Quote:
Originally Posted by
shasta
Look if Argentina is a goer, i'll be happier than a fat kid in a candy shop!
$1m drills onshore in Santa Rosa with the potential for > 200mmbos :eek:
If OEL remains around 30c for too much longer i'll be topping up myself!
Dam guys, I did not get home from work till after close, opes dumping and I missed an absolute bargin.
30 cents and they announce outstanding news, should have gone up five cents.
And this is only some icing on a big cake. Producing oil in 3 weeks.;)
4 April 2008
Australian Stock Exchange
By ASX online
Otto discovers substantial gas in first of 5 wells in Turkey
Australian based oil & gas company Otto Energy (ASX:OEL) and
Incremental Petroleum (ASX:IPM) are pleased to announce the discovery of
several gas bearing intervals in Ikihoyuk-1, the first of the 5 well drilling
program in the Edirne Licence in Western Turkey. (Ikihoyuk-1 has been
drilled to a total depth of 520m.)
Highlights:
•
Ikihoyuk-1 encountered several potential gas pay intervals
totalling some 28m between 323m and 468m. This is
significantly more than anticipated.
•
The depth of pay and the porosities encountered are also greater
than expected
•
The Ikihoyuk structure is one of 17 mapped on 2007 3D seismic
and is a downthrown fault trap with a structural closure of about
1.7 sq km. The closure is coincident with strong amplitudes on
seismic.
•
Ikihoyuk-1 is now being completed for flow testing at the end of
the 5 well drilling campaign.
The five well drilling program is designed to prove up additional volumes of
gas to enable a combination of these shallow fields to be placed on production
by mid-2009. The partners in the Edirne gas project are Incremental
Petroleum 55%, Otto Energy 35% and Turkish partner Petraco 10%.
Commenting on the news, Dr Jaap Poll, Director of Otto Energy said:
“Otto is pleased with these better than expected results in its first of 5 well drilling campaign.
Ikihoyuk-1 is the 4
th well drilled since Otto acquired the licence in 2004. All 4 exploration
wells have resulted in gas discoveries based on seismically mapped traps with amplitude and
geochemical anomalies. We seemed to have found the key to success in this licence, which
augers well for the remainder of the drilling program.”
The attached release from the Joint Operator Incremental provides further details on the
Ikihoyuk-1 well.
Yours sincerely
DR JAAP POLL
Director
For further information visit Otto’s website
www.ottoenergy.com or contact:
Jaap Poll Jill Thomas
Otto Energy Limited
PPR Investor Relations
+61 (0) 8 9226 0001 +61 (0) 8 9388 0944
Attached Incremental release
ABN: 38 115 711 601
20 Howard Street PERTH WA 6000 Po Box Z5490 PERTH WA 6831
Ph: +618 9481 8696 Fx: +618 9481 2394
4 April 2008
Australian Stock Exchange
By ASX online
Incremental discovers gas in first well of Erdine Drilling - Turkey
Highlights:
•
Ikihoyuk 1 well has encountered 28 metres of net gas, in the target pay
zone between 323m and 468m.
•
Discovery zone is three times greater than prognosed.
•
Present operation is running 5 inch casing on the Ikihoyuk 1 well and the
rig will then move to the next well in the five-well program - Ortakci 1.
•
Ikihoyuk 1 will be tested, along with any other discoveries, at the end of
the 5-well drilling campaign anticipated to last about six weeks.
Incremental Petroleum announces that the first well in the 2008 Edirne
onshore drilling campaign in Western Turkey (IPM 55%) has discovered
almost three times the prognosed gas pay.
ORTAKCI
IKIHOYUK
ARPACI 2
KUZEY
ARPACI
0 5 km
3D AREA
LICENCE
BOUNDARY
LOCATION MAP
BATI YAGCI
Figure 1. Location of five wells in 2008 Edirne drilling campaign
The Ikihoyuk 1 well discovered 28 metres of net gas pay, based on
wireline log analysis, between 323m and 468m. Average porosity is
excellent at 26 per cent. Total depth of the well is 520m.
The pay is deeper than prognosed, adding significantly to preliminary
mapped reserves (based on the greater gas compressibility at depth).
ABN: 38 115 711 601
20 Howard Street PERTH WA 6000 Po Box Z5490 PERTH WA 6831
Ph: +618 9481 8696 Fx: +618 9481 2394
Ikihoyuk was drilled without incident and is total exploration costs are
currently approximately 15% below budget.
Ikihoyuk 1 will be flow tested, along with any other discoveries at the end
of the 5-well drilling campaign, anticipated to last about six weeks.
The Ikihoyuk structure is one of 17 structures mapped on the 2007 3D
seismic and is a downthrown fault trap.
The excellent results from this first well, together with gas previously
discovered in the 2007 exploration campaign, continue to build the
resources needed for substantial gas development in Edirne.
The partners in the Edirne Gas project are Incremental Petroleum 55%,
Otto Energy 35% and Petraco, as joint operator, with 10%.
Gerard McGann
Managing Director
ABN: 38 115 711 601
20 Howard Street PERTH WA 6000 Po Box Z5490 PERTH WA 6831
Ph: +618 9481 8696 Fx: +618 9481 2394
About Incremental Petroleum
Incremental was formed by a syndicate of petroleum industry experts in 2003
and listed on the ASX on 20 October 2005.
Its key strategy is to acquire low risk oil and gas assets and apply world class
technical expertise to develop the assets and their productivity.
Incremental’s major asset is the Selmo oilfield in Turkey, the second largest
oilfield in Turkey by cumulative production. The field has estimated oil initially
in place of approximately 500 million barrels, with a low recovery factor
(about 82 million barrels produced to date).
There are 47 wells at Selmo, 22 of which are still producing. The oil is sold at
the field gate and sent by truck to a refinery 40km away.
There is considerable scope for improved production and recovery at Selmo
– an oilfield which has a long life and provides an excellent net cash flow.
A second major asset in Turkey is the Edirne gas project in which Incremental
has a 55% interest. Gas discoveries have already been made in 2 wells out of
3 drilled and there is scope for more discoveries. Five additional wells will be
drilled this year.
Incremental has offices in Perth in Western Australia and in Istanbul and
Ankara in Turkey.
Incremental paid a maiden dividend of 3 cents per share in October 2006, a
capital return of 5 cents per share in May 2007, an interim dividend of 3 cents
per share in October 2007 and has declared a final dividend of 3 cents per
share payable in July 2008.