Avenue Energy currently holds a 45% interest in the Tosun-1 well and License located in the Gaziantep petroleum district in Southeast Turkey. Drilling at Tosun-1 began on November 6, 2002. The well reached a depth of 9,335 feet on April 20, 2003. The Tosun 1 well prognosis forecasted the intersection of the target intervals around 9,335 feet, however, these intervals have not yet been reached and drilling continues.
Dr. Jaap Poll, Avenue Energy's Director of Exploration, stated, "Exercise of the option on the Karakilise 1 well and License not only initiates a second prospective drilling site for Avenue, but also enables the Company to continue its strategy of pursuing with the Sayer Group an oil and gas exploration and drilling campaign within the Arabian Basin in the Republic of Turkey."
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