Turkey, Thrace Basin
Total Land Package: 36,429 hectares (90,018 acres)
- Emperor Oil owns 22.5 % of Azure’s 45% interest in 36,429 hectares (90,018 acres) of the Catalca Hydrocarbon License located in Turkey’s Thrace Basin
Target: Conventional Gas
Emperor Oil Ltd. (the “Company”) has partnered with Azure Resources Corporation to earn a 22.5% net working interest in Azure’s 45.0% interest in the Catalca Hydrocarbon Licence located in Turkey’s Thrace Basin - the most prolific gas producing basin in Turkey. The Catalca Licence covers 36,429 hectares situated some 30 km. west of Istanbul and is approximately 3 km. from a pipeline tie-in-point for sales at significantly better prices than currently available in North America. Azure is a joint operator with Merty Energy Petroleum Exploration Services Inc., a local drilling and exploration company that has been operating in the region for over 20 years.
The Company reports that 112km of 2D infill seismic has been completed and interpretation of the data is currently underway. 5 separate seismic structural leads have been identified thus far and the companies plan to drill 2 wells which are expected to produce similar results as their Damlica-1 well which was successfully drilled in 2010 – Obtaining a gas discovery with good reservoir qualities; 29% porosity and 500 m.darcy permeability. The overall target depth in the licence; is up to 800 m. The comparative flow rates in the basin are up to 500,000 m3/day.
Çatalca Block, Turkey
The licence area is 36,429 hectares and is located 30 km. west of Istanbul in the Thrace Basin -. The block is approximately 3 km. from the pipeline tie-in point. Gas is currently priced between $8.00 to $9.00/MCF in Turkey.
Geology (Thrace Basin)
The Thrace Basin is located in the European part of Turkey, to the west of Istanbul. The Thrace Basin is the most important gas producing basin in Turkey with more than 15 gas fields and 3 oilfields have been discovered in this basin and 70% of the basin remains under explored. The Thrace Basin has excellent infrastructure and is a Tertiary Clastic Basin.
Work Completed at Çatalca Block
2012 - 2013 Development Plan
- The objective is to bring forward 2 of the 5 Targets with the view to production and cash flow by year end 2012.
- For the 2012 Work Program, a flow test in the Damlica-1 Well Target 'A'.
- Completed infill 2-D seismic on Targets 'A' and 'B'; approximately 112 line km and to drill a second well in Target 'A', drill a third well in Target 'B'.
- Install centralized gas gathering facility, separator, compressor etc, conclude gas sales contract, and conclude geology geophysics and drilling plan for 2013