JKX Oil & Gas plc has farmed into two exploration licenses in the Bismil South area of southeast Turkey. The licenses cover a total of 590 square kilometers in the Zagros Foldbelt petroleum province. JKX has acquired a 20% interest in the licenses from the operator, Arar Petrol Ve Gaz Aup AS (ARAR). ARAR is a private Turkish exploration and production company and now holds 55% of the license interest.
The South East Zagros Foldbelt is the main exploration and production area in Turkey. The Bismil South licenses are situated immediately south of the giant Bati Raman oilfield which produces from Cretaceous age carbonates of the Mardin Group. JKX also holds a 30% interest in the adjacent Karakilise licenses operated by Aladdin Middle East Inc.
JKX anticipates spending approximately US$2.5 million through the first half of 2008, which includes its share of the ongoing exploration programme and a contribution to exploration costs to date. The forward exploration programme comprises acquisition of 120 km of new 2D seismic data and drilling Well Koyunlu 2, an appraisal to the 2006 Cretaceous discovery Well Koyunlu 1.
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