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Transmeridian Updates Drilling Progress in the South Alibek Field February 27, 2003 09:15:00 (ET) HOUSTON, Feb 27, 2003 (BUSINESS WIRE) -- Transmeridian Exploration Inc. (TMXN, Trade), announced today that it is setting 9-5/8" intermediate casing in its South Alibek #1 well at a depth of 7,333 feet (2,235 meters). The Company is encouraged by recent drilling results, which confirmed the expected crestal location of the first target zone in the area, the KT-1 carbonates. The top of this formation is nearly 400 feet higher than the similar zone in the Company`s first well, the South Alibek #29. The Company encountered indications of hydrocarbons in the drilling mud upon entering the KT-1. Bruce Falkenstein, Vice President of Exploration and Geology, commented, "The drilling results validate our original well prognosis and give us confidence that the well location is near the crest of the structure, as we predicted. The two major productive formations in the area, the KT-1 and KT-2, are world-class carbonate reservoirs with a combined gross thickness of almost 5,000 feet (1,500 meters). Our original prognosis was based on extensive 2D seismic data and log information from 30 wells previously drilled by state entities to delineate the South Alibek and adjacent Alibekmola fields. The Alibekmola Field is also in the early stages of development, operated by a joint venture of Western and Kazakhstan interests." Lorrie T. Olivier, Chairman & CEO of the Company, added, "We are pleased to have this first major drilling milestone of the South Alibek #1 behind us. We have experienced slower drilling progress than we expected, primarily because of severe winter weather, which carried temperatures of 30-40 degrees below zero. After we set intermediate casing, our drilling rate should improve significantly, with a smaller diameter hole and the worst of the winter behind us. We are currently forecasting a completion date of April 15, 2003. During testing of the #1 well, we will move the rig to begin drilling the South Alibek #2 well." Transmeridian Exploration Inc. is an international oil and gas development company, with a primary focus on the Caspian Sea region. The South Alibek Field in Kazakhstan was initially assigned over 17 million barrels of net proved reserves by the independent reserve engineering firm of Ryder Scott Company, based on the #29 well. The ultimate proved reserves of the field are expected to be significantly greater than this initial estimate. The Company has designed an initial seven well drilling program to identify the productive limits of the field, with plans to put all wells on an extended testing program for early production. The South Alibek Field is in an area of established infrastructure, consisting of roads, electric generation capacity, and water. This improves our development logistics and lowers our costs compared to drilling in a more remote location. We have been developing production and crude oil transportation facilities on a parallel track with our drilling program to assure the earliest possible commercial sales of production. Kazakhstan is an area of keen interest for the international oil and gas industry. Its proved reserves rank among the top 15 countries in the world, with over 180 producing oil fields and 20 billion barrels of proved reserves. Its current production is approximately 900,000 barrels of oil per day, of which approximately 2/3 is exported. Its commercial terms for foreign investors have been among the best in the industry and its international credit rating is now equivalent to that of Saudi Arabia. It is also considered a strategic ally in U.S. efforts to control international terrorism. The entire former Soviet Union region has recently seen significant foreign investments and strategic alliances for both exploration and acquisition of oil and gas reserves. In addition to the historical information presented, this release may contain forward-looking statements within the meaning of the Securities Litigation Reform Act. These include statements as to our beliefs and expectations about our future operational and financial performance, including statements regarding our perceived business opportunities. All of these statements are subject to various risk factors and uncertainties, including those described in our filings with the SEC. Although the Company 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. Transmeridian Exploration Inc., Houston Lorrie T. Olivier, 281/999-9091 Fax: 281/999-9094 www.tmei.com or MRB Investor Relations, LLC Charles A. Nelson, 212/495-0200 Ext. 15 Fax: 212/495-0746 cnelson@mrb-ir.com http://www.businesswire.com Today`s News On The Net - Business Wire`s full file on the Internet with Hyperlinks to your home page. Copyright (C) 2003 Business Wire. All rights reserved. |
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| aus der Diskussion: | Transmeridian Exploration - Kürzel : TMXN |
| Autor (Datum des Eintrages): | JosedelaVega (27.02.03 15:50:35) |
| Beitrag: | 26 von 3,850 (ID:8750333) |
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