Incremental’s business plan involves acquiring low-risk, ageing, producing oilfields and apply world-class technical expertise to increase production and recoveries.
Incremental managing director Gerry McGann re-located to Turkey in early October to manage the operation and activities to enhance the oilfield have begun.
Incremental said 3D seismic data archived by the previous operator has been confirmed useable and full re-interpretation is underway, and a well work-over program planning is in progress to obtain incremental increases in production.
In addition, a study on the fractures of the Selmo Field by Dr Joerg Mattner, a leading structural geologists specialising in the Middle East, has been completed.
The geological study and the re-interpretation of the 3D seismic will guide technical reviews in order to prepare the company’s oil reserve announcement to be made in the thrid quarter of next year. The technical reviews will also be used to plan two deviated sidetrack wells in the second quarter of next year, which may be followed by two new horizontal wells in the subsequent quarter.
An engineering review will start later this month to identify and improve surface operating efficiencies, Incremental said.
The company has also been awarded three new exploration licenses in southern Turkey’s Adana Basin through its wholly owned subsidiary, PEMI.
“The blocks total 149,013 hectares, and have been awarded for a period of four years,” said chairman Chris Cronin.
“They are juxtaposed to the two existing PEMI licences in the Adana Basin. Licences 4121 and 4122 are about 20 km from the producing Bulgurdar Oilfield, which was discovered in the 1960’s and has produced about 2.7 million barrels of oil.
“The licences have been acquired with a view to conducting the preliminary work, and sourcing farm-out to partners prior to drilling. Exploration work on these licences will be funded through the Decree 20 “use or lose” 8.75% royalty in place on the Selmo oilfield. There will be no net cost to the company’s operations for these activities.”
