CALGARY,
Feb. 14, 2013 /CNW/ - Anatolia Energy
Corp. (the "Company") (TSXV: AEE) reports that Giremir-1, the
initial exploration well on the Sinan Licence in Turkey, has completed drilling operations at a
total depth of 1,250 metres. The well was drilled ahead of
schedule and on budget at an estimated cost of US$1.4 million. The well penetrated the Upper
Sinan Formation at a depth of 1,066 metres.
Giremir-1 satisfies the drilling commitment on
the Sinan Licence pursuant to the Company's Joint Venture agreement
with Calik and as required by the General Directorate of Petroleum
Affairs ("GDPA"), Turkey's energy
regulatory body. While no hydrocarbon shows were encountered during
drilling or logging, Giremir-1 satisfies the work commitment of the
Sinan Licence and also satisfies the district drilling obligation
which includes the Bismil Licences. Satisfying the drilling
commitment and retaining the acreage was a key management priority
given the value believed to be held in the Sinan and Bismil
Licences, which encompass 17,833 (8,917 net) and 245,699 gross
(122,850 net) acres, respectively. The Licences are
well-located within the Dadas Shale Oil trend as well as the
Cretaceous and Ordovician conventional oil plays. Giremir-1
provides Anatolia with a cost-effective way of advancing the
regional strategy for shale oil development in what management
believes to be a world class shale oil resource.
Activity in the Southeast Anatolian Basin
continues to gain momentum with numerous drilling and testing
operations currently on-going. This includes very positive
conventional drilling results by TransAtlantic Petroleum Ltd., who
recently announced 425 bopd (30-day IP) and 375 bopd (20-day IP)
rates from conventional horizontal wells located approximately 16
kilometres from the Company's Bismil Licence border. Activity in
the Dadas Shale also continues to progress as drilling of the first
well of the Shell and Turkish Petroleum ("TPAO") joint venture
continues. The well is located approximately 20 kilometres
from the Company's Sinan Licence border. Under the terms of the
TPAO-Shell agreement announced in November
2011, Shell is expected to drill five wells into the Dadas
Shale formation.
Upcoming Dadas Shale Activity
Anatolia continues to work towards the optimal
design of a fracture stimulation test of the Silurian Dadas Shale
on the Bismil Licence. The tests are due to be carried out in 2013
with the aim of flowing hydrocarbons from the shale. A large volume
of physical and geochemical data extracted from the shale cores has
led management to anticipate a positive fracture response 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.
Cautionary Statements
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.