Perth, Feb 15, 2010 (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.
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Well Target Working Proposed Remarks
Interest Total Depth
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Kumluk-1 Gas 35.00% 550m Gas discovery
Kartal-1 Gas 35.00% 500m Gas discovery
Yolboyu-1 Gas 35.00% 2,000m Exploration
Somurcali-1 Gas 35.00% 900m Exploration
Ortakci-2 Gas 35.00% 400m Exploration
Bademlik-1 Gas 35.00% 400m Exploration
Ortakci-3 Gas 35.00% 400m Appraisal
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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
Matthew Allen Chief Financial Officer Tel: +61-8-6467-8800 info@ottoenergy.com
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.
Otto Energy
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