Otto Energy Limited (ASX:OEL)
Perth, May 13, 2009 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) advises that the field operator Petroleum Exploration Mediterranean Int. Pty Ltd (PEMI), has advised that the Kirmizihoyuk exploration well located in the Edirne Licence, onshore Western Turkey was spudded on 12 May 2009.
The Kirmizihoyuk-1 well is located 4km NNW of the Bati-Umur 1 discovery drilled in 2008. The planned total depth of the well is 450 metres and is expected to take approximately 12 days to drill. Kirmizihoyuk-1 targets P50 prospective gas resources of approximately 0.75bcf within the Osmancik formation.
Six gas discoveries have been made to date on the Edirne Licence with a number of prospective leads having been identified on 3D seismic, including the Kirmizihoyuk prospect.
Otto holds a 35 per cent interest in the Edirne Licence. The Edirne Licence is operated by joint venture partners PEMI (55%) and Petraco (10%).
The Company will update the market on drill results once the well reaches total depth.
Contact
Jill Thomas
Investor Relations Manager
Tel: +61-8-6467-8803
Email: thomas@ottoenergy.com
| ||
|
