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Otto spuds Arpaci-2 well - Western Turkey

Source: www.gulfoilandgas.com 5/7/2008, Location: Europe

Joint venture partners Otto Energy and Incremental Petroleum announced that the Arpaci-2 appraisal well spudded in the Thrace Basin of Western Turkey. It is expected the Arpaci-2 well will reach planned total depth of around 480m by early next week.

Highlights
• The Arpaci-2 well is an appraisal well located up dip from the Arpaci-1 discovery well which was drilled by Otto in January 2006.
• The Arpaci prospect has the same “direct hydrocarbon indicators” on seismic as the other prospects which coincides with interpreted reservoir intervals.

The well is the fourth of the five well drilling program, which is designed to prove up significant volumes of gas to enable a combination of these gas discoveries to be placed on production by mid-2009. To date there has been a total of three discoveries from three of the current program wells drilled.

The partners in the Edirne Gas project are Otto Energy 35%, and Joint Operators Incremental Petroleum 55%, and Turkish partner Petraco 10%.

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