PierMax Announces Oil Discovery in Iraq
07/05/2012

According to the company’s website, the drilling procedure in this project is a part of PierMax’s strategy to refocus the exploration activities in Iraq.

Online PR News – 05-July-2012 – Manama,Bahrain – PierMax Energy Exploration is pleased to announce that, it has made a significant oil discovery in current onshore Kurdistan oil exploration project. In this project, PierMax is the operator with a 56% working interest and the government of Iraq holds the remaining 44%.

According to the company’s website, the drilling procedure in this project is a part of PierMax’s strategy to refocus the exploration activities in Iraq. They also mentioned that further testing and drilling is ongoing to acquire more additional information.

PierMax is currently testing on a single well in that region and the company refers it as Tente-1. In Tente-1 exploration it has encountered over 20 meters of net oil pay. The well was drilled to an intermediate depth of 1,050 meters and has been successfully logged and sampled. The sample crude oil quality is very good here and moveable oil with API gravity in excess of 30 degrees, with similar properties to the light waxy crude discovered in Lapa-1 well of the same region. The reservoirs in this section are composed of very good quality Tertiary age sandstones. The tests conducted on this well produced water at two Triassic intervals and one of three Cretaceous intervals.

PierMax says that the well will now be drilled to a depth of approximately 2,700 meters to explore any further potential. The company is thrilled that almost all the wells of this region have resulted in an oil discovery. So right now it is looking forward to an aggressive drilling program of at least 18 months before starting commercial productions.