Extrem Energy gains offshore Turkey license extension
Turkish authorities have granted Extrem Energy an extension of its Candarli Bay license in the Aegean Sea until October 2012. The corresponding drilling commitment date (by which a well should be spudded) has been extended until April 2011. The license commitments can be extended for a further year if required, the company says.
Existing well and seismic data show evidence of a working hydrocarbon system in the license area, Extrem Energy says. Early-middle Miocene outcrops onshore demonstrate source rock potential, with further potential indicated within the Eocene shales that also provide the source rock in the nearby Thrace basin. The reservoirs are thought to be sandstones within a basin floor fan structure as well as shallower fractured zones of limestones, the company says.
The company plans further seismic work to firm up additional drilling prospects. Extrem estimates prospective resources of up to 780 MMbbl in the license area.