Assets - Turkey 
Petroleum Exploration Licences AR/ARR/3695 and AR/ARR/4172
MPX Turkey B.V. has signed a farm-in agreement to take a 5% interest in these Licences, subject to the approval of the Turkish Authorities. The Operator is Arar Petrol Ve Gaz Arama Uretim Pazarlama A.S. and the other equity owners are JKX Turkey Limited and Eureka Europe Limited.
The Licences lie in the Diyarbakir region of SE Turkey, no more than 20 kms from two of Turkey’s largest oilfields, Bati Raman and Raman, which produce between 15-20º API crude from the Garzan and Mardin carbonate reservoirs. The main target for the group is the deeper Bedinan Formation which is a sandstone of fair to good porosity. Wells adjacent to the Blocks have recovered good quality crude (35º api) from the Formation and the recent (2008) Arpatepe-1 well flowed over 300 bopd when placed on production.
On the Licences, the Koyunlu anticline was originally drilled by Arar and Eureka in 2006 and then appraised by MPX and JKX in 2008. The first well, Koyunlu-1, was terminated before reaching the primary target of the Mardin reservoir but it did recover approximately 13º API crude on a swab test from the shallower Garzan carbonate. The second well drilled up dip but failed to encounter a proper reservoir facies.
Currently the Group is re-evaluating the Licences and a seismic survey plus a deeper well to test the Bedinan is anticpated in 2009.
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