Worldwide Energy News - Article

This article is extracted from International Oil Letter, Vol 22 issue 51 published 25 December 2006.

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Arar preparing to test Koyunlu 1 - Turkey

Domestic operator Arar Oil & Gas is about to test a 41m interval of fractured Garzan Formation carbonates in its Koyunlu 1 well in exploration license 4172 in District X (Siirt), in the Zagros Province. The Koyunlu-1 target is testing the eastern portion of a structure with similarities to the Raman field structures and in addition to the Garzan, also has the underlying carbonates of the Mardin Group as an objective. The structure has the potential to host recoverable reserves of 31 MMb. Australian explorer Eureka is earning a 20% interest in this and the adjoining exploration license from Arar by funding 20% of past exploration costs and 30% of the dry hole costs of Koyunlu 1 and a second well prior to which additional seismic may be run. Eureka has the option to increase its interest in the project to 45% by exercising an option to acquire an additional 25% participating interest from Arar.

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