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March 2006

Vol. 11, No. 10 Week of March 05, 2006

Despite bad weather, Talsiman’s FEX on track with NPR-A drilling

Petroleum News

A first-time operator in Alaska, Talisman Energy subsidiary FEX (formerly called Fortuna Energy) has spud its first wildcat exploration well in the National Petroleum Reserve-Alaska, Talisman CEO Jim Buckee told analysts Feb. 29. Despite “lots of bad weather” the Calgary-based independent expects to spud a second well when drilling on the first well is complete.

“It was so cold we had to shut down operations” for a period, Buckee said of the first well, Aklaq 2, which was spud on Feb. 8.

Drilling “is now proceeding quickly,” he said.

Last fall FEX expected to drill Aklaq 1 first, but it was not selected for this winter’s drilling. No reason was given.

The second well will be Aklaqyaak 1, company spokesman Barry Nelson told Petroleum News Feb. 29.

Buckee said his company spent C$49 million in Alaska last year on seismic and preparations for exploration drilling.

The wells are being drilled by Nabors Alaska Rig 14E south of Cape Simpson and west of the Ikpikpuk River near the eastern border of the Northwest Planning Area, approximately 64 miles southeast of Barrow and 154 miles west of Prudhoe Bay.

FEX is looking at drilling a total of about eight NPR-A wells (from seven ice pads) this winter and next, which would require adding at least one more rig for next year’s winter North Slope drilling season.

The seven drill site locations are as follows:

• Lease AA-085574, ice road origin, 15-T15N-R11W, UM (Aklaq 1);

• Lease AA-085503, two miles from ice road origin, 34-T15N-R12W, UM (Aklaq 2B);

• Lease AA-085574, one mile from ice road origin, 15-T15N-R11W, UM (Aklaq 1A);

• Lease AA-085494, 10 miles from ice road origin, 23-T14N-R14W, UM (Aklaqyaaq 1);

• Lease AA-085503, seven miles from ice road origin, 29-T15N-R12W, UM (Aklaq 2);

• Lease AA-085486, seven miles from ice road origin, 7-T13N-R14W, UM (Amaguq 1);

• Lease AA-085503, two miles from ice road origin, 31-T15N-R12W, UM (Aklaq 2A).

Four additional drill sites (Uugaq, Kanayuq, Siulik and Agviq) were identified last year by FEX as possible future drill locations.






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