Exploration & Production
Anatolia Energy Guvernir Well Misses Dadas Shale
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Anatolia Energy Corp. reports that the Guvenir-1 well has been suspended after reaching a total depth of 1,956 meters. The well was drilled ahead of schedule and significantly below the projected budget of US$6.0 million (gross and net), with the total cost of the well expected to be approximately US$2.5 million (gross and net).
The Company maintains a positive working capital balance of approximately US$2 million and has approximately US$5 million in restricted cash and cash call receivables available for upcoming work programs in Turkey.Guvenir-1 is the first well drilled in an unexplored basin that covers 845,418 gross acres (422,709 net) at the intersection of two major hydrocarbon systems. Based on geological data collected during drilling operations, the well is interpreted to…
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