abce certificate
New Articles
Thursday, 21 August, 2008, 20:20 GMT | more prices >>

Incremental raises its Turkish stakes



By Upstream staff 

Australia’s Incremental Petroleum has agreed to pay Otto Energy $5.5 million for an additional 30% working interest in the company’s Edirne licence, located in Turkey’s Thrace basin.

Following the transaction, Incremental will hold a 45% stake in the licence.

The company is currently earning a 15% stake in the project by way of an existing farm-in agreement through funding a $2.35 million work programme.

The joint venture has already announced two as discoveries in the permit area with estimated reserves of about 2 billion cubic feet of gas to date.

Incremental has also agreed to farm into Otto’s nearby Catalca and Ortakoy licences.

On completion of the farm-in arrangements, Otto will retain a 35% interest in Edirne and a 20% interest in the Catalca and Ortakoy licences. Local partners Merty and Petraco will each retain 10% in each of the three licences.


Tuesday, 13 March, 2007, 01:18 GMT  | last updated: Tuesday, 13 March, 2007, 01:25 GMT

e-mail this article to a colleague


to email:  from:
comments: