EurOmax Resources Begins Drilling Yesiltepe-2 in Turkey

EurOmax Resources reports that site construction has been completed at the Yesiltepe-2 well site in Turkey and that a 1350 HP Upetrom MA-200 drilling rig is now being rigged up on the pad.

The Yesiltepe-2 well will be a step-out well on the Yesiltepe structure where the Company made a gas discovery during 2003 in the Yesiltepe-1 well. Re-evaluation of the Yesiltepe-1 well logs and seismic has indicated that the well was drilled on the flanks of the 28 square kilometer structure yet flowed 3.2 mmcf/d. Yesiltepe-2 will be drilled close to the interpreted top of the structure.

The drilling contract has been let to Turkish Petroleum International Company and Schlumberger Limited will perform logging services.

The Company has a 15% interest in the 950,000 acre Adana and Iskenderun licenses in southern Turkey after a farmout to Zorlu Petrogas (with its operator Merty Energy) who are earning their interest by funding and operating two wells and a 2D seismic program. Zorlu Petrogas is a part of Zorlu Energy group that owns and operates 18 electricity-generating plants and is a member of Zorlu Group the fourth largest company in Turkey.

Drilling Target

The Yesiltepe-2 well will be drilled at the top of a high relief anticline in Miocene age sediments. The Yesiltepe-1 well was drilled 600 meters to the west on the flanks of the anticline and flowed at 3.2 mmcf/d with no depletion under production test.

Well Location

Yesiltepe-2 is located in petroleum license AR/AOI/XIII/3596 at Latitude:36 07 27.87 N and Longitude:36 55 35.43 E that forms part of the Iskenderun Basin licenses approximately 70 kilometers to south east of Adana.

Participants in the well are Sorlu Petrogas (Opeartor Merty Energy) with 55%; EurOmax Resources with 15% and The Krystal Group Pte with 30%.