CALGARY, April 4, 2012 /CNW/ - 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.
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 and Colombia. Anatolia has the right, pursuant to its joint venture agreements with Calık Enerji, 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 50% in six exploration licences covering an aggregate of 336,509 net acres of land in Turkey's proven Southeastern oil basin. Anatolia is focused on four play types in Turkey namely the Paleozoic Bedinan sand trend, Cretaceous Mardin strike slip trend, Garzan reef trend and Silurian Dadas shale oil trend. The Silurian Dadas shale oil play in Turkey is the major source rock throughout 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: 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 Joint Information Circular dated November 7, 2011, 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 press release.
For further information:
Peter Argiris, VP Business Development
Anatolia Energy Corp.
403.802.0770 ext. 225