Today the partners are moving to start a 10-week long 3D survey covering 149sq.km of what is considered to be the most prospective area of the permit, including three gas discoveries the joint venture made in 2005-06, Otto said.

Otto chief executive Alex Parks said the company has a high drilling success rate in the Thrace Basin by targeting structures with strong amplitude events on the seismic survey, supported by geochemical results.

“The current operations are the foundation for a well-planned and hopefully successful multi-well drilling campaign the joint venture partners have scheduled to commence later this year,” he said.

The 2D seismic and geochemical sampling programs were designed to provide further data on the Urun prospect – estimated to contain 10 billion cubic feet of gas-in-place – as well as initiate wider exploration in the periphery of the licence, which to date has very little seismic coverage.

The surface geochemical survey, undertaken using Gore technology, detects elevated gas readings in surface soil samples, indicating the possible presence of hydrocarbons gradually seeping from subsurface accumulations.

In combination with seismic data, it assists with prospect ranking.

Otto holds a 35% stake in the Edirne licence in partnership with Incremental (45%), Petrako (10%) and Merty (10%).