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Rollinginit,
But those fields are reservoired in the Garzan, not the Mardin which is the target for Basur and Resan so not an analogue.
It's the same as posters who should, and probably did, know better quoted Wytch Farm as an example of how good Horse Hill could be rather than Brockham or other Portland fields.
E Sadak is a recent field discovered by AME in 2014 with E Sadak-1 in the Mardin.
The Raman / Basut licence has been held by AME since 2016 and it looks like the Xodus farm-out brochure was a last attempt to get another company to drill the appraisal well. Presumably they had touted round their regular partners in Turkey, and probably tried the other members of the scout group (it is one of the purposes of the meetings) and had no takers so cast the net wider by hiring Xodus - who also do a lot of work for UKOG.
Perhaps their perception of risk was such they were not prepared to drill it themselves, nor shoot the seismic? The problem with seismIc (and wells) is it can be a very expensive way of proving you have nothing.
AME also has an exploration licence to the north of the E Sadak field which was relinquished some time ago.
Ninetails,
Seems my tablet changed your name and I hadn't noticed.......
Ocelot
Well, the area around Siirt in Turkey certainly appears to have decent prospects.
This, not from Ukog, but less than 15 miles from the city of Siirt.
_____
Three of these features trend onto our licences and have been on production since 1945, 1951 and 1961 with cumulative production in excess of 54 million, 34 million and 41 million barrels, respectively. Average well depth is 4,400 feet and oil ranges from 24.0 to 27.0 API.
______
Those long term production totals, even if assumed to be given in the last year, work out at roughly 1,300 BOPD for one of them and roughly 2,000 BOPD for the other two over many decades.
Also, the reference by Ukog of the Bukat anticline into Ukog's block and the forecast (separate from any information provided by Ukog) of recoverable reserves potential of 'well-over 200 million bbl of 27º API crude oil' in the Ispandika-Bukat area, which I find interesting.
Ukog have already RNS'd that they'll be doing 2D seismic in Turkey too, so should provide them and AME with a more informed choice of where to drill.
:o)
From Ukog's Turkey Appraisal Well Presentation:
_______
Recent Bukat-1 understood to have brought oil to surface from same reservoir formation as E. Sadak.
Bukat geological feature (anticline) extends into application block
______
Separately, this is what Sayer Group write about the prospect area around Siirt and Bukat recoverable reserves at the bottom.
_______
The Project :
The prospect area is located in Siirt-District X, Southeast Turkey, less than 15 miles south of the city of Siirt and represent the continuation of large producing anticlinal features.
Three of these features trend onto our licences and have been on production since 1945, 1951 and 1961 with cumulative production in excess of 54 million, 34 million and 41 million barrels, respectively. Average well depth is 4,400 feet and oil ranges from 24.0 to 27.0 API.
The Ispandika Anticline is considered to be a promising structure for testing the deeper Paleozoic strata with a relatively shallow well. The proposed location Ispandika-1 is thus near the structural crest but not within the Mardin outcrop, since field work suggests that the Ispandika fault could be a reverse fault, and a location down-dip avoids cutting through the fault into the down-thrown northern limb of the anticline.
Drilling location will be based on the seismic interpretation intergrated with the field geology,aerial photography and Landsat data. TMO, EPS & GYP have a 50 %, 25 % and 25 % net revenue lease on 238,431 acres.
Reserves :
The prospects in the Ispandika-Bukat area have a recoverable reserve potential, of well-over 200 million bbl of 27º API crude oil. Average depth of the prospects is in the order of 7,000 feet.
Given their lockdown, can the French still travel to Turkey ;)?
Or plagues of frogs?
Eid is special I agree but in some Moslem countries you can pretty much write off the whole of Ramadan - I think Turkey isn't as badly affected.
Mirasol,
Work always slows down during this period, and will essentially stop for the daily Iftar. In addition, they won't get much (if anything) done during the Eid.
Their quoted timing leads me to think that before Eid, they will try and get the site construction to a stage where they can at least move the Rig in, break for the Eid and then move the Rig in & finish the well location after Eid.
Why leave out locusts?
https://www.arabnews.com/node/1804536/middle-east
So far we have had terrorism, snow and religion as excuses for not working . Dare I bring up famine, flood, fire and pestilence and that way we have gotten them all out of the way.
not a major factor in Turkey
Ocelot,
Ramadan is coming on the 12th or 13th April though....
Rollinginit, we should all be laughing soon.....that's why all the naysayers are getting noisy....time will tell
Fully agree, Rollinginit.
It may have been on Thursday they tweeted some photos from Turkey, it is clear AME on pushing ahead at speed ... and there won't be an Easter break in Turkey!
Ozzy
Made me laugh and on this forum that's a result !
:O)
Ocelot
Many juniors in the sector are being poured over and considered for investment by PI's when they see an opportunity for developments and growth, even simply from the point of view that oil is up over 60% from November, 85% up from May and forecast to hit $100 by Goldman Sachs.
As touched on before, the Uk operations have been a complete drag from a 'time taken' perspective, so the following that relies on a third party operator who knows the territory in Turkey, with over fifty years under it's belt, and in a country where Uk Councils and Uk objectors don't exist, will be appealing:
From the RNS:
_____
"The breaking of ground at the new Basur-3 drilling site makes this material appraisal project very real and tangible.
The speed of entry into the operational phase, barely two months after government ratification of our entry into Turkey and despite pandemic constraints, nicely demonstrates the ability to move projects forwards at pace in Turkey, a welcome change from the UK.
We salute our highly experienced partner Aladdin Middle East's efforts in this respect and look forward to drilling and testing once the site is completed."
"Having operated there successfully for over fifty years, they know more about Oil and Gas in Turkey than Ukog, and of more relevance, they know one hell of a lot more than you and I."
Perfectly justifiable reason then to offer the fruits of all their labours and knowledge to a competitor and reduce returns to their own shareholders.
LMFAO!
Bigger 'genius' businessmen than our own Good Samaritan.
"It won't alter the positive changes here."
What positive changes?
The SP has hovered between 0.11p and 0.14 p for the whole of this year (and more).
It shot to 0.14p on Wednesday, its' year high.
On Thursday it went to 0.17p, before falling back to 0.135.
The only positive you could take from that was a briefly golden trading opportunity.
If you're trying to pump that into a positive sign.., bless. That's so sweet.
I wish it was!
I traded it massively for eighteen months, three and a half years ago
I'd be happy to do that again, if it were to ever gets back to those levels and ranges of volatility.
Won't ever count on long-term future with Salmon Slacks in place and a new placing still on the cards.
Nothing you or UKOG have said (HAH! UKOG.., saying something, lololol) has changed anything.
"apart from the swab test on Basur-3 which reportedly came up with "an extrapolated rate of 2,000 barrels of oil per day""
Those of us invested in ANGS know all about "extrapolated daily rates" from a very short test at Brockham
UKOG have said this (5th slide of their 23/03/21 presentation):
Prior Basur and Resan legacy
wells were drilled in the 1950s-60s in a pre seismic age and with
only rudimentary electric logging
• Prior legacy testing was severely
compromised as E. Sadak
demonstrates that pumping is
required to recover oil to surface.
Ibug
I'm more interested in AME's opinion, than UKOG's.
Having operated there successfully for over fifty years, they know more about Oil and Gas in Turkey than Ukog, and of more relevance, they know one hell of a lot more than you and I.
They're not just renowned in Turkey for their expertise, they're also considered experts in their field abroad, invited to speak at a webinar for CGEF, The Canadian Global Exploration Forum, in November last year.
_____
CGEF has three outstanding speakers discussing various aspects of the Turkish petroleum industry. Our first speaker will be Mr. Cem Sayer.
Mr. Sayer is the Chairman of the Board & President of Aladdin Middle East Ltd (AME). Aladdin is an independent oil and gas exploration and production company founded in 1961 and focused on the strategic exploration and exploitation of oil and gas assets in Turkey. AME is an industry leader in Turkish upstream and is the most senior private player in Turkey. Mr. Sayer will discuss AME’s operations in Turkey.
The second speaker is Ms. Berfu Aksoy. Berfu is a seasoned lawyer with extensive experience in Turkey’s energy industry. She is the founding partner of the Aksoy Law Offices based in Ankara and Istanbul. Ms. Aksoy will speak about Turkey’s oil and gas legislation and operating environment. She will also touch on the large offshore discovery recently announced by TPAO.
The third and final speaker is Mr. David Kisilevsky. Mr. Kisilevsky is Executive Vice President Exploration & COO of Gazelle Energy Limited. Gazelle Energy is a Canadian based, internationally-focused Exploration & Production company founded in 2018 and based in Calgary. Mr. Kisilevsky will give an overview of Gazelle’s exploration assets and opportunities in northwest Turkey.
Some of us have been here since 2013 unfortunately so don't believe everything we read from UKOG otherwise we wouldn't know about the other 8 wells which UKOG failed to report on apart from the swab test on Basur-3 which reportedly came up with "an extrapolated rate of 2,000 barrels of oil per day" but was never put into production but I wonder why. UKOG have never said. Makes you wonder.
8 wells drilled and not one put into production. Is the risk better or worse when they drill the 9th? I'm just going to rely on the hype to make my money.
Clearly more research than you Ibug.
You hadn't even looked at their own announcements and achievements.
Talking of 'egg on your face', this is also on their website, only eight months ago:
______
AME Press Release – Resan License
27/07/2020
AME is pleased to announce that it signed a binding heads of agreement with UK Oil & Gas Plc (London AIM: UKOG) to take a 50% non-operated working interest in our Resan Exploration License (AR/AME /K/M47-b1-b2).
AME has been a pivotal E&P company in the development of Turkey’s upstream sector for 60 years. Through AME's efforts many underexplored basins in Turkey have been evaluated, yielding a large amount of technical and geophysical information which has subsequently been exploited and, in turn, garnered significant financial and social benefits for Turkey.
Now, AME and UKOG will work together to develop the Resan exploration license, which covers an area of 30,548 hectares, located in Siirt province, which lies to the northwest of AME’s Eruh discovery. UKOG will fund the first well on this license, expected to commence in Q4-2020, as well as a 2D seismic program.
Cem Sayer, AME’s President, commented that he hopes to crown this co-operation with a discovery and referred to the following factors that contributed to UKOG’s decision:
AME’s outstanding success story and operational ability in Turkey
Turkey having the virtue of being a stable and solid country with accessible untapped potential in the Eastern Mediterranean despite the current regional political climate, comparing favourably to similar projects elsewhere in the world
Attractive fiscal terms and the ability to turn investment into cashflow in a relatively short period of time
A purchase guarantee for indigenous oil production at world benchmark oil prices
The Turkish Government’s positive attitude towards conventional and unconventional oil exploration and production projects at a time when many Western countries are backing away from these types of investment
Aladdin Middle East Ltd. ("AME") is an independent American oil and gas exploration and production company founded in 1961 and focused on the strategic exploration and production of oil and gas assets in Turkey. AME’s corporate head office is in Wichita, Kansas, while the company's operational headquarters is located in Ankara, Turkey. In 2018 AME also established a UK subsidiary in London to raise its international profile.
UKOG is an ambitious oil & gas exploration company, striving to support the drive for increased energy security for the United Kingdom, having a wide range of assets in the south of England. UKOG is listed and trading on London’s Alternative Investment Market (AIM). (website https://www.ukogplc.com/)
RollingInIt
So you did no research other than copy and paste what looked good from a couple of websites. The fact that AME have not updated their website for a few years leaves you short of real time information. They didn't even drill Hasancik.
I wonder how many other wonder kids bought in recently on the hype only to see the SP drop yesterday. Guess those buying at 0.18 wish they hadn't. Easter egg on face.
Ibug
You don't need 'to wait'.
You can look at their website yourself, anybody can. The words aren't mine, hence the lines drawn in the post, to separate my own views versus the information given by the parties involved.
It's written by AME, not me.
If you believe AME are 'misleading' everyone, which I don't, take it up with them.
RollingInIt
But I'm still waiting to find out which oil fields you were referring to. It's all very well finding an oilfield but another making money from it. Look at the Resan and Basur Oil fields. At least 8 wells drilled between the two but no production.