By OGJ editors
HOUSTON, Jan. 24 – Valeura Energy Inc., Calgary, is drilling at 1,670 ft at the Altinakar-1 wildcat on License 2674 in southeastern Turkey’s Karakilise area targeting light oil in the Ordovician Bedinan sandstone at 8,200 ft.
Valeura defined the 1.9 sq km tilted fault block prospect on 2D seismic it shot in the fourth quarter of 2010. The company is funding 100% of the $4.0 million turnkey cost of drilling as part of the Phase I earning program under the previously announced farm-in agreement with Aladdin Middle East Ltd. and Guney Yildizi Petrol Uretim Sondaj, Muteahhitlik ve Ticaret AS.
If Altinakar-1 succeeds, regulatory approval likely could be secured for a 3-year extension to the license term that would enable further evaluation of more than 10 undrilled prospects and leads identified in the Bedinan formation from the new 2D seismic.
Rendering from Cedar LNG.
US Government Accountability Office.
