By OGJ editors
HOUSTON, July 22 – Kulczyk Oil Ventures Inc., Calgary, through its Loon Latakia Ltd. subsidiary, has spud the Itheria-1 exploratory well on Block 9 in Syria.
Drilling time to 3,256 m is estimated at 80 days. The well will test a large structure with four-way dip closure defined by 3D seismic in an area 200 km east of the city of Latakia. Primary targets are sandstones of Ordovician age. The Bashaer prospect is to be drilled next.
Loon Latakia has 50% participating interest in the 2.48 million acre Block 9 production sharing contract and has an agreement to assign 5% to a third party, subject to Syrian approval. Pursuant to a farmout, MENA Hydrocarbons (Syria) Ltd. will fund 60% of the cost of drilling Itheria-1. After that, costs will be shared MENA 60%, Triton Petroleum Pte. Ltd. 20%, and Kulczyk Oil 20%.