ShaMaran Petroleum Corp. - Oil Exploration and Development in Iraqi-Kurdistan (Seite 39)

[motz1]

Die Flowrate scheint auch in der Fachpresse auf Wohlwollen zu stoßen:

.................

Kurdish venture boasts massive flows from Atrush-2


Cause for celebration: a Kurdish joint venture company has recorded flows totalling 42,212 barrels of oil per day from the Atrush-2 well in Iraqi Kurdistan

Danica Newnham

14 September 2012 04:41 GMT

The joint venture company operating the Atrush-2 well in the Kurdistan region of Iraq has reported a combined flow rate of 42,212 barrels of oil per day during drillstem testing.

General Exploration Partners (GEP), which is 66.5%-owned by US-based independent Aspect Holdings and 33.5%-owned by Canada’s ShaMaran, carried out extensive testing on the exploration and appraisal well, which was spudded in May and drilled to a total depth of 1750 metres.

Three drillstem tests were conducted on the new Barsarin-Sargelu-Alan-Mus reservoir, which hit oil 97 metres deeper than that encountered by the nearby Atrush-1 discovery well.

The tests yielded a combined rate of 42,212 Bpd of oil using an electrical submersible pump and none had recorded measurable amounts of formation water, co-venturer ShaMaran stated.

Separate drillstem tests were also carried out in the Butmah and Adaiyah formations, which were also found to be oil-bearing.

ShaMaran said the highly fractured upper part of Butmah had flowed up to 1450 barrels of fluid per day (under nitrogen lift), while a reservoir within the Jurassic Adaiyah anhydrite had flowed up to 650 Bpd of 11-degree API dry oil.

ShaMaran chief executive Pradeep Kabra said in a statement that he looked forward to appraising and developing the discovery.

“The results from the Atrush-2 well demonstrated the excellent production capability of the BSAM reservoir and the discovery of additional resource potential of the Butmah and Adaiyah,” he said.

GEP has presented a Notice of Discovery to the Ministry of Natural Resources of Kurdistan for the Adaiyah and Butmah reservoirs, ShaMaran stated.

Meanwhile in the eastern portion of the Atrush Block, the joint venture has completed a second phase of 3D seismic acquisition and expects to soon be awarded a tender for the lease of an extended well test facility.

The Atrush-1 well is planned to be recompleted and connected to the facility with first oil expected early next year.

GEP operates the Atrush Block with an 80% interest while a subsidiary of Marathon Oil holds the remaining 20% stake in the block.

http://www.upstreamonline.com/live/article1265497.ece

[motz1]

So, von mir aus kann es losgehen, ich bin vorbereitet. Ich werde dann mal wieder reinschauen ...

[motz1]

So, und dann geht es auch bald wieder weiter:

--------

IIROC Trade Resumption - Shamaran Petroleum Corp.


Vancouver, British Columbia--(Newsfile Corp. - September 13, 2012) - Trading resumes in:

Company: Shamaran Petroleum Corp.

TSX-Venture Symbol: SNM

Resumption Time (ET): 12:45

http://tmx.quotemedia.com/article.php?newsid=54268000&qm_sym…

[motz1]

News out, Richtung stimmt :

-----------

SEP 13, 2012 - 11:58 ET
ShaMaran Announces Atrush-2 Well Tests Over 42,200 bopd

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2012) - ShaMaran Petroleum Corp. ("ShaMaran" or the "Corporation") (TSX VENTURE:SNM)(OMX:SNM) is pleased to report results of the Atrush-2 appraisal well ("AT-2") drilled 3.1 kilometres to the east and downdip of the Atrush-1 discovery well in the Kurdistan Region of Iraq.

The AT-2 well was spudded on 23rd May 2012 and successfully reached the planned total depth of 1750 meters in 49 days. The well was drilled on time and 30% under budget. The Jurassic Barsarin-Sargelu-Alan-Mus ("BSAM") reservoir Oil Down To was found 97 metres deeper than that encountered in AT-1. Reservoir intervals within the Jurassic Adaiyah and the upper part of the Butmah formation were also found to be oil-bearing.

Separate cased hole drill stem tests were conducted over three of the formations in the "BSAM" reservoir. Rates totaling 42,212 bopd barrels of oil per day ("bopd") were achieved (approximately 27 degree API). The test rates were limited by surface testing equipment. None of the tests had measurable amounts of formation water.

Separate tests were also conducted in the Butmah (open hole) and Adaiyah (cased hole) formations. The highly fractured upper part of the Butmah flowed up to a maximum of 1,450 barrels of fluid per day under nitrogen lift and towards the end of the test was producing 100% 9 degree API oil. A reservoir zone within the Adaiyah anhydrite flowed up to 650 bopd of 11 degree API of dry oil. In accordance with the requirement of the Production Sharing Contract, GEP has presented a notice of Discovery to the Ministry of Natural Resources of Kurdistan for the Adaiyah & Butmah.

Meanwhile in the eastern part of the Atrush block, the second phase of the 3D seismic acquisition was completed in August 2012, providing GEP with 3D coverage of the entire Block. Tendering is underway for the lease of an Extended Well Test Facility ("EWTF") with an award expected shortly. Plans are for a recompleted AT-1 to be connected to the EWTF with first oil in early 2013.

The Atrush Block is operated by the joint-venture company General Exploration Partners Inc. ("GEP") which holds an 80% working interest in the Block. Aspect Holdings, LLC through its Aspect Energy International LLC subsidiary has a 66.5% interest and ShaMaran Petroleum Corp. through its wholly owned subsidiary, ShaMaran Ventures BV, holds a 33.5% interest in GEP. Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 20 percent interest in the block.

Pradeep Kabra, President and CEO of ShaMaran, commented, "The results from the Atrush 2 well demonstrated the excellent production capability of the "BSAM" reservoir and the discovery of additional resource potential of the Butmah and Adaiyah. We commend the operator GEP on the outstanding job done by them during the drilling and testing of the well and look forward to continuing our work with the Kurdistan Regional Government to appraise and develop this world class discovery."

http://cnrp.marketwire.com/client/shamaran_petroleum/release…

[motz1]

Zitat von motz1: Die Ergebnisse von AT-2 sollten nun auch nicht mehr all zu lange auf sich warten lassen, hoffe ich zumindest .

Irgendwas kommt, wollen wir hoffen dass es gut ist...

..............

IIROC Trading Halt - SNM

VANCOUVER, Sept. 13, 2012 /CNW/ - The following issues have been halted by IIROC:

Company: ShaMaran Petroleum Corp.

TSX-Venture Symbol: SNM

Reason: At the Request of the Company Pending News

Halt Time (ET): 7:51 AM ET

http://tmx.quotemedia.com/article.php?newsid=54257573&qm_sym…

[motz1]

Interessanter Handelsverlauf heute, erstmals wurde bei 0,26CAD nicht mehr aufgefüllt. Bei über 4,5Mio gehandelten Stücken ging es bis auf 0,31CAD, bei Handelsschluss steht immerhin ein Plus von über 13%. Mal sehen ob als nächstes die niedrige 0,30er-Range erklommen und ggf. mit ins Wochenende genommen werden kann.

Die Ergebnisse von AT-2 sollten nun auch nicht mehr all zu lange auf sich warten lassen, hoffe ich zumindest .

[motz1]

Nochmal ein paar Gedanken zum aktuellen Stand:

Mit dem Verkauf des Taza-Blocks verbleibt SNM nun einzig die Atrush-Discovery. Das ist einerseits ein gewisses Risiko.

Andererseits konzentriert sich ShaMaran damit nun ausschließlich auf das Development dieses Fundes, das Entwickeln hin zur Produktionsfähigkeit. Das für Taza eingenommene Geld wird fokussiert verwendet, zumindest die mit den reinen wildcats verbundenen finanziellen Risiken sind passee. Es sollte nun eine gewisse Konstanz einsetzen, die letzte NR lässt bereits die ersten News für das Kommende halbe/dreiviertel Jahr erkennen:
- Auswertung der 3D-Seismic bis zum Jahresende
- Fertigstellung von AT-1 als producer-well im 4.Quartal diesen Jahres (sobald die AT-2-Arbeiten abgeschlossen sind)
- Platzierung und Zeitpunkt für das AT-3 appraisal werden entschieden sobald die AT-2 Daten verfügbar sind, geplant ist ein Bohrbeginn noch in H1/2013
- EWTF: Ausschreibung für läuft, Ergebnisse sollen noch im August mitgeteilt werden, Zeitplan für die damit verbundenen Arbeiten soll im 3. Quartal veröffentlicht werden, Baubeginn soll vor Jahresende sein
- Produktionsbeginn soll im H1/2013 erfolgen

Aus diesen Umständen folgere ich grundsätzlich zwei Dinge:
a) Es besteht ein Exit-Plan
b) Atrush-2 ist gut (es liefert so gute Daten, dass das Management sich sicher ist dieses Ziel allein mit Atrush zu erreichen)

Inwiefern das alles so Eintritt werden wir sehen - time will tell.

[motz1]

AUG 23, 2012 - 17:30 ET

ShaMaran Q2 2012 Financial and Operating Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2012) - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce its financial and operating results for the three and six months ended June 30, 2012.

Highlights
•The Appraisal Work Program and Budget on the Atrush Block has been approved by the KRG. The Program consists of 3D seismic and a number of appraisal wells and studies.
•The Atrush-2 appraisal well was spudded on May 23, 2012 and a total depth of 1,750 meters was reached ahead of schedule on July 10, 2012. A comprehensive well testing program is currently underway and the operator of the Atrush Block, General Exploration Partners Inc, will release the test results on the completion of the testing program.
•3D seismic acquisition on the Atrush Block was completed on August 11, 2012. Processing of the complete 3D seismic survey is expected at the end of the current year.
•Planning is underway for a program to complete the Atrush 1 well drilled last year as a future producer. The work is scheduled for the fourth quarter of 2012.
•Tendering for the Early Well Test Facility (EWTF) for the Atrush Block is underway. The EWTF is expected to be commissioned in the first half of the year 2013.
•The Taza-1 exploration well was spudded on July 3, 2012. The well is targeting the proven regional Tertiary reservoirs of the Miocene Jeribe formation (which is confirmed as oil-bearing and highly productive, and is on trend to the Sarqala-1 well), the Miocene Euphrates formation and the Oligocene Kirkuk Group.
•On August 20, 2012 the Company announced that it had sold its entire 20% undivided participating interest in the Taza PSC, held by the fully-owned subsidiary ShaMaran Petroleum B.V., to a subsidiary of Total S.A. for the cash sum of USD 48 million plus a reimbursement of costs incurred on joint operations from April 1, 2012 until the closing date.
•The Company signed final binding agreements with the KRG in January 2012 to relinquish the 60% working interests previously held in each of the Arbat and Pulkhana Production Sharing Contracts ("PSCs"). An amount of $25 million was paid in January 2012 to the KRG as relinquishment fees to fulfill all outstanding financial commitments on these two blocks. The agreements relieve the Company of any further obligations under these PSCs. Disappointing testing results from the Pulkhana 9 well led the Company to this decision.
•In February 2012 the Company received a Detailed Property Report ("the Report") from its independent qualified resources evaluator, McDaniel & Associates Consultants Ltd. The Report is as at December 31, 2011 and includes 124,782 Mboe as best estimate of Gross Estimated Contingent Resources and 87,910 Mboe as the unrisked best estimate of Gross Estimated Prospective Resources net to ShaMaran for the Company's two assets. These estimates are exclusive of amounts relating to the Pulkhana and Arbat Blocks which were relinquished in January 2012.
•On April 2, 2012 the Company secured short term financing of $10 million from two related parties.
•The Company reported net income of nil and a net loss of $26.1 million for the three and six months ended June 30, 2012 (2011: net losses of $1.0 million and 0.5 million). The cash balance of the Company was $6.0 million as at June 30, 2012 (December 31, 2011: $49.1 million).

Financial and Operating Results for the three and six months ended June 30, 2012
During the first six months ended June 30, 2012 the Company continued its exploration and appraisal campaign in respect of the Taza and Atrush Block petroleum properties in Kurdistan constituting the continuing operations of the Company. These properties currently generate no revenues. The net loss in the first half of 2012 was driven by one-time relinquishment fees totaling $25 million which were relating to the relinquishment of the Pulkhana and Arbat Block PSCs paid to the KRG in January 2012.


Condensed Interim Consolidated Statement of Comprehensive Income
[Anmerkung: Tabellen aus Darstellungsgründen entfernt]
The cash position of the Company decreased by $43.1 million during first six months of 2012. The main reasons for the decrease in the cash position was the payment to the KRG of $25 million in relinquishment fees and the outflow of funds to decrease accounts payable and accrued expenses by $19.7 million. In addition the Company spent $8.4 million on its exploration and appraisal activities in Kurdistan and received $10 million in short term financing on April 2, 2012.

[Anmerkung: Tabellen aus Darstellungsgründen entfernt]

Outlook
The outlook for the year 2012 is as follows:

Atrush Block
The Atrush-1 appraisal well was drilled to planned total depth of 1,750 meters after 48 days on July 10, 2012, ahead of schedule. A comprehensive well testing program which includes an open hole test of the Butmah formation and four further cased hole tests over the main reservoir section are currently in progress. Logging and well test results will be reported upon completion of testing. Following completion of operations on Atrush-2 the drilling rig will be moved to Atrush-1 for a completion workover of this well which was drilled last year. The location and timing of the Atrush-3 appraisal well will be determined once the results of the Atrush-2 are available with plans to commence drilling in the first half of the year 2013.

The 3D seismic acquisition program which will provide coverage over a total of 310 square kilometers was completed on August 11, 2012. The processing of the complete 3D seismic survey (Post Stack Time Migration) is expected at the end of the current year.

Results of tendering for the Early Well Test Facility (EWTF) will be announced in August 2012 along with an updated timetable for installation and commissioning will be announced in the third quarter of 2012. EWTF installation and implementation work is expected to commence before year end 2012 and first production is forecasted in the first half of the year 2013.

New Ventures
As part of its normal business the Company continues to evaluate new opportunities in the region.

http://cnrp.marketwire.com/client/shamaran_petroleum/release…

[motz1]

News:
Die 20%ige Beteiligung am Taza-Block wurde -während des laufenden Dirllings- komplett an Total verkauft. SNM erhält dafür 48 Mio USD zzgl. Erstattung der zwischen 01.04. und dem Wirksamwerden der Transanktion im JV angefallenen Kosten.

Damit scheint sich SNM finanzielle Spielräume verschafft zu haben um sich allein auf Atrush zu konzentrieren. Die Ergebnisse zu AT-2 sowie dem Flowtest lassen weiterhin auf sich warten.
Der Kursverlauf in der vergangenen Woche war jedenfalls nicht unbegründet. Inwiefern man durch diesen Verkauf auf richtig gute Werte zu AT-2 hoffen darf, das wird sich in den kommenden Tagen zeigen .

................

AUG 20, 2012 - 02:00 ET

ShaMaran Sells Interest in Taza Block

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2012) - ShaMaran Petroleum Corp. ("ShaMaran" or the "Corporation") (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce the sale of ShaMaran's entire 20% undivided participating interest in the Taza PSC (held by the fully-owned subsidiary ShaMaran Petroleum B.V.) to a subsidiary of Total S.A. for the cash sum of US$ 48 million plus a reimbursement for costs incurred on joint operations from the 1st April 2012 until the closing date.

The Taza-1 exploration well is currently drilling on the Taza prospect, which is located approximately 80 kilometers southwest of the city of Sulaimaniya. The exploration well is planned to a depth of 3,250 meters.

Prior to the sale ShaMaran held a 20% participating interest in the Taza Block. Oil Search (Iraq) Limited holds a 60% participating and is the Operator of the Block. The remaining 20% interest in the block is held by the Kurdistan Regional Government of Iraq and was carried by ShaMaran and Oil Search.
[...]

http://cnrp.marketwire.com/client/shamaran_petroleum/release…

[motz1]

In den Kurs scheint Bewegung zu kommen. Waren die Trades seit dem 03.08. noch alle wie festgenagelt innerhalb der Spanne zwischen 0,205 und 0,210CAD, wurde heute bei immerhin über 2Mio gehandelten Shares bei 0,230CAD geschlossen.

Zu Atrush-2 gibt es noch immer nichts Neues ...