abce certificate
Tuesday, 02 December, 2008, 00:10 GMT | more >>

Incremental ups Edirne stake



By Upstream staff 

Australia’s Incremental Petroleum has boosted its stake in the Edirne gas project on the Thrace basin in western Turkey by 10% to 55% at a cost of $1.5 million, it said today.

The equity stake was bought from minority Turkish shareholders in the project.

Incremental, the operator of the Edirne project, and also of the Selmo field in eastern Turkey, said yesterday it had spudded the first of five to be drilled on the Edirne project this year.

Incremental’s general manager Gerry McGann said: “The additional interest acquired today confirms Incremental’s commitment to the Edirne project. With the start of a five-well drilling programme yesterday, and a fast track approach to commercialising discovered gas, the project has the capacity to add significantly to Incremental’s Turkish cash flow.”

Fellow Australian explorer Otto Energy retains a 35% while local Turkish players now hold 10%.


Friday, 28 March, 2008, 07:08 GMT  | last updated: Friday, 28 March, 2008, 07:08 GMT

e-mail this article to a colleague


to email:  from:
comments: