re: next catalysis Kurdamir-3 Well
The Company expects to complete the Oligocene testing program in the second half of August.
The company already said the results look better than K2 and more oil encountered deeper, no gas cap. Should be good, fingers crossed.
The Kurdamir-3 well successfully penetrated the oil column without encountering the gas cap.
"Oil shows and supportive log data indicative of oil were recorded over the majority of the Kurdamir-3 Oligocene section penetrated. The Oligocene comprises a gross interval of 372 metres of naturally-fractured marlstones and dolomitic limestones including an interpreted 194 metres of porous reservoir interval. By comparison, the Kurdamir-2 well penetrated a gross interval of 300 metres of which 140 metres comprises the Oligocene porous interval. Coring and wireline logging operations have concluded and the wellbore is cased with a seven inch diameter production liner in preparation for testing. No evidence of formation water has been detected.
The first well test at Kurdamir-3 will perforate the deepest interval between 2,776 and 2,788 metres. Based on initial logging results, the Company believes that the lowest known oil could extend approximately 150 metres deeper than that proven in Kurdamir-2.
Baram-1 Well
Assembly of the Baram-1 well drilling rig is underway and on track for the anticipated spud date in the first half of August. The Baram-1 well will explore the potential extension of the oil leg discovered in the Oligocene reservoir of the Kurdamir structure onto the northern portion of the Garmian Block. The Company expects the well to take approximately five months to reach the planned total depth of 3,800 metres.
The Company believes that this is the highest impact well of the 2013 drilling program and has the potential to add gross unrisked mean contingent resources of up to 200 to 300 million barrels of oil equivalent ("MMBOE") in the Garmian Block and, if the structure is shown to extend onto the existing Kurdamir discovery, an additional 500 to 600 MMBOEs in the Kurdamir Block.
So while we watch the summer come finish .. exciting things are going on and should prove to be a MAJOR catalysis for share price in the next few months.