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Transmeridian Announces Completion of Drilling of South Alibek-1 Well; Shareholder`s Meeting on May 9, 2003 May 05, 2003 10:10:35 (ET) HOUSTON, May 5, 2003 (BUSINESS WIRE) -- Transmeridian Exploration Inc. (TMXNE, Trade) announced today that the well South Alibek 1 (SA-1) was successfully drilled to a total depth of 12,435 feet (3790 meters) by its wholly owned subsidiary in Kazakhstan, CaspiNeftTME. The completion and testing program will immediately follow the logging of the well, which is currently in progress. This well will be followed by the drilling of South Alibek 2, approximately 1.5 miles (2.35 km) northwest of SA-1, to drill the same formations, the KTI and KTII. This will be the second well of our initial seven well drilling program. The Company has given notice that the annual meeting of the shareholders will be held at the Sofitel Houston Hotel at 425 N. Sam Houston Pkwy. East., Houston, Texas on May 9, 2003 at 10 am. Under the program approved for the first phase of drilling, SA-1 was targeted to test the productivity and potential of the upper and lower KTII reservoirs. The top of the main target formation, the KTII was encountered close to the depth of 9,975 feet (3040 meters), with nearly 2,400 feet (750 meters) of carbonate drilled. "Drilling data indicates we encountered both reservoirs, as predicted, accompanied by indications of hydrocarbons during the drilling," commented Bruce Falkenstein, vice president of exploration and geology. "We encountered approximately 2,400 feet of carbonate in both the KTI and KTII, and anticipate having the preliminary results of the logging very soon for the first detailed look at both formations and to select the respective perforation intervals." The current testing program will provide production performance data from the various intervals encountered during the drilling of the well which will be essential in establishing a development program for the field. In addition to the historical information presented, this release contains 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. SOURCE: Transmeridian Exploration Inc. Transmeridian Exploration Inc., Houston Lorrie T. Olivier, 281/999-9091 Fax: 281/999-9094 Web site: www.tmei.com or MRB Investor Relations, LLC, New York Charles A. 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 (05.05.03 17:16:41) |
| Beitrag: | 69 von 3,850 (ID:9359742) |
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