Omax Acquires Interest in Adana Basin
|Monday, March 22, 2004
Omax Resources has acquired a 33.3% interest in the 381,500 acre Adana oil and gas permits in Southern Turkey. The company has acquired this interest in exchange for a 16.7% interest in the Iskenderun concessions. Following this transaction the Company will have a 33.3% interest in both the Iskenderun and Adana acreage for a net holding of 318,000 acres in Turkey.
The Adana Sub-basin contains a 5km thick sedimentary sequence ranging in age from the late Maastrichtian to the present day. There are numerous oil and gas seeps in the basin which were the initial targets for exploration activity. Early onshore success was achieved in 1960 with the discovery of the Bulgurdag Oil Field, which Mobil subsequently placed on production. There are many wells which have been drilled over the last 40 years, mostly by the state oil company, TPAO, which have had good oil and gas shows.
In three years 432 line km of historic seismic was reprocessed and 135 line km of new high quality seismic acquired. Interpretation of this data defined numerous carbonate-reef plays as well as several potentially large structural leads and prospects. During 2003 an attempt to test one of these reefal plays was abandoned after drilling difficulties were encountered in a thick salt section. Future activities will focus on areas outside the zone of salt influence.
Of the many prospects which remain untested the most promising are:
Omax and its Partner are presently negotiating with the Turkish regulatory authorities for an extension of the drilling obligation in order to acquire additional seismic prior to better define drilling targets.