Omax Resources Limited (the “Company”) is pleased to announce the
acquisition of a 33.3% interest in the 381,500 acre Adana oil and gas permits in
Southern Turkey. The company has acquired this interest in exchange for a
16.7% interest in the Iskenderun concessions. Following this transaction the
Company will have a 33.3% interest in both the Iskenderun and Adana acreage
for a net holding of 318,000 acres in Turkey.
The Adana Sub-basin contains a 5km thick sedimentary sequence ranging in
age from the late Maastrichtian to the present day. There are numerous oil and
gas seeps in the basin which were the initial targets for exploration activity.
Early onshore success was achieved in 1960 with the discovery of the
Bulgurdag Oil Field, which Mobil subsequently placed on production. There are
many wells which have been drilled over the last 40 years, mostly by the state oil
company, TPAO, which have had good oil and gas shows.
In three years 432 line km of historic seismic was reprocessed and 135 line km
of new high quality seismic acquired. Interpretation of this data defined
numerous carbonate-reef plays as well as several potentially large structural
leads and prospects. During 2003 an attempt to test one of these reefal plays
was abandoned after drilling difficulties were encountered in a thick salt
section. Future activities will focus on areas outside the zone of salt influence.
Of the many prospects which remain untested the most promising are:
- A SW plunging four-way dip closure with potential for up to 75 BCF
has been defined by reprocessed and new seismic data. There is
good evidence for early structural growth, and lines in both dip and
strike direction show that closure has been set up by existing
basement topography. It is perched on the edge of a thick Lower
Miocene section and should be well located to trap hydrocarbons.
Exploration wells to the east indicate that there is 8-24m of good
visual porosity in the target Tortonian sandstones. Aside from
additional processing this prospect is drill ready.
- Additional prospectivity also exists at the Lower Tortonian/Serravalian
level where a regional trend of four-way dip closures has been
identified. The largest of these closures is a 14 sq km structure which
could have gas in-place of more than 100Bcf. Interestingly this target
is the closest structure in the permits to the best gas discoveries in the
Omax and its Partner are presently negotiating with the Turkish regulatory
authorities for an extension of the drilling obligation in order to acquire
additional seismic prior to better define drilling targets.