Çatalca Block, Turkey
The licence area is 36,429 hectares and is located 30 km. west of Istanbul in the Thrace Basin - the most prolific gas producing basin in Turkey. The block is approximately 3 km. from the pipeline tie-in point. Gas is currently priced between $8.00 to $9.00/MCF in Turkey.
Geology (Thrace Basin)
The Thrace Basin is located in the European part of Turkey, to the west of Istanbul. The Thrace Basin is the most important gas producing basin in Turkey with more than 15 gas fields and 3 oilfields have been discovered in this basin and 70% of the basin remains under explored. The Thrace Basin has excellent infrastructure and is a Tertiary Clastic Basin.
Work Completed at Çatalca Block
Approximately 100 km. 2-D seismic has been shot and 5 separate seismic structural leads have been identified - Targets 'A' through 'E'.
The Damlica-1 Well successfully drilled in 2010 in Target 'A' obtained a gas discovery with good reservoir qualities; 29% porosity and 500 m.darcy permeability. The overall target depth in the licence; is up to 800 m. The comparative flow rates in the basin are up to 500,000 m3/day.
2011 - 2012 Development Plan
- The objective is to bring forward 2 of the 5 Targets with the view to production and cash flow by year end 2011.
- For the 2011 Work Program, a flow test in the Damlica-1 Well Target 'A'.
- Completed infill 2-D seismic on Targets 'A' and 'B'; approximately 112 line km and to drill a second well in Target 'A', drill a third well in Target 'B'.
- Install centralized gas gathering facility, separator, compressor etc, conclude gas sales contract, and conclude geology geophysics and drilling plan for 2012.