Cub Energy Inc. (Cub) (KUB) announces the completion of drilling operations for the Yolduzu-1 (Y-1) exploration well in Turkey. The Company has the right to earn a 50% interest in the Y-1 well from its joint-venture partner, Calik Petrol.
Yoduzu-1 Exploration Well
The Y-1 was drilled to a total depth of 1,300 metres with the primary objective to test the Cretaceous Mardin Group in the Anatolian Basin of southeast Turkey. The Y-1 well is the first of two prospects on a structural trend near the Sambayat oilfield. The Sambayat Oilfield is the largest oil discovery in Turkey in the past 10 years. Data from the Y-1 well will be used to calibrate the second prospect on the Besni Licence.
Oil shows were observed during the drilling of the Karababa and Derdere formations of the Mardin group and open-hole logs over the corresponding intervals indicate the potential presence of hydrocarbons. However, two drill stem tests were run over the Mardin Group, which is a fractured reservoir, and no commercial oil was recovered on the tests. The well was open-hole completed in the interval 1,008 to 1,300 metres and operations have been temporarily suspended pending observation and further study of the results to date.
Drilling of the Y-1 well fulfilled the government drilling activity obligation for the western Anatolian District. As such, Cub and Calik Petrol continue to hold 8 licences covering 899,324 gross acres in the western district of the Anatolian Basin.
Cub is also focused on the unconventional Dadas Shale oil trend in the eastern part of the basin where it holds the Bismil and Sinan licences totaling 263,532 gross acres. Planning is underway for a well to be drilled in the first half of 2014 to test the Dadas in the Bismil licence.