Otto on hunt for more Turkish delights

OTTO Energy is returning to its roots in Turkey, announcing that the company has started a 175km line seismic survey in the Edirne licence, onshore Thrace Basin.
Otto on hunt for more Turkish delights Otto on hunt for more Turkish delights Otto on hunt for more Turkish delights Otto on hunt for more Turkish delights Otto on hunt for more Turkish delights

Through its 100%-owned Turkish subsidiary, Edirne Energy, Otto will be fully-carried through this seismic survey, which forms part of a $3 million farm-out to Incremental Petroleum.

Incremental, which operates the Selmo oil field in eastern Turkey, will earn a 15% interest in the Edirne licence, while Otto will retain a 65% beneficial interest.

Otto managing director Dr Jaap Poll said the survey was designed to investigate and mature at least two additional drilling targets near the Bati Umur-1 gas discovery made last December.

“The already identified Koyustu prospect, the Bati Umur discovery and the Arpaci-1 well are all in close proximity to several leads with amplitude anomalies, which will allow for cost-effective development once commerciality has been established through further drilling,” Poll said.

“It is believed that with the attractive gas pricing in Turkey, as little as 1.5-2 billion cubic feet [Bcf] may be commercial in this area close to market.”

Operator Merty Energy has estimated the Bati Umur-1 well contains 1.29Bcf of P50 recoverable gas at the main pay level or 1.03Bcf at the P90 level of confidence and 1.72Bcf of P10 reserves.

loader