You are here

Talisman-led venture announces commercial oil discovery in Kurdistan

20th August 2014

WesternZagros Resources and its co-venturer, Talisman (Block K44) B.V., have submitted a Declaration of Commercial Discovery (DoC) to the Kurdistan Regional Government (KRG) for an oil and gas discovery in the Kurdamir Block

Talisman-led venture announces commercial oil discovery in Kurdistan
A phased development plan, outlining future production wells, facilities and supporting infrastructure, is under preparation for submission to the KRG

"We estimate the Kurdamir block to hold nearly one billion barrels of oil equivalent (boe) of contingent resources on a mean basis,” said Simon Hatfield, WesternZagros CEO. “In addition, the three stacked reservoirs in Kurdamir hold significant upside potential, of an additional estimated 1.6 billion boe of prospective resources on a mean basis. Declaring Kurdamir as a commercial discovery is another key step as we continue our evolution from an explorer to a producer and towards generating cash flow.”

A phased development plan, outlining future production wells, facilities and supporting infrastructure, is under preparation for submission to the KRG.

Future expansion phases will be determined by the success of the first phase of the development drilling campaign. The co-venturers are advancing plans for the first horizontal development well with an anticipated spud date in Q4 2014, subject to KRG approval.

The current submission was accompanied by an appraisal report, which reflects the work conducted during an exploration and appraisal program on the Kurdamir field that began in 2009 and concluded in May 2014. The programme consisted of acquiring 2D and 3D seismic, drilling three exploration wells, performing numerous formation tests and carrying out an extended well test. Positive results from the Kurdamir-2 EWT were a key component in advancing the DoC.

WesternZagros currently holds a 40 per cent working interest in the Kurdamir Block. Talisman holds a 40 per cent working interest and is the operator, while the KRG holds the remaining 20 per cent.

Got a news tip? Email news@oilandgastechnology.net