Steba agree, oil column is now 360m, with the addition 51 meters being LIGHT OIL, also no oil water contact, MEANS MORE OIL TO BE HAD!!, i'm very happy at the moment. 2.6k net to afren in production terms for this one well.
Osman Shahenshah, Chief Executive of Afren, commented:
"The latest results on the Simrit-2 exploration well confirm the transformational potential of this discovery to Afren, further validated by the test results, suggesting excellent production capability.
Simrit-2 exploration well encounters additional oil and positive test results
London, 19 July 2012 - Afren plc ("Afren" or the "Company") announces that the Simrit-2 exploration well in the Kurdistan region of Iraq has been drilled to a depth of 3,800 metres and the total net oil pay has increased to 460 metres. In addition, a cumulative flow rate of 13,584 bopd has been achieved from three out of 12 zones to be tested.
Deepening of Simrit-2 well
Having previously encountered an estimated 409 metres of net oil pay throughout Cretaceous, Jurassic and Triassic reservoirs down to the initially planned total depth of 3,700 metres, Afren and operator Hunt Oil Middle East subsequently elected to deepen the well and continue drilling to a revised total depth of 3,800 metres in order to test additional prospectivity. Analysis of data collected indicates the continual presence of light oil shows throughout the deepened section of the well, extending the estimated net pay encountered by the well to 460 metres. No oil water contact has been established in the target reservoirs.
Well test programme
Upon completion of drilling operations, an extensive well test programme commenced in June. It is the partners' intention to conduct up to 12 separate drill stem tests ("DSTs") throughout the Cretaceous, Jurassic and Triassic aged reservoirs. To date, three DSTs have been completed at separate zones within the Triassic age Kurra Chine Formation, yielding an aggregate flow rate of 13,584 bopd of 39[deg] API gravity oil.
Kurra Chine Formation Oil rate Gas rate (mmscfg/d) (bopd) 800 psi Zone A (3,453m - 3,524m) 6,200 3.5 FTP 1,426 psi Zone B (3,636m-3,650m & 3,654m-3,668m) 3,102 10.0 FTP 1,472 psi Zone C (3,700m-3,800m) 4,282 10.0 FTP ======================================== ========= ==================== ========== Aggregate rate 13,584 23.5
Following completion of this first batch of DSTs, the partners will now switch the Viking-11 drilling unit for a work-over rig at the Simrit-2 location in order to complete the remaining nine planned DSTs. The Viking-11 drilling rig will then be mobilised to commence drilling of the Simrit-3 exploration well in August. Afren has a 20 per cent. interest in the Ain Sifni PSC and is partnered by Hunt Oil Middle East (60 per cent. and operator) and the Kurdistan Regional Government (20 per cent.).
Yes its been a difficult time to make good profits with the markets of late but hopefully things are picking up now. There are some great tips out there. One poster gave me a tip on CSLT around last December and they did rise some 700% within a couple of weeks. Also a lot of people were tipping MAGP last December when at 0.5 and they are now over 2p. I think MAGP are going places from what I read. It was a shame about ORE, who knows what would have happened back in April if that director hadn't have sold on the morning of the RNS. For now I am sticking to Afren, I believe this is going to be a brilliant investment and with rumours of a takeover from Exxon or ENI this could come really good very soon. Good luck.
just clicked onto ure name and can see your just ere,my pf,not doing az bad az last year but just above break even,so not fussed,i was just going tp ask the same question,i cud do with sum recommendations myself that hold up...lol.lol... ......gl......
Afren has turned the corner, it seemed like for 3 months Afren was just going down and down, mainly due to the markets in such a bad way with the Eurozone crisis. Nothing could turn the tide. But I feel like things are now recovering. I really believe we will soon see 130p and getting back to the 140p level. I personally am still hoping for a takeover bid coming in, I really want to make a big short term gain of doubling my investment (or more) as I need some funds coming in soon. I have huge confidence in Afren, I really do believe this is a brilliant investment.
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