JKX Announces Farm-In To Exploration Licences, South East Turkey
Source: www.gulfoilandgas.com 1/10/2008, Location: Europe
JKX Oil & Gas announced that it has farmed into two exploration licences in the Bismil South area of south east Turkey. The licences cover a total of 590 sq km in the Zagros Foldbelt petroleum province. JKX has acquired a 20% interest in the licences from the operator, Arar Petrol Ve Gaz Aup AS (“ARAR”). ARAR is a private Turkish exploration and production company and now holds 55% of the licence interest.
The South East Zagros Foldbelt is the main exploration and production area in Turkey. The Bismil South licences are situated immediately south of the giant Bati Raman oilfield which produces from Cretaceous age carbonates of the Mardin Group. JKX also holds a 30% interest in the adjacent Karakilise licences operated by Aladdin Middle East Inc.
JKX anticipates spending approximately US$2.5 million through the first half of 2008, which includes its share of the ongoing exploration programme and a contribution to exploration costs to date. The forward exploration programme comprises acquisition of 120 km of new 2D seismic data and drilling Well Koyunlu 2, an appraisal to the 2006 Cretaceous discovery Well Koyunlu 1.
