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Azure Resources Corporation (WKN: A0NHKT)
Azure encounters two gas shows in Cayirlik-1 well
2013-01-31 17:00 ET - News Release
Mr. Omair Choudhry reports
GAS SHOWS ENCOUNTERED FROM THE CAYIRLIK-1 WELL THRACE BASIN, TURKEY
Azure Resources Corp.'s drilling of the seismically identified Cayirlik-1 well in the Thrace basin in Turkey reached the planned total depth of 800 metres on Thursday, Jan. 31, 2013. The well is now being conditioned for wire-line logging by Schlumberger starting on Friday, Feb. 1, 2013, following which the well will be cased.
Two gas show intervals were encountered in Osmancik sands between 447 metres to 460 metres and 540 metres to 565 metres with good gas saturation. Upon evaluation of the Schlumberger log data, flow testing of the well will be scheduled. The flow test results will be released upon availability. The well is approximately three kilometres from a gas pipeline tie-in point.
The Catalca licence covers 36,429 hectares and is situated 30 kilometres west of Istanbul. The company has the right to a 45-per-cent working interest in the Catalca licence and 50 per cent of the company's interest is subject to an earn-in agreement with Emperor Oil Ltd.
We seek Safe Harbor.