Kulczyk Oil announced the spud of Itheria-1, the first exploration well being drilled by KOV and its joint venture partners on Block 9, Syria.
The planned total depth of the well is 3,256 meters and it is expected to take 80 days to drill, on a dry hole basis. The well will test a large structure with four-way dip closure defined by 3D seismic in an area approximately 200 kilometers due east of the City of Latakia. Primary targets are sandstones of Ordivician age.
Itheria-1 is being operated by Loon Latakia Limited ("Loon Latakia"), an indirect wholly-owned subsidiary of Kulczyk Oil. Loon Latakia holds a participating interest of 50% in the Block 9 production sharing contract which provides the right to explore for and, upon fulfillment of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometer (2.48 million acre) area in northwest Syria. Loon Latakia has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities, and which, if approved, would leave Loon Latakia with a remaining effective interest of 45% in Block 9.
Pursuant to a farmout agreement announced by KOV on 6 September 2010, MENA Hydrocarbons (Syria) Ltd., an indirect wholly-owned subsidiary of MENA Hydrocarbons Inc. ("MENA") will fund 60% of the costs for the drilling of Itheria-1. Accordingly, the costs of drilling Itheria-1 will be shared as follows: MENA: 60%, Triton Petroleum Pte Ltd.: 20% and Kulczyk Oil: 20%.
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