Only 20km from potential gas markets, the Bati Umur-1 and Arpaci-1 wells will target reservoirs at less than 800 metres depth, allowing for cost effective drilling and rapid development upon success, according to Ottoman.

“The structures are modest in size, but multiple pay zones may be present,” said managing director Dr Jaap Poll.

“Also, the prospects are in close proximity to each other, thereby allowing cost effective multiple pool development.”

Poll said the joint venture had carried out a continuous program of data reviews and field surveys since Ottoman’s ASX listing in December 2004.

The program consisted of prior data acquisition, reprocessing and re-interpretation, followed by detailed geological, geochemical and seismic surveys.

Ottoman said the Thrace Basin had a good surface outcrop of most of the sub-surface target intervals, which were near existing wells and selected drilling prospects.

Results from the geochemical survey over the most prospective part of the licence produced a suite of surface gas anomaly maps, which would serve as grading tools in selecting targets.

A 142km line seismic survey over existing structural leads also identified four confirmed prospects and several leads, Ottoman reported.

Three of the four prospects have associated Direct Hydrocarbon Indicators (DHIs) and positive geochemical anomalies, and have now been classified as mature drilling prospects. Bati Umur and Arpaci will start drilling in late October, with Koyustu to follow if these wells are successful.

Upon discovery of potentially commercial quantities of gas, Ottoman will start conducting follow-up seismic 2D and 3D surveys, appraisal drilling and gas marketing reviews to achieve early cash flow.