EurOmax Continues Well Testing on Yesilteppe-2

The Yesiltepe-2 well in Turkey, where EurOmax has a 15% carried interest, reached TD at 1260 meters. Numerous gas shows were recorded during drilling with the mud weight increased to 10.6 ppg. The well was logged, seven inch casing was run to TD and a testing program commenced.

The Operator Zorlu elected to test multiple intervals within the well commencing with the lowest most zone. Three intervals, selected from logs were perforated and tested through casing, but did not yield economic hydrocarbons. Delays in delivery of perforation equipment resulted in the most promising zones uphole and those which we believe correlate with the interval in the Y-1 well which flowed 3.2 mmcf/d, remaining untested. Due to other contractual commitments the rig was released and further testing will be done using a smaller rig.

Karahan-1 Well

Site construction for the Karahan-1 well is well advanced. The contracted rig is expect to mobilise to site with the well spudding in early March. The 2000 meter well is targeting a well-defined reefal limestone at the top of the Upper Serravalian Kuzgun Formation. Seismic modelling indicates the top of the structure at a depth of 1850 meters with a closure of 100 meters of closure. The target reef has a similar structural and geological setting to the Bulgurdag oilfield discovered by Mobil 10 kilometers to the north and on production since the 1960s. EurOmax has a 15% carried interest in this well.