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 Reşan 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.ukogpl