Anatolia Energy provides operational update
Friday, Apr 06, 2012
Anatolia Energy Corp. (the "Company") (TSX-V: AEE) reports that the operator has finished drilling and testing the initial exploration well (Las Palmeras-1) on the LLA-24 block in the Llanos basin in Colombia. The well encountered oil and gas shows in 32 feet of sandstone in the Gatcheta formation, and was perforated and tested from 7680 feet to 7674 feet, 7669 feet to 7662 feet, and 7578 feet to 7565 feet. Swab tests from the intervals indicated fresh water and emulsion, but wet weather in the area has made operations difficult and the partners have decided to suspend operations to prevent getting equipment from being stuck at the well site. Insufficient fluid was recovered to allow determination of whether the water recovered was mud filtrate or formation water, thus rendering results from the well as inconclusive. Assignment of Anatolia’s interest in the LLA-24 block is subject to approval by the Agencia Nacional de Hidrocarburos.
The Company is in the process of reviewing its alternatives for the LLA-24 block; however the primary strategic focus going forward will be its Turkish assets.
Turkey Assets and Updated Shale Resource Report
The Company is nearing the completion of its 2D and 3D seismic interpretation that was shot late in 2011 on its Bismil, Besni and Antep blocks. Upon completion of the interpretation, Anatolia, along with its partner Calik Enerji (“Calik”), will determine a drilling location on either the Besni or Antep licence to commence drilling in Q2 or Q3 of 2012.
The analysis of the five cores, or approximately 30 meters, taken from the Caliktepe-2 well within the Dadas shale are undergoing detailed analysis for oil quality, rock mechanics, geochemistry attributes and reservoir properties with results expected to be announced before the end of the month.
In addition, Anatolia is in the process of engaging a qualified, independent third party engineer to provide an NI 51-101 compliant resource evaluation update on the Company’s unconventional Dadas shale resource play. The previous resource report completed in April 2011 by AJM Petroleum Consultants allocated 24.9 million barrels of net prospective resources from 718 million net barrels of undiscovered petroleum initially in place in the Dadas shale and included only the Bismil licence with limited information. Since that report, the Company has drilled a well and acquired approximately 115 km of 2D and 206 km² of 3D at Bismil in addition to 377 km and 96 km of 2D seismic at Antep and Besni respectively. Anatolia anticipates the updated report will include estimated prospective shale resources on both its 478,428 gross acre (239,214 net) Antep licence and its 245,699 gross acre (122,850 net) Bismil licence. The updated report is expected to be completed in May 2012.
Anatolia, along with its partner Calik, have applied for seven additional licences within the Company’s focus area in the SE Anatolian Basin with the acreage including development, shale and exploration upside. The company anticipates hearing the outcome of these licence applications over the next few months.
Source: Anatolia Energy
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