Addax Petroleum Corporation announced flow test results for the TT-06 well, the third appraisal well recently drilled on the Taq Taq field by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. (“Genel”) and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
Three reservoir intervals were tested separately and flowed at an aggregate rate of 18,900 bbl/d of light oil, measured gravity of 48 degrees API with low gas oil ratio. The intervals tested were a 105 meter perforated interval in the Shiranish formation which flowed at a rate of 15,380 bbl/d, a 51 meter interval in the Kometan formation which flowed at a rate of 2,020 bbl/d and a 10 meter interval in the Qamchuga formation which flowed at a rate of 1,500 bbl/d. Oil flow rates from the Shiranish, Kometan and Qamchuga intervals were restricted by 128/64”, 40/64” and 32/64” choke sizes respectively. Evaluation of these flow test results is ongoing.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "The successful testing of our third appraisal and development well at Taq Taq is very encouraging and provides additional information to better our understanding of the field. We also anticipate that the recent constructive efforts of the Kurdistan Region and Iraq towards finalising a legal framework will enable the Corporation to generate a full development plan for the Taq Taq field. We believe that the development of the Taq Taq field can deliver excellent value to the people of the Kurdistan Region, to the people of Iraq and to our shareholders.”
The TT-06 well is a step-out located approximately 3.6 kilometres north-northwest of the TT-05 well along the length-wise axis of the Taq Taq field. It is the first attempt to define the areal extent of the Taq Taq structure. The TT-06 well was spudded in early January and completed drilling in April at a total depth of 2,085 metres. Testing of TT-06 commenced in mid May, 2007.