Perth, Jan 19, 2009 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) and joint venture partner Incremental Petroleum announce that two gas bearing intervals have been identified in the Ikihoyuk-2 appraisal well located in the Edirne Licence, Western Turkey.
Ikihoyuk 2 is located 620m west of Ikihoyuk 1 and encountered 27 metres of net gas pay between 395m and 482m, based on wireline log analysis. Average porosity is an excellent 26%. Total depth of the well is 500m. The present operation is running 5 inch casing. The well will not be tested at this time but completed for production.
In April 2008, Otto announced that substantial gas was discovered in the Ikihoyuk-1 exploration well, which was the first exploration well of the 2008 drilling campaign.
Ikihoyuk-1 discovered several gas pay zones with the depth of pay and porosities greater than expected. The Ikihoyuk-2 well was drilled to appraise this structure which is so far the largest within the Edirne licence and is considered by the Joint Venture as the most attractive candidate for early development for production in Q4 2009.
CEO of Otto Energy Mr Alex Parks said, "The Ikihoyuk structure is one of seventeen structures that were mapped from 3D seismic undertaken in 2007. Following last year's very successful drilling campaign this now brings us to a total of six gas discoveries in the permit. The Ikihoyuk-2 appraisal well results confirms that this is the largest accumulation discovered so far, as it is slightly deeper and has multiple pay zones. Given the relatively low cost for development and the high gas price in Turkey, the Ikihoyuk structure has been earmarked for early development."
Edirne Licence Working Interest:
Otto Energy 35%
Incremental Petroleum (Joint Operator) 55%
Petraco (Joint Operator) 10%
Contact
Jill Thomas
Investor Relations Manager
Tel: +61-8-6467-8800
Mobile: +61-439-440-016
Email: thomas@ottoenergy.com
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