Tethys Oil earns 10 percent interest in the Hoto license in Turkey

Source: www.gulfoilandgas.com 4/27/2004, Location: Europe

Tethys Oil AB (“Tethys Oil”) has concluded a geological and geophysical review over the Hoto license onshore South Eastern Turkey whereby Tethys Oil has fulfilled the requirements to earn a ten percent interest in the Hoto license from the current license holder and operator Aladdin Middle East Ltd (AME).

The review entailed reinterpretation of 45 km of 2D seismic lines, geological correlation of seven previous wells from the area, including several wells from nearby oil fields and reservoir analysis of well logs.

Based on the review Tethys Oil concludes that the prospectivity of the license is confirmed. Tethys Oil will therefore agree to earn an additional 35 percent interest in the license by funding 60 percent of an exploration well subject to finalisation of a joint operating agreement with AME.

Tethys Oil will set up a Branch office in Turkey and start well preparations with the operator as soon as the joint operating agreement has been finalised, with a view to begin drilling an exploration well on the license before the end of the current quarter.

The Hoto license is located on trend with several producing oilfields in South Eastern Turkey.



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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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