Syria: Large oil resource estimated on Block 9

By OGJ editors
HOUSTON, Mar. 21
– Consulting engineers issued best estimates of 135 million bbl of oil and 101 bcf of gas to the Itheria prospect and 20 million bbl and 8 bcf to the Bashaer prospect on Block 9 in Syria, said Kulczyk Oil Ventures Inc., Calgary.

The resource estimates are attributable to Kulczyk’s 45% effective interest in the block. The company holds 100% participating interest in the block and has agreements to assign 55% to third parties subject to Syrian approval. The block covers 2.48 million acres in northwestern Syria.

Geological evaluation and the interpretation of a 420 sq km 3D seismic survey shot by Kulczyk Oil over the southeastern part of Block 9 in 2010 led to identification of the two prospects and an improved understanding of the subsurface.

The planned total depth of Itheria-1 is 3,200 m, and estimated drilling time is 66 days. The well will evaluate a four-way dip closure and is expected to spud in June 2011. Bashaer-1 has a planned total depth of 2,600 m about 10 km northwest of Itheria-1.



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