Bati Umur-1 was suspended by the Joint Venture in December 2005 after encountering zones of potential gas pay identified on wire line logs. The well was not flow tested due to the extreme winter conditions at the time of completion (frozen flow-lines).
The Operator is preparing the Bati Umur-1 well for flow testing of the main gas zone interpreted from wireline logs between 365 and 370 m.
Joint Venture Meeting
The Joint Venture has met in Turkey to discuss the test results and to select prospects for follow-up drilling. The partners also agreed the parameters of a feasibility study to commercialize these gas fields in the shortest possible time frame.
The Joint Venture has received an Expression of Interest to purchase gas from the Koyustu and any other gas fields in the Edirne License from Zorlu Petrogas. Zorlu Petrogas has been awarded the City Gas Distribution Rights for the Edirne and Kirklareli Provinces from the Turkish authorities and has commenced pipeline construction activities.
Reporting Schedule: Otto will continue to report the progress of the operations each Wednesday until completion of the testing operations, unless receipt of specific market sensitive data requires otherwise.
The Edirne License Joint Venture comprises Otto 65%, Incremental 15% and Turkish Operators Merty Energy and Petrako Limited – 10% each.
Incremental will contribute a total of A$3million to Otto towards exploration expenses to earn their 15% in the Edirne License.
Commenting on the announcement, Otto's CEO Alex Parks said:
"The Joint Venture's decision to proceed with an immediate gas development feasibility study and the receipt of an 'Expression Of Interest' to purchase gas from Zorlu is indicative of the likely commerciality of Otto's gas discoveries in Turkey."
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