Anatolia Energy Announces Spudding of the Giremir-1 Well on the Sinan Licence
CALGARY, Jan. 15, 2013 /CNW/ - Anatolia Energy Corp. (the "Company") (TSX-V:
AEE) is pleased to announce that its partner, Çalık Enerji San. ve Tic. AŞ.
("Calik"), has commenced drilling at Giremir-1, the initial exploration well
on the Sinan Licence in Turkey, where Anatolia can earn a 50% interest.
The Giremir-1 commitment well will satisfy the drilling requirements on the
Sinan Licence pursuant to its Joint Venture agreement with Calik and as
required by the General Directorate of Petroleum Affairs ("GDPA"), Turkey's
energy regulatory body. Drilling of Giremir-1 satisfies the work commitment
of the Sinan Licence during its initial four year exploration period and
satisfies the district drilling obligation which includes the Bismil Licences.
Giremir-1 is expected to be drilled to a depth of approximately 1,250 meters
for a total cost of US$1.4 million. The deepest horizon to be drilled will be
the Upper Sinan Formation. Although its hydrocarbon potential is unknown in
this area, the Paleocene age reservoir produces oil in 5 fields in
southeastern Turkey; most notably at the Selmo Field which is located
approximately 47 kilometres northeast of the Giremir well.
The Sinan and Bismil Licences encompass 17,833 (8,917 net) and 245,699 gross
(122,850 net) acres, respectively, and are well-located within the Dadas Shale
Oil trend as well as the Cretaceous and Ordovician conventional oil plays.
Activity focused on the Dadas Shale continues to gain momentum with numerous
drilling and testing operations currently on-going in the area, including the
drilling of the first well of the Shell and Turkish Petroleum ("TPAO") joint
venture approximately 20 km from the Company's Sinan Licence border. Under the
terms of the TPAO-Shell agreement announced in November 2011, Shell is
expected to drill five wells into the Dadas Shale formation.
Upcoming Dadas Shale Activity
Anatolia continues to work towards the optimal design of a fracture
stimulation test of the Silurian Dadas Shale on the Bismil Licence. The
tests are due to be carried out in 2013 with the aim of flowing hydrocarbons
from the shale. A large volume of physical and geochemical data extracted from
the shale cores has led management to anticipate a positive fracture response
from the shale. The Bismil and Sinan Licences in Turkey provide the Company
with exposure to 263,532 gross acres (131,766 net) of Dadas Shale and/or
conventional oil prospective acreage. The Company's independent third party
resource evaluator, Ryder Scott, has allocated 94 MMBbls (47 MMBbls net) of
unrisked prospective resources related to the Dadas Shale on the Bismil and
Sinan Licences (June 11, 2012 news release).
Amending JV Terms
The Company and Calik recently amended the Joint Venture agreement for Sinan,
Antep and Besni such that the final payment to trust of $6.5 million due March
31, 2013 has been extended to August 1, 2013 to better reflect the timing of
the respective work programs. In addition, the parties agreed to amend the JV
Supplemental agreement with an option to earn an additional 25% at Bismil
(Dadas Shale) such that the payments to trust have been amended to $1.5
million on August 1, 2013 and $10 million on March 31, 2014 to better reflect
the timing of the respective work programs.
About Anatolia Energy Corp.
Anatolia is an international oil and gas company engaged in the exploration
and development of oil and gas assets in Turkey. Anatolia has the right,
pursuant to its joint venture agreements with Çalık Enerji San. ve Tic.
AŞ., the wholly-owned oil and gas subsidiary of the large Turkish
conglomerate Çalık Holding A.Ş., to earn working interests between 25% and
50% in two development licences and working interests of 50% in nine
exploration licences covering 1,162,856 gross acres of land in Turkey's proven
Southeastern oil basin. Anatolia is focused on four play types in Turkey
namely the Silurian Dadas shale oil trend, Paleozoic Bedinan sand trend,
Cretaceous Mardin strike slip trend and Garzan reef trend. The Dadas
formation in southeast Turkey is an extension of the prolific Silurian source
rocks of the Middle East.
Prospective resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development. There is no
certainty that it will be commercially viable to produce any portion of the
Certain information included in this press release constitutes forward-looking
information under applicable securities legislation. Such forward-looking
information is provided for the purpose of providing information about
management's current expectations and plans relating to the future. Readers
are cautioned that reliance on such information may not be appropriate for
other purposes, such as making investment decisions. Forward-looking
information typically contains statements with words such as "anticipate",
"believe", "expect", "plan", "intend", "estimate", "propose", "project" or
similar words suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this press release may include, but is not
limited to, information with respect to: ultimate economic viability of the
Dadas Shale, operational decisions and the timing thereof, and timing for
drilling and exploration plans on the properties of Anatolia.
Forward-looking information is based on a number of factors and assumptions
which have been used to develop such information but which may prove to be
incorrect. Although Anatolia believes that the expectations reflected in
such forward-looking information is reasonable, undue reliance should not be
placed on forward-looking information because Anatolia can give no assurance
that such expectations will prove to be correct. Readers are cautioned that
the foregoing list is not exhaustive of all factors and assumptions which have
been used. Anatolia undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change, unless required by law. For further information on the Company and the
risks associated with its business, please see the Company's AIF dated June 4,
2012, which is available on SEDAR. The reader is cautioned not to place
undue reliance on this forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Peter Argiris, VP Business Development Anatolia Energy Corp. 403.802.0770 ext.
SOURCE: Anatolia Energy Corp.
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CO: Anatolia Energy Corp.
NI: OIL FIELD
-0- Jan/15/2013 18:38 GMT
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