AYO unknown

laying it on thick., page-4

  1. 313 Posts.
    yes-1 farm-in Here's an article from Canada Newswire re the YES-1 farm-in by Omax:

    Omax Farms Into Turkish Exploration Acreage

    1Tcf or 500 Million Barrel Target to be Drilled Initially

    /NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE
    UNITED STATES/

    Issued Capital:
    22,944,126 common shares

    Stock Exchange
    TSX Venture Exchange
    Symbol: OXR

    Issued Capital:
    22,944,126 common shares

    Stock Exchange

    TSX Venture Exchange
    Symbol: OXR

    VANCOUVER, June 11 /CNW/ - Omax Resources Ltd. Is pleased to announce that its wholly owned subsidiary Omax International Limited has executed a farm-in agreement with Amity Oil International Pty Ltd to earn a 10% working interest in its 570,000 acre Iskenderun Basin project in Turkey. Amity will be the operator and drilling is expected to commence shortly.
    The Yesiltepe-1 well will test a major onshore structural prospect near the Turkish Mediterranean coast, close to substantial gas markets and crude
    oil handling facilities.
    Amity is an Australian listed company with an impressive record in Turkey, Amity discovered and developed the 130 Bcf Gocerler gas field in the
    Thrace basin in a mere 14 months after its discovery in October 2000. Initial flows exceeded 30 mmcf/d. Amity has drilled nine wells in Turkey with a 90% success rate. In 2003, Amity have drilled 2 exploration and 2 development wells all of which encountered economic hydrocarbons.

    Target

    The Yesiltepe prospect is a high relief anticline in Miocene age sediments, similar to those at Amity's Gocerler Gasfield. The structure has been defined by 2D seismic shot by Amity early this year and reprocessed old seismic. Eight nearby, but off-structure old wells, have tested oil and gas, or had strong shows during drilling, from stacked sandstone reservoirs in the
    same rock sequence which will be drilled in Yesiltepe-1.
    The target stacked sandstone reservoir rocks are expected to be intersected from about 250 metres to total depth of 2000 metres.
    The Yesiltepe anticline is a major structure and Amity estimates that it has a "most likely case" (50% probability) recoverable reserve potential of 270 billion cubic feet of gas, or 140 million barrels of oil, if hydrocarbons are present. The "maximum case" (10% probability) is 1,028 billion cubic feet of gas or 536 million barrels of oil, if hydrocarbons are present.
    Omax contracted Isis Consulting a respected Perth, Western Australian based consulting firm to undertake an audit on Iskenderun Basin acreage. This work included a review of and limited reinterpretation of the Amity and older seismic. They specifically studied the southern portion of the structure where Yesiltepe-1 will be drilled and concluded that there was sufficient reasonable quality seismic to define a robust (90% probability) structural closure of 3km2 and 260 m of relief on the SW flank. This SW flank constitutes 10% of the entire seismically defined closure. Isis calculated for this SW flank only that it could host 70Bcf of gas or 100 million barrels of oil.

    Drilling

    The well is programmed to drill to a total depth of about 2000 metres.
    The drilling program calls for setting of 20 inch conductor pipe, followed by setting of 13.375 inch diameter surface casing at 230 metres and 9.625 inch diameter intermediate casing at about 900 metres.
    The rig contracted to drill Yesiltepe-1 is on site and has drilled a 26 inch diameter hole with 20 inch diameter conductor casing being cemented.

    Well Location

    The Yesiltepe-1 well is located at latitude 36 degrees 55' 38" North and longitude 36 degrees 07' 09" East, approximately 73 kilometres east of the city of Adana (population about 1.5 million) and 32 kilometres north-west of Dortoyl, a major crude oil handling centre.
    John Menzies, Chairman and CEO of Omax Resources Ltd commented "this is an exceptional opportunity for Omax and its shareholders to fully realize value from the exploration and development efforts during the last 12 months in Canada. Not only is there a high value target in Yesiltepe but there are 7 additional seismically mapped structures in the Iskenderun Basin which has a
    very active hydrocarbon system. Omax will continue to focus on bringing value to shareholders and maximizing existing cashflows."
    For further information please visit our web-site at:
    http://www.omaxresources.com

    John Menzies

    John Menzies
    President

    This news release has been prepared by the Company's management and has
    not been approved or disapproved by the TSX Venture Exchange.


    Interesting??

 
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