Xtract Energy nears production from Turkish operation
01 December 2009
Natural resources investor Xtract Energy is close to starting production from its Sarikiz-2 well on the Alasehir license area in Turkey. Preparations for drilling Sarikiz-3 – 525m to the east of Sarikiz-2 – are also underway and the well should spud before the end of December.
The discovery at Sarikiz-2 was originally announced late last year, when the well was shut-in ahead of production. Work on that front is now close to complete, with a heating system set to be installed to warm up the waxy oil that is expected to flow from the well. Work on the surface facilities and on the logistical, permitting and commercial arrangements for production is substantially complete.
It is now expected that full pumped volumes from Sarikiz-2 will be produced and delivered by the end of the first quarter of 2010. Until then, production is expected to be based on natural flow. Xtract said it would release the production figures once the flow rate had been stabilised.
The Alasehir licence is 80% held by Extrem, which is a joint venture between Xtract, with 34%, and Turkish company Merty Energy. The other 20% of the Alasehir licence is owned by Petrako Petrol Gas and Industrial Co.
Analysis on the Sarikiz field earlier this year put the estimated (P50) total oil in place within the greater Sarikiz structures at 371 million barrels. The total recoverable oil in the field is now estimated (P50) to be 74 million barrels.
Preparation for the drilling of new well Sarikiz-3 is ongoing, where the JV partners are targeting recoverable oil of 5.75 million barrels.
Separately, the partners are evaluating a 3D seismic survey of the wider Alasehir license area in order to enhance planning of further wells after Sarikiz-3.
Andy Morrison, the 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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