Anatolia Energy Announces Spudding of the Giremir-1 Well on the
Sinan Licence in Turkey
CALGARY,
Jan. 15, 2013 /CNW/ - Anatolia Energy
Corp. (the "Company") (TSX-V: AEE) is pleased to announce that its
partner, Çalık Enerji San. ve Tic. AŞ. ("Calik"), has commenced
drilling at Giremir-1, the initial exploration well on the Sinan
Licence in Turkey, where Anatolia
can earn a 50% interest.
The Giremir-1 commitment well will satisfy the
drilling requirements on the Sinan Licence pursuant to its Joint
Venture agreement with Calik and as required by the General
Directorate of Petroleum Affairs ("GDPA"), Turkey's energy regulatory body.
Drilling of Giremir-1 satisfies the work commitment of the Sinan
Licence during its initial four year exploration period and
satisfies the district drilling obligation which includes the
Bismil Licences.
Giremir-1 is expected to be drilled to a depth
of approximately 1,250 meters for a total cost of US$1.4 million. The deepest horizon to be drilled
will be the Upper Sinan Formation. Although its hydrocarbon
potential is unknown in this area, the Paleocene age reservoir
produces oil in 5 fields in southeastern Turkey; most notably at the Selmo Field which
is located approximately 47 kilometres northeast of the Giremir
well.
The Sinan and Bismil Licences encompass 17,833
(8,917 net) and 245,699 gross (122,850 net) acres, respectively,
and are well-located within the Dadas Shale Oil trend as well as
the Cretaceous and Ordovician conventional oil plays. Activity
focused on the Dadas Shale continues to gain momentum with numerous
drilling and testing operations currently on-going in the area,
including the drilling of the first well of the Shell and Turkish
Petroleum ("TPAO") joint venture approximately 20 km from the
Company's Sinan Licence border. Under the terms of the TPAO-Shell
agreement announced in November 2011,
Shell is expected to drill five wells into the Dadas Shale
formation.
Upcoming Dadas Shale Activity
Anatolia continues to work towards the optimal
design of a fracture stimulation test of the Silurian Dadas Shale
on the Bismil Licence. The tests are due to be carried out in
2013 with the aim of flowing hydrocarbons from the shale. A large
volume of physical and geochemical data extracted from the shale
cores has led management to anticipate a positive fracture response
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).
Amending JV Terms
The Company and Calik recently amended the Joint
Venture agreement for Sinan, Antep and Besni such that the final
payment to trust of $6.5 million due
March 31, 2013 has been extended to
August 1, 2013 to better reflect the
timing of the respective work programs. In addition, the parties
agreed to amend the JV Supplemental agreement with an option to
earn an additional 25% at Bismil (Dadas Shale) such that the
payments to trust have been amended to $1.5
million on August 1, 2013 and
$10 million on March 31, 2014 to better reflect the timing of
the respective work programs.
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.
SOURCE Anatolia Energy Corp.