilling an appraisal well and expect initial export of oil from the Taq Taq Field in 2007. Addax Petroleum in their November 2006 presentation estimated that the Taq Taq Field has current STOIP of 1.2 to 2.7 billion barrels with expected STOIP of 1.9 billion barrels.


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