Overview
- Substantial proven and probable reserves confirmed by independent technical report prepared by GLJ Consultants by report valued at over $100M CND net to us, as below
- The Black Sea’s first shallow water natural gas field development located offshore Turkey in shallow water
- High natural gas sale prices sold between USD $6.50 and USD $7.60 into regional markets, at a substantial premium to European and North American markets
- Production Lease is covered by 300km2 3D seismic acquired in 2004 and 2275 line KM of 2D with high-resolution survey with gas-bearing sands clearly indicated
- 23 wells drilled to date with 81% success rate
- Phase III and IV gas field development planned for 2020 – 2022 where up to 17 new wells and several re-entries are planned
- We are poised for substantial revenue growth as new production comes online from redevelopment of SASB