Sterling Energy spuds Sangaw North exploration well
02 February 2010
Sterling Energy, the oil and gas group with interests in Africa and the Middle East, has reported that the Sangaw North-1 exploration well in Kurdistan was spud on February 1, 2010.
The Sangaw North-1 well is the first exploration well on the Sangaw North block and will target several prospective Cretaceous and Jurassic aged reservoirs towards its planned depth of 3,660m. An independent review of the Sangaw North prospect undertaken by RISC (UK) gives a best estimate of gross prospective oil resources for the Cretaceous interval of 804 million barrels.
The well has been designed with the option to drill deeper to a total depth of 4,160m to test additional Jurassic aged reservoirs but the decision to drill this additional section will be taken based on earlier drilling results.
Drilling and preliminary evaluation is anticipated to take 180 days. Sterling is the operator of the Sangaw North block with a 53.33% working interest.
Sterling’s chairman, Alastair Beardsall, has previously said that proving up the potential resources at Sangaw North would add significant value for the company’s shareholders.
The Sangaw North block covers 492 sq km and lies in a highly prospective area around 50km south east of the giant Kirkuk oil field, on trend with Addax Petroleum's Taq Taq oil field and the Chemchemal gas condensate discovery and 40km south of Heritage's recent Miran West oil discovery.
Late last year, Sterling sold its operations in the US for US$90 million plus a three year ‘upside sharing agreement’ in a move that wiped out the company’s debt.
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