Incremental Petroleum has provided the following update on the Atesler-1 well that is being drilled in SE Turkey.
13 3/8 inch casing has now been run and cemented at 534m. Having completed this section of the well, the current rig is being de-mobilized to be replaced by a new and more efficient rig owned by TransAtlantic which is currently being brought to the site from overseas.
Drilling operations will re-commence once the new rig is onsite, targeting a total depth of 3200m.
TransAtlantic (60%) is the operator with Incremental retaining 40% equity in the concession and being free carried through the drilling of this well. Incremental will continue to provide updates when significant milestones in the well are reached.
In the company's previous release of September 10, 2008, C90 and C50 resource categories were used to describe Atesler. This was an incorrect use of these terms that has only now been brought to the company's attention. The prospect should have been described as set out below:
The play is a low risk structural rollover with a low resource estimate of 0.5 million barrels. An upside fault-seal play with lateral seal provided by shaley rocks across the fault-face has an estimated best resource estimate of 13 million bbl on IPM's license. The fault has demonstrated sealing capacity at a deeper level. Well data from nearby fields suggests anticipated reservoir porosity averages about 16%, with initial productivity exceeding several thousand bopd of light oil. The regional infrastructure is good.
These modifications do not change the prospectivity of the prospect.
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