Gas Plus Khalakan drills success

ERBIL, August 15, 2016 – Gas Plus Khalakan (GPK) reported successful horizontal drilling at its producing Shewashan-1 sidetrack well as part of the Khalakan production-sharing contract on the Qamchuga formation today in the Kurdistan Region of Iraq.

The asset is currently producing around 500-700 bopd, although stimulation techniques may be required to meet estimates from the original Shewashan-1 vertical well. GPK projects a total of 10,000 bopd from the project by early 2017, when Shewashan-4 comes on line.

The Shewashan-2 field currently produces around 4,000 bopd. The Shewashan-3 vertical well has been spudded and it is anticipated that it will begin production by Q4 2016 for a total investment of USD 16 million.

Canada’s Range Energy Resources holds a 24.95% stake in GPK through its 49.9% interest in New Age Alzarooni-2, which holds 50% of GPK’s shares.

“We are pleased with the progress made with the Shewashan Phase 1 Development and looking forward to the results of the next two development wells which may demonstrate more updip potential in the Cretaceous oil field and further potential in the deeper Jurassic section,” said Steve Lowden, the CEO of New Age.

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