Syria: Kulczyk-Loon spud Block 9 Ordovician prospect

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%.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...