US explorer Park Place Energy has completed the US$2.1 million acquisition of three Turkish companies, the Tiway Companies, from Tiway Oil BV.
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Image from Park Place Energy. |
The primary asset of the Tiway Companies is the offshore production license called the South Akcakoca Sub-Basin (SASB). Over $450 million has been invested in the SASB to date.
Park Place Energy now owns a 36.75% working interest in SASB. SASB has four producing fields, each with a production platform plus pipelines that connect the fields to an onshore gas plant. The four SASB fields are located off the north coast of Turkey towards the western end of the Black Sea in water depths ranging from 60-100m. Gas is produced from Eocene age sandstone reservoirs at subsea depths ranging from 600-1200m.
The three nearer shore gas fields of Ayazli (discovered in 2004), Dogu Ayazli (discovered 2005) and Akkaya (discovered in 2006) were included in an initial phase of development with first gas production in 2007. The deeper water Akcakoca field (discovered in 2006) was developed later with first gas production in 2011. All of the fields are developed using unmanned wellhead platforms/tripods tied back via a 25km 12in pipeline to shared processing and compression facilities onshore at Cayagzi gas plant.
The gas plant at Cayagzi is capable of processing up to 75 MMcf/d. Total gross production to date from the four fields is in excess of 37 Bcf. The production license for SASB is covered by a modern 223sq km 3D survey. There are five additional gas discoveries in SASB that have not yet been developed. Also, there are several additional prospects defined by 3D seismic data.
The year-end 2016 gross gas production rate for the seven producing wells in SASB was 2.56 MMcfd; the average daily 2016 gross production rate for the field was 4.36 MMcfd.
Park Place Energy says it believes there are substantial remaining gas reserves at SASB. Based on third party evaluations, the company has confirmed there are substantial behind pipe reserves in the 10 SASB production wells connected to the four production platforms. Plans to re-log certain of the wells have been approved by the operator and will be performed shortly; based upon those results, operations are planned to perforate the confirmed behind pipe reserves in order to increase production.
In addition, Park Place Energy has initiated an investigation to determine the feasibility of installing an artificial lift in order to rehabilitate production in certain wells. Further, the company has identified a number of proved undeveloped locations that can be drilled from the four existing production platforms. The company envisions the next stage of development in 2018 will include the drilling of additional wells to materially increase the volumes of gas produced through the existing infrastructure.
The deal also includes two onshore fields.
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