Gulf Oil and Gas accountACCOUNT

Jkx Oil & Gas Plc Announces Farm-In To Exploration Licenses, Onshore Turkeyjkx Oil & Gas

Source: www.gulfoilandgas.com 5/14/2005, Location: Europe

JKX Oil & Gas plc (JKX) announces that it has farmed into the Karakilise onshore exploration licenses, close to the city of Diyarbakir in south-eastern Turkey. This group of three licenses which cover a total of 1,230 sq km contains one oil discovery and a number of strong leads.

JKX will earn a 30% interest in the permits by paying 30% of the costs expended on discovery well Karakilise 1 and the associated production facilities, and funding its 30% share of the next planned appraisal well, Karakilise 2. Total cost to JKX of US$2.25 million has been agreed for this initial participation, of which US$0.75 million will be paid from production revenue.

Karakilise 1 was drilled in 2003 and initially flowed 300 barrels per day of 32o API oil from the cretaceous Mardin formation, a fractured carbonate which is the primary producing horizon in this area; currently, the well is producing at approximately 60 barrels of oil per day. Karakilise 2 is scheduled to be drilled during the second quarter of 2005 with the goal of proving up reserves of between 10 and 20 million barrels of oil in this structure. The Karakilise discovery is close to a number of fields discovered by Shell between 1960 and 1980.

Successful completion of Karakilise 2 will be followed by the drilling of at least one further well in 2005 and acquisition of 2-D seismic to define further the main Karakilise structure and to firm up an adjacent lead.

The permits are currently held by: Aladdin Middle East Ltd, (AME), 80%; Avenue Energy Inc, (Avenue), 15%; and Ersan Petrol Sanayii A.S, (Ersan), 5%. AME, the operator, is a US registered company with a number of exploration licenses and producing properties in Turkey; AME and its associated companies also own a number of drilling rigs and can provide a wide range of oilfield services. Ersan, a Turkish registered company, is an associate of AME. Avenue is a US registered company which holds interests in a number of exploration licenses in Turkey. JKX is acquiring its 30% from AME (24.5%) and Avenue (5.5%).

JKX has also entered into a Memorandum of Understanding with AME on participation in additional exploration activities in Turkey, and in the potential utilisation of AME’s drilling services on JKX Ukrainian licenses.

Acquisitions and Divestitures News in Turkey >>

Brazil >>  7/15/2019 - Karoon Energy Ltd (KAR) make the following statement in relation to the news published by Upstream on the 12 July 2019. Karoon confirms it has been n...
China >>  7/15/2019 - MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the company’s acquisition of the mari...

Georgia >>  7/15/2019 - Block Energy Plc (Block) is pleased to announce it has increased its working interest (WI) in the West Rustavi licence (West Rustavi) from 71.5% to 10...
Australia >>  7/12/2019 - INPEX CORPORATION (INPEX) announced today that through a subsidiary, it was awarded an exploration permit for Release Area AC/P66 (the Block) as Oper...

Norway >>  7/12/2019 - PGNiG Upstream Norway has acquired 20 percent shares in the Duva field – PL 636 and PL636B licenses – from Wellesley Petroleum AS. First production is...
Canada >>  7/10/2019 - Fugro and partner Amplified Geochemical Imaging (AGI), are reporting recent success selling multiple licences for data from frontier regions offshore ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Turkey Oil & Gas 1 >>  2 | 3 |

More News

Related Links

00 AL AT BE BG CH CY CZ DE DK ES FI FR GR HR HU IE IT MT NL NO PL PT RO SE SI TR UK
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.