LNG Energy Ltd. (LNG) announced that it has spudded the first well in Bulgaria under the farm-in agreement with TransAtlantic Worldwide Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd. .
The exploration well is located on the A-Lovech exploration license targeting the Middle Jurassic Etropole formation. Total depth is expected to be 3,200 meters with whole well core being taken over a substantial interval. The well will be completed in Q1, 2012. TransAtlantic’s subsidiary, Direct Petroleum Bulgaria EOOD, will apply to the government of Bulgaria for a production concession (Etropole Concession). The Etropole Concession is expected to cover an area up to 1,640 square kilometers (405,080 acres) for a term of up to 35 years.
POLAND UPDATE
In Poland, completion operations have commenced on the vertical Lebork S-1 well, including rigging up equipment, cleaning out the wellbore and performing formation evaluation tests prior to fracture stimulations. This initial fracture stimulation work on the Lebork S-1 well is scheduled to commence on September 30th and targets the very prospective Cambrian shale formation. The Company expects to have results available in the 4th quarter.
“ With the imminent fracking of the very prospective Cambrian horizon in our Polish Lebork well scheduled for September 30th and the spudding of our initial Etropole farm-in well in Bulgaria, LNG will be testing two extensive shale basins simultaneously. ” commented Dave Afseth, President & CEO of LNG . “ We are optimistic that the results from both Poland and Bulgaria will be positive and look forward to rapidly confirming the multi Tcf potential of these projects and moving them forward. ”
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Source: LNG Energy, September 30, 2011