Omax Resources Ltd. has commenced drilling of the Yesiltepe-1 well, near the Turkish Mediterranean coast, which will test a major onshore structural target. The target is a series of stacked sandstone reservoir rocks which are expected to be intersected from about 250 meters to total depth of 2000 meters with a prospective zone of 1,850 metres gross and 600 meters net in adjacent wells.
The Yesiltepe anticline is a major structure and Amity, 80 percent partner and operator, estimates that it has a "most likely case" (50 percent probability) recoverable reserve potential of 270 billion cubic feet of gas, or 140 million barrels of oil, if hydrocarbons are present.
The "maximum case" (10 percent probability) is 1,028 billion cubic feet of gas or 536 million barrels of oil, if hydrocarbons are present.
The drilling program calls for setting of 13.375 inch diameter surface casing at about 280 meters and 9.625 inch diameter intermediate casing, between 450 meters and 900 meters, depending on hole conditions. 8.375-inch diameter hole is then programmed to drill to the proposed total depth of about 2000 meters. The well is programed to take 26 days to proposed total depth.
Omax has a 10 percent interest and Amity International Pty Ltd., a subsidiary of Amity Oil Limited, is operator with an 80 percent interest. Amity is an Australian listed company with an impressive record in Turkey.
Amity discovered and developed the Gocerler gas field in the Thrace basin in a mere 14 months after its discovery in October 2000. Initial flows exceeded 30 mmcf/d. Amity has drilled nine wells in Turkey with a 90 percent success rate.
Omax is a Canadian based oil and gas producer in Alberta with offices in Vancouver and Sofia, Bulgaria. The Company is focused on the acquisition of high impact oil and gas exploration and development opportunities in strategic international locations. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
