Incremental Petroleum Spuds 4th Well at Edirne

Incremental Petroleum (IPM) and Otto Energy (OEL) announced that the six gas wells drilled to date in the Edirne Gas license (three in 2008) have discovered sufficient gas to proceed to FEED (Front end Engineering Design). First gas sales are anticipated before mid 2009. Drilling in the concession continues, with the fourth well in the 2008 program, Arpaci 2, expected to spud today. Arpaci 2 will be drilled to a total depth of 480m, and is expected to take about 5 days to reach TD.

Arpaci 1 was drilled in 2006 with the location selected from the 2D seismic interpretation. The 2007 3D seismic program confirmed a larger closure than previously mapped and Arpaci 2 is located in an optimal location to drain that accumulation, some 650m NE of Arpaci 1. The Arpaci structure is a NW oriented fault bounded anticlinal structure, with strong seismic amplitudes at more than one level. The closure covers a mapped area of about 2.7 sq. km. The primary reservoir is prognosed below about 150m.

The partners in the Edirne Gas project are Incremental Petroleum 55%, Otto Energy 35% and Petraco Energi (10%), who are also the joint operator with Incremental.