The Kurdamir-2 well has reached the intermediate casing depth of 2,812 m, and has drilled through the Oligocene interval. Wireline logs indicate a porous zone of 140 m thickness within the Oligocene interval, between 2,422 and 2,562 m, all of which is hydrocarbon bearing. Within this hydrocarbon zone, well log data indicates 22 m of gross natural gas pay above 118 m of gross oil pay. No evidence of water has been encountered within the Oligocene interval.
"We are excited to learn that the Kurdamir and adjacent Topkhana structures have a common oil leg in the Oligocene reservoir with the potential of containing a giant oil and gas field. We're even more excited by the fact that we don't yet know the full extent of the resources that the Oligocene, alone, contains," said Simon Hatfield, WesternZagros's Chief Executive Officer.
"Our 100% drilling success rate continues with this major oil discovery. The Kurdamir-2 discovery is the third high-impact discovery on our Blocks in ten months and is an important confirmation of our queue of high-quality, light oil exploration opportunities. In particular, our view is that this discovery significantly improves the oil potential of the deeper, as yet undrilled reservoirs in Kurdamir-2 and also those prospects adjacent to Kurdamir on our Garmian Block."
When the well reached a depth of 2,477 m, a drill stem test was conducted of the open hole from the base of the 13 5/8-in. liner at 2,315 m to 2,477 m, which included 55 m of the Oligocene porous zone. This test was conducted across the interpreted gas-oil contact at 2,444 m and tested 22 m of gas pay in contact with 33 m of oil pay. The test achieved a flow rate of 7.3 million cubic feet per day of gas and a stabilized flow rate of 950 bpd of 47°API mixture of light oil and condensate over the final seven hours of the main flow period. This rate was achieved through a 56/64-in. choke at an average flowing well head pressure of 650 psi and without any stimulation. There was no observed decline and no formation water was recovered during the testing.
The deeper Oligocene oil pay will not be tested at this time due to time constraints, as the well is required to drill and evaluate the deeper Cretaceous by the end of June 2012. The Company interprets these results as an additional successful confirmation of a significant oil column underlying the gas cap in the Oligocene reservoir. (The first confirmation was provided in Kurdamir-1 as disclosed in the Company's news release of December 16, 2010.)
The company interprets that since the test was conducted across the gas-oil contact, and the fact that gas flow impedes oil flow, the results do not represent the true oil rate potential of this interval. According to analysis by an independent third party engineering expert, the 33 m of oil pay tested to date is capable of flowing at rates of 4,000 bpd if isolated from the gas pay and stimulated. The Company is working with the operator, Talisman (K44) B.V., to examine options for additional cased hole testing focused on the full 118 m of gross oil pay in the Oligocene after the well has met the PSC commitments. The co-venturers are also planning a 3D seismic program and a further appraisal well to help determine the ultimate size of the Oligocene reservoir.
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