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18 April 2008
Manager of Company Announcements
Australian Securities Exchange
Level 6, 20 Bridge Street
SYDNEY NSW 2000
By E-Lodgement
Otto makes its 5th gas discovery in Turkey.
Otto Energy (ASX: OEL) and Incremental Petroleum (ASX: IPM) are pleased to announce the
confirmation of several gas bearing intervals in Kuzey Arpaci-1, the second of a 5 well drilling
program in the Edirne Licence in Western Turkey.
Highlights
• Kuzey Arpaci-1 encountered several potential net gas pay intervals totalling over 40
m between 297 and 505m. This is more than double than hoped for.
• Kuzey Arpaci-1 has been drilled to a total depth of 540m and the structure is one of
17 prospects mapped on 3D seismic.
• Kuzey Arpaci-1 is now being completed with 5 inch casing to total depth for flow
testing at the end of the 5 well drilling campaign.
The five well program is designed to prove up significant volumes of gas to enable a
combination of these gas discoveries to be placed on production by mid-2009. The partners
in the Edirne Gas project are Otto Energy 35%, Incremental Petroleum 55%, and Turkish
partner and Joint Operator Petraco 10%.
Commenting on the news Dr Jaap Poll, Director of Otto Energy said:
“Otto is pleased with these better than hoped for results in the second of the 5 well
drilling campaign in Turkey. Kuzey Arpaci-1 is the 5th well drilled since Otto acquired the
Edirne licence in 2004. All 5 wells have resulted in new-field gas discoveries. These
small gas fields are relatively close together and can be developed through a central
development hub.”
The attached release from the Joint Operator, Incremental provides further details on the
Kuzey Arpaci-1 discovery well.
Yours sincerely,
Dr Jaap Poll
Director
For further information please contact:
Dr Jaap Poll (Director) Jill Thomas
Otto Energy Professional Public Relations
Ph: +61 419 859 472 Ph: +61 8 93880944
info@ottoenergy.com jthomas@pprwa.com.au
ABN: 38 115 711 601
20 Howard Street PERTH WA 6000 Po Box Z5490 PERTH WA 6831
Ph: +618 9481 8696 Fx: +618 9481 2394
18 April 2008
Australian Securities Exchange (ASX)
By ASX online
40m of net gas pay in second of five wells at Edirne
Incremental Petroleum (ASX: IPM) and Otto Energy (ASX: OEL) are
pleased to announce that logging and pressure measurements in Kuzey
Arpaci 1 have indicated net gas pay of more than 40m between 297m
and 505m. This is more than double the pre-drill estimate. The total depth
of the well is 540m, and the present operation is running 5” casing to total
depth.
ORTAKCI
IKIHOYUK
ARPACI 2
KUZEY
ARPACI
0 5 km
3D AREA
LICENCE
BOUNDARY
LOCATION MAP
BATI YAGCI
Location of the five wells in the 2008 Edirne drilling campaign
On 4 April 2008, the company announced that the first well in the 2008
campaign had encountered some 28m of net gas pay, significantly
exceeding pre-drill expectations. The results from Kuzey Arpaci-1 also
significantly exceed pre-drill estimates of reservoir thickness and further
enhance the reserve base of the project.
The partners in the Edirne Gas project are Incremental Petroleum 55%,
Otto Energy 35% and Petraco Energi (10%), who are also joint operator
with Incremental. Incremental is currently engaged in assessment of
production facilities and is working towards fulfilling all of the regulatory
requirements to commercialise this gas project before Mid 2009.
Gerard McGann
Managing Director
