By OGJ editors
HOUSTON, Jan. 19 -- Incremental Petroleum Ltd., Perth, plans to start development drilling at Selmo, Turkey's second largest oil field by cumulative production.
The field produced 149,294 net bbl of oil in the three months since Incremental acquired 100% interest in the field from Valentia Exploration & Production Ltd. in October 2005 for $39.8 million.
The field, discovered by Mobil Oil Corp. and on production since 1964, has given up 16% of the estimated 500 million bbl of original oil in place from a Middle Sinian limestone and dolomite at 5,700 ft.
The field, in southeastern Turkey, is believed to be a candidate for horizontal drilling, and IPL has begun working over the 22 active wells. Selmo is within 200 km of the borders with Iraq and Syria.
IPL sells the field's moderately light crude to state Turkiye Petroleo Anonym Ortagligi at the price of Arab medium crude, or UK Brent minus $5/bbl.