LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) is
pleased to announce that the Peshtene R-11 well in Bulgaria has been
successfully drilled to its total depth of 3,190 meters under the farm-in
agreement with TransAtlantic Worldwide Ltd., a wholly owned subsidiary of
TransAtlantic Petroleum Ltd. (TSX:TNP)(NYSE Amex:TAT)
("TransAtlantic").
The Peshtene R-11 well ("Peshtene"), located
on the A-Lovech exploration license, targeted the Middle Jurassic age Etropole
formation. Peshtene was successfully drilled in a total of 56 days to a depth
of 3,190 meters, including 354 meters of Etropole argillite. Numerous gas shows
were recorded in the argillite, consisting of methane, ethane and propane (C1,
C2, and C3). Over 289 metres of the Jurassic age Etropole and Ozirovo whole
core has been taken from the well. The Ozirovo formation produces nearby in the
Chiren Gas Field and in TransAtlantic's Deventci R1 discovery ell 36 kilometers
to the east.
Petrophysical analysis of the Etropole formation
indicates net pay of 114 meters, with an average porosity of 6% and water
saturation of 48%. Comprehensive core analysis by Core Laboratories is expected
to be completed in the first quarter of 2012. The core data from the Etropole
argillite and Ozirovo carbonate will be evaluated for reservoir rock
properties, geochemical analysis, and rock mechanics. The results of the core
and well log analysis will help to design and plan the future completion
procedure for the well. Peshtene is scheduled to be completed and tested in Q2,
2012. Based on the data recovered to date, TransAtlantic's subsidiary, Direct
Petroleum Bulgaria EOOD ("Direct Bulgaria"), has applied to the
government of
Bulgaria
for a Production Concession (the "Stefanetz Concession"). The
Stefanetz Concession is expected to cover an area up to 1,600 square kilometers
(395,000 acres) for a term of up to 35 years.
"We
are excited with the very positive gas shows and data obtained in the
Peshtene," commented Dave Afseth, President and CEO of LNG. "We look
forward to reviewing the results of the core analyses that will enable us to
design and implement an appropriate stimulation to flow test both the Peshtene
and Starogard wells."