Project Profile
Location: Northern Iraq border, Turkey
Drilling Depth: 3,300 m
Area: 123,051 gross acres
Licence award: June 2012
Licence relinquishment: October 2013
Bostanci Licence 4985 covers an area of 123,051 gross acres and encompasses the same area previously designated as Licence 2600 in which Valeura and partners had spudded the Bostanci-1 well in April 2011 as a farm-in commitment well. The licence was cancelled due to a failure to meet the petroleum district\'s spudding deadline. Valeura immediately reapplied on May 12, 2011 for Licence 4985 only. Under a pre-bidding arrangement, Oando Energy Resources, the other funding partner in the Bostanci-1 well, has a right to a 50% participating interest in the license. The Bostanci-1 well, located adjacent to the northern Iraq border, was drilled to a depth of 508 metres where surface casing was set. Upon cancellation of the licence, the well was temporarily suspended with a 50 metre cement plug at the base of the well.
The Corporation believes that the Bostanci prospect remains an attractive target. Valeura had co-funded 60 km of new 2D seismic on and around the Bostanci surface anticline and carried out a structural modelling study of the area to locate the Bostanci-1 well. A number of very large producing oil fields offset Bostanci including the Tawke field 35 km east in northern Iraq and the Karatchok field 12 km southwest in Syria.
Valeura relinquished the exploration licence. Before that the company was (100% interest) until October 2013.
Operators:
Valeura: Operator with 100% interest
Oando Energy Resources (a right to a 50% participating interest relinquished in June 2013)