DENVER, CO–(Marketwire – September 14, 2012) – General Exploration Partners Inc. (“GEP” or the “Company”) has undertaken an extensive testing program for the Atrush-2 Exploration and Appraisal well (“AT-2″) drilled 3.1 kilometres east and down dip of the Atrush-1 discovery well (“AT-1″) in the Kurdistan Region of Iraq.
AT-2 was spud on 23 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 new Barsarin-Sargelu-Alan-Mus (“BSAM”) reservoir Oil Down To was found 97 metres deeper than that encountered by AT-1. Reservoir intervals within the Jurassic Adaiyah and the upper part of the Butmah formation were also oil-bearing.
Three drillstem tests (“DST”) were conducted over the “BSAM” reservoir of the main Jurassic discovery. A combined rate of up to 42,212 barrels of oil per day (“bopd”) of oil was achieved with the use of an electrical submersible pump. The test rates were limited by surface testing equipment. None of the tests had measurable amounts of formation water.
Separate DSTs were also conducted in the Butmah and Adaiyah formations. The highly fractured upper part of the Butmah tested up to a maximum of 1,450 barrels of fluid per day under nitrogen lift and towards the end of the short test was producing 9 degree API dry oil. A reservoir zone within the Adaiyah anhydrite tested up to 500 bopd of 11 degree API dry oil under nitrogen lift. Pursuant to the Production Sharing Contract, GEP has presented a notice of Discovery to the Ministry of Natural Resources of the Kurdistan Regional Government.
Meanwhile in the eastern part of the Atrush block, the second phase of the 3D seismic acquisition was completed, 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 in early 2013.
Alex Cranberg, the Chairman of Aspect Holdings, commented, “We are excited about the results from the AT-2 Exploration and Appraisal well. The well accomplished three important goals — discovery of additional resource potential in the Butmah and Adaiyah; lowering the Oil Down To 97 metres further in the BSAM, without encountering an oil/water contact; and demonstration of the significant production capability of the BSAM reservoir. Operationally, our team did a great job getting the well down on time and under budget. We look forward to continuing our work with the Kurdistan Regional Government to appraise and develop this important discovery.”
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.
About Aspect Holdings, LLC and Aspect Energy International, LLC
Aspect Holdings, LLC, is a privately held independent exploration and energy investment company that engages in exploration and production activities through affiliates and subsidiaries globally, including the United States, Central and Eastern Europe, and the Middle East. Aspect Energy International, LLC is a wholly owned subsidiary of Aspect Holdings. Please direct additional inquiries to Matthew Alley — firstname.lastname@example.org.
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle. ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange under the symbol “SNM” as well as NASDAQ OMX First North under the symbol “SNM.”
This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and neither the Company nor its partner’s undertakes any obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s nor its partner’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.
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