Xtract Energy Updates Its Operations in Turkey

Source: www.gulfoilandgas.com 12/1/2009, Location: Europe

Xtract Energy has provided the following update on operations in the Alasehir license area at its Turkish associate company Extrem Energy AS ("Extrem").

Sarikiz-2 Production
Following completion of the Alasehir-1 re-entry project, the drilling rig was mobilized to the Sarikiz-2 site and began a work-over sequence on November 25, 2009 ready for the start of production. The work-over was completed on November 30, 2009. During the work-over, samples of oil and water were taken for the refinery and municipality respectively and the "Christmas Tree" was installed at the surface, ready for production.

Work on the surface facilities and on the logistical, permitting and commercial arrangements for production is substantially complete. The remaining item required to commence production is a well-site heating system to maintain the condition of the produced crude oil which is expected to be of waxy composition. The heating system is expected to be installed in the next few days enabling natural flow to be established.

Early production will be received by the refinery at Izmir using temporary delivery arrangements agreed with them. A joint project with the refinery operator is under way to build the necessary infrastructure there to receive larger volumes as the Sarikiz field is progressively brought on stream. It is now expected that full pumped volumes from Sarikiz-2 will be produced and delivered by the end of Q1 2010. Until then, production is expected to be based on natural flow.

Further information on the actual natural flow rate achieved and a revised projected pumped rate will be supplied once flow has been stabilized.

Sarikiz-3 Drilling
Preparation for the drilling of new well Sarikiz-3 is ongoing. The land has been acquired and taken over and clearance of the existing vineyard is in progress. Preparation of the concrete base for the drilling rig will follow, ready for a spud date before the end of December 2009. The drilling contractor is Merty Energy Inc.

The Sarikiz-3 prospect is located 525m to the east of Sarikiz-2 well at the junction of two intersecting 2D seismic lines. The proposed total depth is 1950m. The targeted Alasehir sandstones are expected to be encountered at depths between 1570m and 1850m. Depending upon hydrocarbon shows and the results of wire line log analysis, 7 inch casing will be run from the surface to below the target zones and cased-hole production testing will be carried out. The well cost is estimated to be approximately US $3.5m and the drilling program is planned on the basis of 45 rig days.

Based on a 2 square km area and an assumed net productive pay thickness of 20m, Extrem Energy's preliminary pre-drill P50 estimate of the recoverable oil in place from the Sarikiz-3 well is 5.75mbbl, based on an assumed 20% recovery factor.

Extrem holds 80% of the relevant license. Xtract holds 34% of Extrem.

Alasehir/Sarikiz Field Development
The actual flow rate achieved during the extended test at Sarikiz-2 and the drilling results from Sarikiz-3 will do much to confirm the potential of the Sarikiz oil field.

In view of the high level of uncertainty over the possible extent of the oil-bearing structures in the wider Alasehir license area and in order to enhance planning of further wells after Sarikiz-3, Extrem is evaluating a project to undertake 3-D seismic over the license area. An update will be provided once a decision on the project has been reached.

Commenting on the developments, Andy Morrison, Chief Executive of Xtract said, "We are pleased to note the progress that is being made by Extrem. Each milestone passed is a first time for the company. The previous disappointment at Alasehir-1 reminded us not to take anything for granted in the oil exploration business, but investment prospects continue to look attractive at Alasehir and across the Extrem portfolio."

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