Azure Resources resumes drilling Cayirlik-1 well
2013-01-25 16:07 ET - News Release
Mr. Omair Choudhry reports
DRILLING RE-COMMENCES ON THE CATALCA HYDROCARBON LICENCE, TURKEY
Azure Resources Corp. resumed drilling of the seismically identified Cayirlik-1 well (formerly named the Baglar-1 well) in the Thrace basin, Turkey, on Friday, Jan. 25, 2013, following delays caused by adverse weather conditions and equipment changes.
Prior to the interruption of the drilling the well reached 217 metres and was cased. The well is primarily targeting the Tertiary Osmancik formation for natural gas. The planned total depth is 800 metres. The drilling results will be released upon availability.
The Catalca licence covers 36,429 hectares and is situated 30 kilometres west of Istanbul. The company has the right to a 45-per-cent working interest in the Catalca licence, and 50 per cent of the company's interest is subject to an earn-in agreement with Emperor Oil Ltd.
We seek Safe Harbor.