East Sadak (Oymantepe) Oil Discovery

December 14, 2013

 

Aladdin Middle East Ltd. (“AME”) is pleased to announce that its East Sadak-1 Wildcat Well located in SE Turkey on its Eruh License No 5019, encountered and sampled moveable oil. Detailed evaluation will now be undertaken to determine the volume of discovered oil and to design an appropriate appraisal programme.

 

The East Sadak exploration prospect is located at 45 kilometers from the city of Siirt.  The East Sadak-1 Exploration Well was targeted on oil potential primarily in the Cretaceous Mardin Group Carbonates. Drilling was first suspended at a depth of 2.511 meters immediately above the Cretaceous reservoir due to presence of multiple gas bearing fractures. The well then was logged and cased and followed by perforation and swab tests. Swab tests revealed the presence of a possible reservoir. Detailed laboratory analysis is indicated that the gravity of oil is around 43 API – the lightest ever found in Turkey to date – with no water or H2S.

 

This discovery will help enhance several follow-on prospects located to the Southeast and the North. It is on trend with the oilfields of Kirkuk and discoveries of Tawke in Northern Iraq, and Garzan in Turkey, and is expected to add to the significant resource base already discovered.

 

AME operates the Eruh License, holding an 88% working interest while Sonar Petrol Arama Uretim Ltd. Sti., a local Turkish company has a non-operative 12% interest.

 

Cem Sayer, the President and the Chairman of the Board of AME said that “Our team has worked with dedication, perseverance and professionalism to develop our understanding of this emerging oil province, and we are very pleased that our expertise has rewarded us with this recent discovery. The success at East Sadak serves to underline the exceptional oil potential of our Eruh acreage. With only two wells drilled in a relatively large licensed area, totaling about 500 square kilometers, more work is required.  We will now undertake further evaluation work to determine the size and quality of the discovery, as well as, its commercial potential on which we are extremely confident.”