TransAtlantic Petroleum Ltd. is pleased to provide an operational update for the year ended December 31, 2010.
The Company has drilled the GRB-1 well to a total depth of 8,120 feet (2,475 meters) and expects to reach total depth in the next few days. The GRB-1 well is located near the Atlantic coast approximately 30 kilometers south of Tangiers and 3.5 kilometers from the Maghreb-Europe gas pipeline.
The GRB-1 well was the first well drilled on the Asilah exploration permits and has targeted Tertiary age reservoirs. The Company plans to test numerous intervals that had gas shows while drilling.
The GRB-1 well was drilled using the Company's Viking I-8 rig. Upon completion of testing, the rig will move to the Tselfat exploration permit and drill the planned TKN-1 well on the Tekna Jurassic oil prospect, 3.5 kilometers north of the Haricha oil field.
The HR-33bis appraisal well, drilled in the Haricha oil field by the Company in 2009, tested 100 bfpd with 50% water cut from Jurassic and Tertiary age reservoirs at a subsea depth of approximately 2,802 feet (854 metres). The field had an estimated 15 million barrels of oil originally in place, and oil production ceased in 1972 after production of approximately 2.8 million barrels of oil. The HR-33bis location was recently enlarged, and specialized testing equipment was installed. An extended well test will start soon to give a more complete estimation of the remaining reserves and determine the feasibility of field redevelopment.
