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Omax Acquires Interest in Adana Basin

Source: www.gulfoilandgas.com 3/22/2004, Location: Europe

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 basin.

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.


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