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Azure Resources Reports Thrace Basin Drilling Update
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Azure Resources Corporation reports that the drilling of the Baglar-1 Well (re-named Cayirlik-1) Thrace Basin, Turkey Shale reached 217 m. and was cased before drilling stopped due to very heavy rains.
The drill pad and the pad supporting the camp and support equipment are now undergoing rehabilitation/stabilization resulting from the heavy area rainfall. Drilling is expected to recommence during the week of November 26/30, 2012.
The planned total well depth is 800 m. targeting primarily the Tertiary Osmancik Formation for natural gas. The Company also reports that an Eleventh Amendment Agreement has been entered into with respect to the Catalca Hydrocarbon Licence Farm-In Agreement (as amended) dated October 6, 2011 between Cheetah-Yemen Holdings Ltd. , a wholly owned subsidiary of…
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