Otto Energy Says Edirne Seismic Survey to be Complete in September
Otto Energy says the 149 square kilometer 3D survey in its Turkish Edirne License in the Thrace Basin is now 65% complete and scheduled for completion at the end of September 2007. The survey has been designed to cover the central and so far most prospective part of the permit, including the existing three gas discoveries. The processed and interpreted data should be available in time to finalize well locations for a drilling campaign commencing late 2007.
The sale of 30% of the Edirne License and 60% each of Catalca and Ortakoy Licenses to Incremental Petroleum is now complete and the US$5.5 million in funds have been received. The funds will be used to pay for Otto's share of the ongoing exploration programs and appraisal and development of the existing discoveries to first gas sales.
The JV is acquiring wellheads, casing and tubing to allow for a five well exploration drilling campaign scheduled to commence in December 2007.
The Joint Venture in the Edirne License in Turkey consists of Merty Energy Ltd (Joint Operator) 10%;Petrako Ltd (Joint Operator) 10%; Otto Energy Ltd (ASX:OEL) 35%; Incremental Petroleum Ltd (ASX:IPM) 45%.
Commenting on the news Alex Parks, CEO of Otto Energy, said "Turkey represent Otto's
nearest term cash flow asset. Otto is pleased to have now received all the funds from
Incremental as scheduled, to leave us fully funded in Turkey through the ongoing exploration
programs and for appraisal and development costs required to get us to first production in
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