Canada's Tanganyika Oil Company has reported that preparations are being made to commence drilling the company's first horizontal well in the Shiranish Reservoir of the Oudeh Field in Syria.
The Oudeh Field is a large development block located in northeastern Syria containing an estimated 2.4 billion barrels of oil in place. Horizontal drilling technology offers the potential to significantly increase well productivity and reserve recovery, by increasing the volume of reservoir exposed for production from each well. Spudding of the first well is expected in mid-April, 2004.
A second horizontal well will then be drilled from the same drilling pad and will be directionally drilled at an angle to the first well to increase reservoir recovery. Following evaluation of the well results, up to six wells may be drilled from the same drilling pad. The anticipated length of the horizontal section in each of the wells is between 1,000 and 1,500 meters.
Positive results were received from a recently completed, detailed analysis of oil samples taken from the Shiranish reservoir. Current gross production levels from the Oudeh Field remain steady at around 1,400 bpd. The company is awaiting delivery of higher capacity downhole pumps to install in existing wells, providing increased production potential of over 10 percent.
The company also reports that the private placement of three million shares at a price of $6.30 per share for gross proceeds of $18.9 million has closed. Net proceeds of the private placement will be used towards work on the Oudeh Field and general working capital. The private placement has received regulatory approval and the securities have been issued to the investors. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
