TSXV:ART.H - Post by User
Post by
koast2on Feb 02, 2010 8:37am
301 Views
Post# 16742747
Sterling Energy spuds first Sangaw North explorati
Sterling Energy spuds first Sangaw North exploratiSterling Energy spuds first Sangaw North exploration well inKurdistan
Oil & gas exploration andproduction company Sterling Energy (AIM: SEY) has spudded the SangawNorth-1 exploration well in Kurdistan, northern Iraq. The Sangaw North-1is the first exploration well on the Sangaw North Block, which willtarget several prospective Cretaceous and Jurassic aged reservoirs andhas a planned depth of 3,660m.
An independent review of theSangaw North prospect undertaken by RISC Ltd gives a best estimate ofgross prospective oil resources for the Cretaceous interval of 804million barrels.
Drilling and preliminary evaluation isanticipated to take 180 days. The well has been designed with the optionto drill deeper to a total depth of 4,160m to test additional Jurassicaged reservoirs. The additional section will be subject to the drillingresults of the initial evaluation.
The Sangaw North block coversan area of 492 square kilometres, in a highly prospective area around50 km south east of the giant Kirkuk oil field and 40 km south ofHeritage Oil’s (LSE: HOIL) recent Miran West oil discovery. A number ofother operating fields and discoveries are in the surrounding area,Addax Petroleum's (AIM: ADX) Taq Taq oil field and the Chemchemal gascondensate discovery is also on trend with the Sangaw North block.
Sterlingis the operator of the Sangaw North Block with a 53.33% interest, AddaxPetroleum owns a 26.67% interest while the Korean National OilCorporation (KNOC) own a 20% interest.