Anatolia Energy Announces Operational Update and Preliminary Results from the Guvenir-1 Well in Turkey
September 26 2012 - 8:00AM
PR Newswire (Canada)
CALGARY, Sept. 26, 2012 /CNW/ - Anatolia Energy Corp. (the
"Company") reports that the Guvenir-1 well has been suspended after
reaching a total depth of 1,956 meters. The well was drilled ahead
of schedule and significantly below the projected budget of US$6.0
million (gross and net), with the total cost of the well expected
to be approximately US$2.5 million (gross and net). The Company
maintains a positive working capital balance of approximately US$2
million and has approximately US$5 million in restricted cash and
cash call receivables available for upcoming work programs in
Turkey. Guvenir-1 is the first well drilled in an unexplored basin
that covers 845,418 gross acres (422,709 net) at the intersection
of two major hydrocarbon systems. Based on geological data
collected during drilling operations, the well is interpreted to
have penetrated Ordovician-age strata, with no evidence of the
Silurian Dadas Shale present at that location. The well, however,
intersected a younger section with hydrocarbon shows. This newly
identified section indicates the possibility of a thick sedimentary
basin with potential source rocks across the Antep area, and
appears to be analogous to similar source rock intervals and
producing horizons found in northeastern Syria. A core taken from
1,954 to 1,956 meters is being analysed for age dating and
hydrocarbon source rock potential which when combined with the VSP
data will assist in better correlating the existing seismic and
creating more precise maps of potential new horizons. Detailed
analysis of the data will be required to assess the full potential
of this zone and the well bore will be available for re-entry
pending further interpretation of the seismic and well data.
Anatolia will be developing a new suite of prospects and plays in
preparation for additional drilling in this district in 2013.
Upcoming Dadas Shale Activity Anatolia is planning to perform a
Dadas Shale fracture stimulation test on the Bismil Licence in
Q1/2013 to demonstrate the ability to mobilize hydrocarbons from
the shale. The Bismil and Sinan Licences in Turkey provide the
Company with exposure to 263,532 gross acres (131,766 net) of Dadas
Shale and/or conventional oil prospective acreage. The Company's
independent third party resource evaluator, Ryder Scott, has
allocated 94 MMBbls (47 MMBbls net) of unrisked prospective
resources related to the Dadas Shale on the Bismil and Sinan
Licences (June 11, 2012 news release). About Anatolia Energy Corp.
Anatolia is an international oil and gas company engaged in the
exploration and development of oil and gas assets in Turkey.
Anatolia has the right, pursuant to its joint venture agreements
with Çalık Enerji San. ve Tic. AŞ., the wholly-owned oil and gas
subsidiary of the large Turkish conglomerate Çalık Holding A.Ş., to
earn working interests between 25% and 50% in two development
licences and working interests of 50% in nine exploration licences
covering 1,162,856 gross acres of land in Turkey's proven
Southeastern oil basin. Anatolia is focused on four play types in
Turkey namely the Silurian Dadas shale oil trend, Paleozoic Bedinan
sand trend, Cretaceous Mardin strike slip trend and Garzan reef
trend. The Dadas formation in southeast Turkey is an
extension of the prolific Silurian source rocks of the Middle East.
Cautionary Statements Prospective resources are those quantities of
petroleum estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations by application of
future development projects. Prospective resources have both an
associated chance of discovery and a chance of development.
There is no certainty that it will be commercially viable to
produce any portion of the prospective resources. Certain
information included in this press release constitutes
forward-looking information under applicable securities
legislation. Such forward-looking information is provided for
the purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate
for other purposes, such as making investment decisions.
Forward-looking information typically contains statements with
words such as "anticipate", "believe", "expect", "plan", "intend",
"estimate", "propose", "project" or similar words suggesting future
outcomes or statements regarding an outlook. Forward-looking
information in this press release may include, but is not limited
to, information with respect to: ultimate economic viability of the
Dadas Shale, operational decisions and the timing thereof, and
timing for drilling and exploration plans on the properties of
Anatolia. Forward-looking information is based on a number of
factors and assumptions which have been used to develop such
information but which may prove to be incorrect. Although
Anatolia believes that the expectations reflected in such
forward-looking information is reasonable, undue reliance should
not be placed on forward-looking information because Anatolia can
give no assurance that such expectations will prove to be correct.
Readers are cautioned that the foregoing list is not exhaustive of
all factors and assumptions which have been used. Anatolia
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change,
unless required by law. For further information on the Company and
the risks associated with its business, please see the Company's
AIF dated June 4, 2012, which is available on SEDAR. The
reader is cautioned not to place undue reliance on this
forward-looking information. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Anatolia Energy Corp.
CONTACT: please contact:Peter Argiris, VP Business
DevelopmentAnatolia Energy Corp.403.802.0770 ext. 225
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