Perth, July 4, 2008 AEST (ABN Newswire) - Joint venture partners Otto Energy (ASX:OEL)(PINK:OTTEF) and Incremental Petroleum (ASX:IPM) announce that the Arpaci 2A appraisal well has encountered three potential gas bearing intervals between 160 metres (m) and 350 m.
Arpaci 2A reached total depth of 525 m and preliminary wireline log analyses indicate approximately 20 m net gas bearing reservoir sands. Currently the well is being prepared for flow testing the lowermost interval from 340 m to 348 m, which is expected to commence shortly.
The attached release from the Joint Operator Incremental Petroleum provides more information on the Arpaci 2A.
The partners in the Edirne Gas project are Otto Energy 35%, and Joint Operators Incremental Petroleum 55% and Turkish partner Petraco 10%.
Incremental encounters three potential gas zones in Arpaci 2A
Incremental Petroleum (ASX: IPM) and Otto Energy (ASX: OEL) are pleased to announce that Arpaci 2A, the last well in the 2008 drilling campaign in the Edirne licence , has encountered three potential gas bearing intervals between 160 m and 350 m. Preliminary wireline log analyses indicate approximately 20 m net gas bearing reservoir sands.
Preparation for the assessing of the gas productivity of the lowermost interval from 340 m to 348 m is ongoing - the well will be flow tested shortly.
Arpaci 2A is 30m offset from Arpaci 2, and reached a total depth of 525 m without incident. The well drilled through the same shallow gas sands encountered in Arpaci 2 along with two deeper gas bearing zones.
The completion of Arpaci 2A will finalise the very successful 2008 drilling campaign, with four gas discoveries from four wells. The evaluation of the surface facility design and assessment of bidders for construction is continuing, with planned first gas production by mid 2009.
The partners in the Edirne Gas project are Incremental Petroleum (55%), Otto Energy (35%) and Petraco Energy (10%), who are also joint operator, with Incremental.
Contact
Alex Parks
Chief Executive Officer
Tel: +618 9481 8696
Fax: +618 9481 2394
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