Australian based oil & gas company Otto Energy and Incremental Petroleum reports the spudding of the first well in 2008 of the Edirne gas project in Western Turkey.

Highlights:

• Ikihoyuk 1 is the first of five wells planed, targeting a total of 10 – 20 bcf of recoverable gas from shallow reservoirs in the Thrace basin, onshore Turkey.

• The structures are considered relatively low risk as they are close to the existing gas discoveries made by the Joint venture in 2006/2007 and are covered by 3D seismic.

• The intention is to prove up gas volumes with the five well exploration program and develop the fields for production in 2009.

CEO of Otto Energy, Alex Parks, said, “Otto is pleased to be commencing our 2008 drilling program in the Thrace basin of Turkey. The extensive 2D and 3D seismic surveys acquired in 2007 have given us over 10 attractive targets and the targets we will drill in this campaign are considered to be relatively low risk and easily tied back to a central facility to allow us to commercialise the discoveries efficiently.”

Tags: Incremental Petroleum, Otto Energy Limited