ShaMaran Petroleum Corp. ("ShaMaran" or the "Corporation") (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce the successful testing of the Chiya Khere-5 development well in the Atrush Block in the Kurdistan Region of Iraq.
The Chiya Khere-5 ("CK-5") development well was drilled and suspended in May and June, 2014. The well was re-entered in May 2015 and three well tests ("DST") using an electrical submersible pump were carried out.
DST#1 was conducted over a 24-metre interval in the Mus Formation. The interval tested at an average oil rate of 750 bopd (barrels of oil per day) with a final water cut of less than 1 percent. Oil gravity was measured at 16 degrees API.
DST#2 was conducted through 60 meters of perforations within a 118 metre interval in the Sargelu Formation. The interval tested at an average oil rate of 5,000 bopd with a constrained drawdown during the main test period. There was no water cut at the end of the test. Oil gravity was measured at approximately 25 degrees API.
DST#3 was conducted over a perforated 12 metre interval within the Naokelekan Formation. The interval tested at an average rate of 1,600 bopd with a measured oil gravity similar to DST #2.
The work-over rig has now moved to the adjacent CK-8 development well and commenced testing operations.
Chris Bruijnzeels, President and CEO of ShaMaran, commented "The CK-5 well test results are in line with expectations and confirm excellent well productivities. We estimate that the CK-5 well can produce in excess of 10,000 bopd. Combined with the AT-2 and AT-4 well test results, I am confident that we are on track to produce at our planned Phase I production level of 30,000 bopd from four wells, including CK-8."
The Atrush Block is operated by TAQA Atrush BV ("TAQA") and is held 39.9% by TAQA, 20.1% by ShaMaran Petroleum Corp through its wholly owned subsidiary General Exploration Partners, Inc., 15% by Marathon Oil KDV B.V., (a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO)), and 25% by the Kurdistan Regional Government of Iraq.
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle with a 20.1% direct interest in the Atrush oil discovery, which is currently undergoing appraisal and development. ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ First North (Stockholm) under the symbol "SNM".