Xtract Energy provided the following update on the drilling operations of its Turkish business, Extrem Energy in the Alasehir license area and on developments in the Candarli Bay license area.
Drilling Update -- Sarikiz-3
Following completion of further analysis of the wire-line logs and other well data, Extrem Energy has identified a number of promising levels for production testing. The levels selected to be tested lie within the depth range 1620-1969m and correspond to a total net pay zone of approximately 35m.
Preparations for production testing are well underway. The first perforations are expected to take place this week and the operation is scheduled to be completed in approximately one month.
Further updates will be provided as appropriate.
License Extension -- Candarli Bay
Extrem Energy recently applied for and has been granted an extension of its Candarli Bay license until October 2012. The corresponding drilling commitment date (by which a well should be spudded) has been extended until April 2011. The license commitments can be extended for a further year if required.
Candarli Bay is located in the Aegean Sea, close to the Aliaga oil refinery in southwest Turkey. There is good evidence of a working hydrocarbon system from the existing well and seismic data available. The early-middle Miocene outcrops in the nearby on-shore demonstrate good source rock potential, with further potential indicated within the Eocene shales that also provide the source rock in the nearby Thrace basin. The reservoirs are thought to be sandstones within a basin floor fan structure as well as shallower fractured zones of limestones.
Further seismic work is required to enhance existing knowledge and to firm up additional drilling prospects. It is anticipated that this work will be completed during 2010. Initial prognosis would suggest that prospective resources of up to 780 mbbls may be in place in the license area according to management estimates.
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