Anatolia Energy announces operational update
Friday, Feb 15, 2013Anatolia Energy Corp. (the "Company") (TSXV: AEE) reports that Giremir-1, the initial exploration well on the Sinan Licence in Turkey, has completed drilling operations at a total depth of 1,250 metres. The well was drilled ahead of schedule and on budget at an estimated cost of US$1.4 million. The well penetrated the Upper Sinan Formation at a depth of 1,066 metres.
Giremir-1 satisfies the drilling commitment on the Sinan Licence pursuant to the Company's Joint Venture agreement with Calik and as required by the General Directorate of Petroleum Affairs ("GDPA"), Turkey's energy regulatory body. While no hydrocarbon shows were encountered during drilling or logging, Giremir-1 satisfies the work commitment of the Sinan Licence and also satisfies the district drilling obligation which includes the Bismil Licences. Satisfying the drilling commitment and retaining the acreage was a key management priority given the value believed to be held in the Sinan and Bismil Licences, which encompass 17,833 (8,917 net) and 245,699 gross (122,850 net) acres, respectively. The Licences are well-located within the Dadas Shale Oil trend as well as the Cretaceous and Ordovician conventional oil plays. Giremir-1 provides Anatolia with a cost-effective way of advancing the regional strategy for shale oil development in what management believes to be a world class shale oil resource.
Activity in the Southeast Anatolian Basin continues to gain momentum with numerous drilling and testing operations currently on-going. This includes very positive conventional drilling results by TransAtlantic Petroleum Ltd., who recently announced 425 bopd (30-day IP) and 375 bopd (20-day IP) rates from conventional horizontal wells located approximately 16 kilometres from the Company's Bismil Licence border. Activity in the Dadas Shale also continues to progress as drilling of the first well of the Shell and Turkish Petroleum ("TPAO") joint venture continues. The well is located approximately 20 kilometres from the Company's Sinan Licence border. Under the terms of the TPAO-Shell agreement announced in November 2011, Shell is expected to drill five
wells into the Dadas Shale formation.
Upcoming Dadas Shale Activity
Anatolia continues to work towards the optimal design of a fracture stimulation test of the Silurian Dadas Shale on the Bismil Licence. The tests are due to be carried out in 2013 with the aim of flowing hydrocarbons from the shale. A large volume of physical and geochemical data extracted from the shale cores has led management to anticipate a positive fracture response from the shale. The Bismil and Sinan Licences in Turkey provide the Company with exposure to 263,532 gross acres (131,766 net) of Dadas Shale and/or conventional oil prospective acreage.
The Company's independent third party resource evaluator, Ryder Scott, has allocated 94 MMBbls (47 MMBbls net) of unrisked prospective resources related to the Dadas Shale on the Bismil and Sinan Licences (June 11, 2012 news release).
About Anatolia Energy Corp.
Anatolia is an international oil and gas company engaged in the exploration and development of oil and gas assets in Turkey. Anatolia has the right, pursuant to its joint venture agreements with Calik Enerji San. ve Tic. A ., the wholly-owned oil and gas subsidiary of the large Turkish conglomerate Calik Holding A. ., to earn working interests between 25% and 50% in two development licences and working interests of 50% in nine exploration licences covering 1,162,856 gross acres of land in Turkey's proven Southeastern oil basin. Anatolia is focused on four play types in Turkey namely the Silurian Dadas shale
oil trend, Paleozoic Bedinan sand trend, Cretaceous Mardin strike slip trend and Garzan reef trend. The Dadas formation in southeast Turkey is an extension of the prolific Silurian source rocks of the Middle East.
SOURCE Anatolia Energy Corp.
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