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Press Release Source: Transmeridian Exploration Inc. Transmeridian Exploration Spuds Third Well in South Alibek Tuesday August 5, 10:39 am ET TMEI Begins Accelerated Drilling in the South Alibek Field HOUSTON--(BUSINESS WIRE)--Aug. 5, 2003--Transmeridian Exploration Inc. (OTCBB:TMXN - News) announced today that it has spud South Alibek 4 (SA-4), the third of an initial seven well drilling program in the South Alibek Field. This well is 1 mile southeast of SA-1 and nearly 3 miles from SA-2, which was spud in early July and is currently at the 13 3/8th inch casing depth of 2,460 feet. Both SA-2 and SA-4 are planned to drill the same KT1 and KT2 carbonate reservoirs being tested by SA-1, to a total depth of 13,125 feet. The first well, SA-1, confirmed the oil discovery in the KT1 and KT2 carbonate reservoirs. "We have opened a second 66 foot interval and the well flowed at an initial rate of 1,100 bopd on an 11mm choke," noted Bruce Falkenstein, vice president exploration & geology. "Pressure data indicates significant formation damage which could be remedied by an effective acid treatment. We plan to open a third interval of about 60 feet this weekend, after which we will perform the clean up and acid treatment which is designed to remedy formation damage. All three combined zones will be placed on extended production by mid-August. We should have a better picture of the well`s potential once this work is completed." Commenting on this recent news, Lorrie Olivier, chairman and CEO of TMXN said, "The plan to drill two wells at a time, and subsequent wells back to back, using our recent $30 million financing, should achieve our goal of producing sufficient cash flow from the Field to fund our development operations and debt service on the earliest possible timeframe." About Transmeridian Exploration Inc. Transmeridian Exploration Inc. (TMXN) is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. TMXN primarily targets medium-sized fields with proved or probable reserves and significant upside reserve potential. Its first major project is the South Alibek Field in Kazakhstan. As of Dec. 31, 2002, the Company`s proved reserves in the Field were 17.1 million barrels, with an estimated net present value of $144 million. Ultimate potential of the field is estimated by Ryder Scott Company to be 378 million barrels of oil. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in the Company`s Annual Report on Form 10-K for the year ended Dec. 31, 2002. Although Transmeridian Exploration Inc. believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. TMEI discloses proved reserves that comply with the Securities and Exchange Commission`s (SEC) definitions. Note that the Company`s use of terms such as "ultimate potential" and "recoverable reserves" include quantities of oil that are not yet classified as proved and which the SEC guidelines do not allow us to include in filings with the SEC." -------------------------------------------------------------------------------- Contact: Transmeridian Exploration Inc., Houston Lorrie T. Olivier, 281-999-9091 Fax: 281-999-9094 E-mail: tmei@tmei.com Website: www.tmei.com or MRB Investor Relations, LLC, New York Charles Nelson, 212-495-0200 x15 Fax: 212-495-0746 E-mail: cnelson@mrb-ir.com |
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| aus der Diskussion: | Transmeridian Exploration - Kürzel : TMXN |
| Autor (Datum des Eintrages): | JosedelaVega (05.08.03 17:42:02) |
| Beitrag: | 133 von 3,850 (ID:10346823) |
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