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Tuesday, 07 October, 2008, 14:40 GMT | more prices >>

Oz duo hope for Turkish delight



By Upstream staff 

Australian players Incremental Petroleum and Otto Energy said today that work on their five-well drilling campaign on the Edirne concession, in Turkey, is under way, with the first well due to spud in March.

The pair said the campaign will now be based entirely on prospects identified in a 149 square kilometre 3D seismic survey shot last year.

The change of plan reflects what the companies said were "excellent results from the fast-track processing of the 3D with seismic amplitudes beautifully defining known gas pools (discovered in the 2006/07 drilling campaign)".

About 14 targets have been identified in the 3D area.

Four of these locations have been approved by the joint venture for drilling this year, with the final decision on the fifth well location to be based on analysis of the final processed 3D seismic.

In a statement released to the Australian Stock Exchange, Incremental said that the partners plan to bring the finds they made in 2006 and 2007, as well as any discoveries made this year, on stream early next year.

The duo estimated that the discovered reserves and prospective resources within the 3D seismic area at between 10 billion and 20 billion cubic feet of gas.


Monday, 14 January, 2008, 00:40 GMT  | last updated: Monday, 14 January, 2008, 00:43 GMT

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