CALGARY, Jan. 30, 2012 /CNW/ - Anatolia Energy Corp. (the "Company") (TSX-V: AEE) reports that testing operations on the Caliktepe-2 well on its Bismil licenses have been completed. The wellbore encountered high reservoir quality Bedinan sand with porosities up to 15% and permeabilities up to 7 millidarcies. A drill stem test also recovered 38° API oil over an interval that included the lower Dadas shale and the upper Bedinan sand, however, a production test targeting only the Bedinan sand resulted in formation water and mud filtrate being recovered.
The wellbore velocity data from the Caliktepe-2 well was integrated with the Company's newly acquired 3D seismic data resulting in a new interpretation of the Caliktepe prospect and confirming that the Caliktepe-2 well penetrated the Bedinan sand at a structurally lower position than the original Caliktepe-1 well.
The prospectivity of the remaining Bismil licenses remains unchanged. The new 3D seismic data, which covers the northern half of the Company's Bismil licences, and the velocity data obtained from the Caliktepe-2 well will be used to improve the mapping and assessment of the Company's other undrilled prospects at Bismil. The Company is currently utilizing the updated interpretation to evaluate new strategies including testing the Garzan reef trend and conducting early production testing of the Dadas shale oil resource play.
Geochemical logs and the high quality oil recovered from the drill stem test in the Caliktepe-2 well continue to support the Company's assertion that the Dadas shale is a highly prospective unconventional reservoir. The Company plans to use the Caliktepe-2 well for additional testing of the Dadas shale pending the results of the upcoming core analysis (April 2012).
Dadas Shale Coring Program
Five cores taken from the Caliktepe-2 well within the Dadas shale have arrived in Calgary and are currently undergoing detailed analysis. More than 30 meters of the lower Dadas shale will be analyzed for oil quality, rock mechanics, geochemistry attributes and reservoir properties. Results from this analysis are expected in April 2012.
The Dadas shale is a major source rock throughout the Middle East and North Africa. Anatolia believes its emerging Dadas shale oil play has similar rock properties to the Niobrara shale oil pay in Colorado. AJM Petroleum Consultants (now AJM Deloitte), the Company's independent engineer, assigned 718 million barrels of undiscovered petroleum initially in place net to Anatolia on the northern half of the Company's Bismil licence in a NI 51-101 resource report dated May 2011 with an effective date of April 30, 2011.
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 and Colombia. Anatolia has the right, pursuant to its joint venture agreements with Calik Enerji, the wholly-owned oil and gas subsidiary of the large Turkish conglomerate Çalik Holding A.S., to earn working interests between 25% and 50% in two development licences and 50% in six exploration licences covering an aggregate of 336,509 net acres of land in Turkey's proven Southeastern oil basin. Anatolia is focused on four play types in Turkey namely the Paleozoic Bedinan sand trend, Cretaceous Mardin strike slip trend, Garzan reef trend and Silurian Dadas shale oil trend. The Silurian Dadas shale oil play in Turkey is the major source rock throughout the Middle East. In Colombia, Anatolia holds a 17.5% interest, subject to approval by the Agencia Nacional de Hidrocarburos, and has the right to earn an additional 17.5% interest in the LLA-24 block in the prolific Llanos Basin. The block covers an area of approximately 147,000 gross acres (51,450 net acres) and is surrounded by high rate light oil production.
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: 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 are 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 Joint Information Circular dated November 7, 2011, which is available on SEDAR. The reader is cautioned not to place undue reliance on this forward-looking information.
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