CALGARY, Sept. 26, 2012 /CNW/ - Anatolia Energy Corp. (the "Company") (TSX-V: AEE) reports that the Guvenir-1 well has been suspended after reaching a total depth of 1,956 meters. The well was drilled ahead of schedule and significantly below the projected budget of US$6.0 million (gross and net), with the total cost of the well expected to be approximately US$2.5 million (gross and net). The Company maintains a positive working capital balance of approximately US$2 million and has approximately US$5 million in restricted cash and cash call receivables available for upcoming work programs in Turkey.
Guvenir-1 is the first well drilled in an unexplored basin that covers 845,418 gross acres (422,709 net) at the intersection of two major hydrocarbon systems. Based on geological data collected during drilling operations, the well is interpreted to have penetrated Ordovician-age strata, with no evidence of the Silurian Dadas Shale present at that location. The well, however, intersected a younger section with hydrocarbon shows. This newly identified section indicates the possibility of a thick sedimentary basin with potential source rocks across the Antep area, and appears to be analogous to similar source rock intervals and producing horizons found in northeastern Syria. A core taken from 1,954 to 1,956 meters is being analysed for age dating and hydrocarbon source rock potential which when combined with the VSP data will assist in better correlating the existing seismic and creating more precise maps of potential new horizons. Detailed analysis of the data will be required to assess the full potential of this zone and the well bore will be available for re-entry pending further interpretation of the seismic and well data.
Anatolia will be developing a new suite of prospects and plays in preparation for additional drilling in this district in 2013.
Upcoming Dadas Shale Activity
Anatolia is planning to perform a Dadas Shale fracture stimulation test on the Bismil Licence in Q1/2013 to demonstrate the ability to mobilize hydrocarbons 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 Çalık Enerji San. ve Tic. AŞ., the wholly-owned oil and gas subsidiary of the large Turkish conglomerate Çalık Holding A.Ş., 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.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that it will be commercially viable to produce any portion of the prospective resources.
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, information with respect to: ultimate economic viability of the Dadas Shale, operational decisions and the timing thereof, and timing for drilling and exploration plans on the properties of Anatolia. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Anatolia believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on forward-looking information because Anatolia can give no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Anatolia undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. For further information on the Company and the risks associated with its business, please see the Company's AIF dated June 4, 2012, which is available on SEDAR. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Anatolia Energy Corp.
For further information:
Peter Argiris, VP Business Development
Anatolia Energy Corp.
403.802.0770 ext. 225