Joint venture partners Otto Energy and Incremental Petroleum declared the confirmation of several gas bearing intervals in Ortakci-1 exploration well, the third of a 5-well drilling program currently underway in the Edirne Licence in Western Turkey.

Highlights

--Ortakci-1 encountered approximately 20m net gas pay intervals located between 238m and 332m, with excellent porosity averaging 25%.

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--Ortakci-1 was drilled to a total depth of 524m and the present operation is running casing for flow testing once drilling of all five wells is completed.

--Ortakci-1 is the largest and western-most of the 17 structures mapped on the 2007 3D seismic, covering an area of approximately 3 sq km.

--The drilling rig will now be moved to the 4th well site Arpaci-2, an updip appraisal well of the Arpaci-1 discovery made in 2006.

The 5-well program 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.

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

Commenting on the news Alex Parks, CEO of Otto Energy said: "This is another excellent result - with a total of six new-field gas discoveries now made from six wells drilled since Otto acquired the Edirne licence in 2004. These small gas fields are relatively close together and can be developed through a central development hub. We look forward to commercializing these discoveries once the drilling and testing program has been completed by end June 2008 …."

Tags: Otto Energy Limited