Project Profile
Value: Undisclosed
Location: Thrace Basin, European side of Turkey
Reserves: 1.7 billion m3 recoverable
Production: Unknown
Area: 2.45 km2 (Ballica structure only)
Start-up Year: -
Pinarhisar License is an oil and gas license in Thrace Basin, in the European part of Turkey. The Pınarhisar area of the Thrace basin is well known being the cradle of the first commercial gas production from Middle Eocene clastics to the south of the licence 4133 (where named as Pınarhisar licence). There are two old wells drilled in the licence area. They are Asilbeyli-1 and Asilbeyli-2 wells. The wells have tested oil in the reefal limestones. While the wells had been drilled by limited seismic they are not in the best position to produce oil. On the other hand shallower zones (500-700) in the Ballıca-1 well gas had been observed. Incoming WO and flow tests will quantify the gas reserves in the well and give important data for the development of the area. The Ballıca structure has a big areal distribution as big as 2.45 km2. The expected recoverable gas in Ballıca is expected to be 706 million sm3. The detailed seismic interpretation led to some other prospects in the licence. The southernmost prospect which is Hızır-1 will be drilled in May 2013. The probable reserves calculated at Hızır prospect reaches up to 620 million sm3.
The license holds 95-99% methane with no sulfur or sourness. The shallow reservoir is at 300-1,800 metres with High porosity (17-25%) and permeability (0.1-25md). On July 2006 Merty Energy and Petrako were jointly awarded with the Pınarhisar licence (AR/PTK-MER/4133). The share distribution was Merty 50% and Petrako 50% to start with. In 2009 Petrako transferred all of its shares in the Pınaehisar licence making and Merty has 100% of the licence. After the observation of gas at the Ballıca-1 well the next step is the long term testing of the well to define the commerciality and the reserve amounts at the well. The second step that would follow the testing will be the drilling of Hızır-1 well on the defined HIZIR prospect. Gas market in Turkey is a very demanding market due to the growing need of gas and the electricity (gas generated). It is even possible to sell any amount of gas produced via CNG companies however the target will be the planning and construction of a gas gathering and compressing facility. Expected reserves in the licence are in the range of 1.7 billion m3 recoverable with an estimated value of close to US$500 million in 10 years. Turkey has an attractive tax/royalty system with exploration incentives.
Works performed:
a) Detail Geological study
b) Reprocessing and Interpretation of the existing seismic lines
c) Acquiring 202 line kms of 2D seismic line in the licence
d) Processing and interpretation of 231 km seismic data
e) Drilling Ballıca-1 well. With gas observed during drilling
Operators:
Merty Energy: Operator with 100% interest