Antares spuds new Turkish well

ANTARES Energy says its Velimese-2 well, spudded in Turkey’s Thrace Basin on Monday, is a relatively low-risk, high-value exploration operation designed to test potential gas-bearing sands of the Danisman formation.

Velimese-2 is a follow-up to the Velimese-1 well drilled in 2000, which had gas shows. Subsequent 3D seismic has indicated the original well had missed the structure.

The well will drill 1,550 metres into the Varved Shales of the Danismen Formation and is expected to take about 20 days to complete, according to Antares managing director Howard McLaughlin.

“This well is part of an ongoing program to maintain our target gas production levels from our three Turkish gas fields and test near-field exploration targets,” McLaughlin said.

“It will test a relatively low-risk high-value exploration target identified in the 3D seismic acquired last year.”

Antares Energy is a 50% partner for this well. The other partner, and operator of Area "B" of the Thrace Joint Venture, is Türkiye Petrolleri AO.

The well is about 120 kilometres west of Istanbul and 13km south-east of the Antares Energy’s Gocerler Gas Field.

The company's Turkish gas is sold domestically into a market that has high gas prices. Antares has 14 producing wells operating in Turkey and an inventory of attractive exploration prospects generated from 3D seismic.

But while the company's revenue base is in Turkey, future growth will largely come from its US assets, according to McLaughlin.

"Our Turkish producing assets are mature and stable, with additional exploration upside," McLaughlin said.

"They are a platform for launching our high-growth operations in the US."

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