Shamaran's Chiya Khere-8 Well Tests up to 8200 bopd

Source: www.gulfoilandgas.com 9/1/2015, Location: Middle East

ShaMaran Petroleum Corp. ("ShaMaran" or the "Corporation") successfully tested and completed Chiya Khere-8 ("CK-8") development well in the Atrush Block in the Kurdistan Region of Iraq.

The CK-8 development well was drilled in the third quarter of 2014. The well was re-entered in July 2015 and two 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 a final average oil rate of 4,200 bopd (barrels of oil per day) with no water cut and an oil gravity of approximately 24 degrees API.Production was limited by ESP capability. This is the first test of medium gravity oil from the Mus Formation.

DST#2 was conducted through 36 meters of perforations within a 60 metre interval in the Sargelu Formation. The interval tested at an average oil rate of 4,200 bopd with a small drawdown and had a maximum rate of 8,200 bopd. There was no water cut at the end of the test. Oil gravity was measured at approximately 26 degrees API.

At the end of the testing operations the CK-8 well was completed for production.

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.


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