Otto Energy Limited (ASX:OEL) Updates On Phase 2 Drilling Program In The Erdine Licence, Turkey
Perth, Feb 15, 2010 AEST (ABN Newswire) - Otto Energy Limited (
ASX:OEL) provides an update on its Phase 2 exploration drilling program in the Edirne Licence, Turkey. The Phase 2 drilling program incorporates up to seven exploration and appraisal wells, which includes the previously advised Kumluk and Kartal wells.
The program is targeting additional gas volumes which can be commercialised through the Edirne Gas Plant. Each of the wells, with the exception of Yolboyu-1, is targeting modest volumes and are being drilled within the extensive 3D seismic that has been acquired within the Edirne licence.
The third well in the drilling program, the Yolboyu-1 well spudded on 12 February 2010. The Yolboyu-1 well differs from the previously drilled wells in the permit.
It is a step-out and deeper prospect covered by existing 2D seismic only and as such is higher risk but has a potential of up to 7.00 Bcf. The prospect, if successful, will require additional infrastructure to enable it to be bought into production including consideration of expansion of the Edirne Gas Plant.
-----------------------------------------------------Well Target Working Proposed Remarks Interest Total Depth-----------------------------------------------------Kumluk-1 Gas 35.00% 550m Gas discoveryKartal-1 Gas 35.00% 500m Gas discoveryYolboyu-1 Gas 35.00% 2,000m ExplorationSomurcali-1 Gas 35.00% 900m ExplorationOrtakci-2 Gas 35.00% 400m ExplorationBademlik-1 Gas 35.00% 400m ExplorationOrtakci-3 Gas 35.00% 400m Appraisal-----------------------------------------------------
Contact
Matthew Allen
Chief Financial Officer
Tel: +61-8-6467-8800
info@ottoenergy.com
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