Amity's Cayirdere-3 Well Finds Gas

Amity Oil says the Cayirdere-3 well in Turkey reach a final total depth of 710 meters. Wireline logs indicated gas pay between 653 – 665 meters, as expected from the correlation with Cayirdere-1. Perforation interval will be 654 – 664 meters.

The Cayirdere-3 well is the second well on the Cayirdere field and the first development well. The Cayirdere-2 well will be drilled immediately after the completion of Cayirdere-3. Cayirdere-3 is located about 33 kilometers southeast of the Gocerler gasfield. The well will be a second production well on a shallow anticline with a coincident 2D seismic amplitude ("bright spot") anomaly.

The well is close to existing producing gas fields, pipelines and large industrial gas consumers. The well is being drilled in Petroleum Exploration License AR/AOI/3338, which forms part of "Area B" of the Thrace Joint Venture and is located approximately 120 kilometers west of Istanbul in Turkey’s onshore Thrace Basin.

The Cayirdere structure is a shallow anticlinal with strong amplitudes on the 3D seismic data. The closest wells to Cayirdere-3 is Cayirdere-1 which was put on early production last month. Cayiredere-3 will test the hydrocarbon and reservoir potential of the Danismen sands to appraise the production potential and extent of the Cayirdere Field. The well will be operated by TPAO.

Participants in the well are Amity Oil International Pty Ltd with 50% and Turkiye Petrolleri A.O. as the operator with 50%.