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.
