Perth, July 8, 2008 (ABN Newswire) - Otto Energy (ASX: OEL)(PINK:OTTEF) and joint venture partner Incremental Petroleum (ASX:IPM) are pleased to announce excellent gas flow rates from the Arpaci-2A appraisal well at the Edirne licence in West Turkey.
Highlights:
- The first zone tested flowed dry gas at a rate of 2.4 MMscf / day from the interval 340-348 metres through a 36/64" choke.
- Two additional pay zones with multiple potential gas intervals exist at shallower levels in the well, which will be added at a later stage.
Arpaci-2A is the last well to be drilled as part of the 2008 campaign which was successfully designed to prove up significant volumes of gas in the Edirne licence. The construction of surface facilities is anticipated to be completed in mid 2009.
The partners in the Edirne Gas project are Otto Energy 35%, and Joint Operators Incremental Petroleum 55%, and Turkish partner Petraco 10%.
About Otto Energy
Based in West Perth, Otto Energy Limited (ASX: OEL) is an international exploration and production company that has assembled a balanced portfolio of oil and gas assets in the Philippines, Turkey, Italy and Argentina.
As of mid 2008, Otto expects to receive revenue from production at the Galoc Oil Field in the Philippines which will be used to fund further development and exploration across all of the Company’s highly prospective assets. Otto is opportunity rich with an exploration portfolio that includes additional discoveries that are under development, approximately 20 drillable prospects covered by new 3D seismic and well over 60 exploration leads which are being matured as follow-up potential. Consequently, Otto has an active exploration and appraisal drilling program in 2008/2009.
Contact
Alex Parks Chief Executive Officer Tel: +618 9481 8696 Fax: +618 9481 2394
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