Exile Resources has spud the primary exploration well, Bostanci-1 in Turkey, along with its partner Valeura Energy and operator Aladdin Middle East. The location of this well is in the southernmost corner of the Rubai License 2600 besides the boundary of Iraq and Syria.
The Bostanci formation is a vast surface anticline along with Cretaceous Mardin limestones, which is inferred to be positioned in the core of the formation as the reservoir target area.
Because of limits in surface position, the Bostanci well site is situated in the north of the target and will need a deviated well, having a measured depth of about 11,400 feet, to achieve the inferred reservoir level. It is anticipated that the company will drill in around 70-80 days. The drilling costs of the well are equally shared by Exile and Valeura and it is assessed to be $6.2 million exclusive of completion and analyzing of the cased-hole.
Still, the Ogunduk region is in assessment. The partners relentlessly appraise the seismic program results and also consider leads on the authorized region.