Avenue Energy Acquires 45% Stake in Karakilise 1 Well
Avenue Energy will acquire a 45% participating interest in the Karakilise 1 well and License located in the Diyarbakir petroleum district in Southeast Turkey. The total exercise price of the Karakilise 1 well and License option is $2,000,000 which will be due in installments based upon the progress of the drilling of this well. The first payment of $500,000 will be due 30-days prior to spudding of the Karakilise 1 well. Spudding of the Karakilise 1 well is expected on or before June 15, 2003. Avenue Energy's exercise of the Karakilise option also entitles it to an option to participate in 29 remaining licenses and 2 production leases held by members of the Sayer Group in Turkey.
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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