Otto Energy Limited advises that the Company has estimated the contingent resources at 8.5bcf (mid case), in the Edirne Licence, located in the Thrace Basin of Western Turkey.
The play concept and geological interpretations to date have resulted in six discoveries made in the six structures drilled. The as yet undrilled structures also have the potential for a further 15.7 bcf of gross prospective resources (mid case).
Otto’s updated estimate on the volumetric Gas Initially In Place (“GIIP”) ranges for the prospects are stated below with recoverable estimates based on a 70% recovery factor (RF). The resource estimates include the results from the recent drilling program completed in July 2008. Whilst robust, these figures are internally generated by Otto and have not yet been independently certified.
The main reservoir target in the Edirne Licence is at depths of between 250 and 500 metres, with the hydrocarbon accumulations being modest in size, but with proven multiple pay zones.
All six discoveries on the licence are in close proximity to each other and there are also a number of to yet-to-be drilled leads and prospects on the block with amplitude anomalies. Such proximity will allow cost-effective multiple-pool development of the field quickly and at relatively low-cost.
