Source: Indigo Pool
Extrem Energy Inc., a Turkish exploration and production joint venture, is inviting companies to join them to explore their high potential asset in Aegean Sea, reports IndigoPool.
The Candarli Bay offshore block, license AR/EXT/4219, is located in the prolific Western Anatolian Region, off the western coast of Turkey in water that ranges from 10 to 150 meters deep.
A joint venture between Merty Group and Xtract Energy Spain, Extrem holds 100 percent interest in the 49,059-hectare block and is making up to 50 percent of the interest available to select companies.
Multiple leads and prospects provide billion barrel potential in the block. Extrem estimates up to 663 million BOE in potential resources on the block in the oil lead and up to 491 million BOE in the gas lead.
The prospect includes 4,500 meters of thick Tertiary sedimentary clastics and a resource potential of up to 1.15 billion BOE.
Commercial oil was recently discovered in the closest analogue basin, where the company recently drilled and put wells on production.
There is an established infrastructure with a refinery south of the license -- facilitating reasonable development and early monetization in the high demand domestic market.
The work plan includes seismic acquisition in 2011, followed by an exploration well.
Companies looking to gain a foothold in the region or wanting to increase their portfolio exposure in Turkey, which offers excellent fiscal terms, should consider this opportunity, advises IndigoPool.