Park Place through the acquisition of the Tiway Companies got four oil and gas properties in Turkey, two of which are producing and have significant potential and one of the remaining four properties is a very good exploration block situated in the prolific oil producing Zagros Basin.
- South Akcakoca Sub-Basin: offshore gas play (49% WI); substantial untapped contingent and discovered resources
- Cendere: onshsore oil play (19.6% WI); long life – estimated 10+ years remaining
- Derecik: 42,833 hectares of contiguous exploration blocks covering the northern extension of the prolific Iraq/Kurdistan Zagros Basin
- Bakuk: onshore gas play (50% WI);
Current production revenue from the two producing fields averages about $328,000 US per month.
South Akackoca Sub-Basin (“SASB) gas field
Park Place owns a 49% non-operated working interest in SASB, a gas producing field located in the southern Black Sea with 4 platforms and an onshore gas processing plant. To date, the field has produced a gross 40 bcf.
The SASB field was discovered in 2004 and 8 wells are connected to the existing infrastructure with the field still producing gas. In excess of US$450 million (100%) invested in infrastructure and drilling to date. However, there was very little redevelopment work at the field since the original wells were drilled.
Future Plans in Turkey
The Company plans to re-drill undeveloped discoveries and low risk exploration wells from the existing SASB platforms in 2019. Each of the four platforms can accommodate between 1 and 3 new wells. Once the new wells are drilled and completed they can be put on production right away as the platforms are connected through a network of pipelines to the onshore facility. Drilling there new wells would markedly increase production and Park Place would have enough internal generated revenue for future growth. In the longer term there are additional gas prospects that are not connected to the current infrastructure that will be evaluated.
SASB Undeveloped Discoveries and Prospects
Five wells were drilled, tested and then temporarily abandoned. Four of these wells tested significant daily quantities of gas.
- West Eskikale
Park Place is looking at re-drilling these four undeveloped discoveries from the platforms.
Based on the same technology that discovered the existing wells (85% success rate), Park Place has identified an additional 8 undrilled prospects defined on 3D seismic.
Cendere Oil Field
Cendere is an oil field discovered in the 1990s and is a long life reserve. There are currently 16 producing wells yielding gross 736 barrels per day (net to Park Place 135 bbl/d). It is anticipated the field will continue to produce for plus 10 years.
Park Place own a 19.6% working interest (except 3 wells in which the equity is 9.8%). The field has produced about 20 million barrels to date from an estimated 45 million barrels original oil in place.
The field holds potential for some production increases through low cost perforations in upper pay zones, additional infill well opportunities, the possible lateral extension of the existing field and the possibility for tertiary development.
Bakuk Gas Field
The Bakuk gas field contains one shut-in gas well and is located near the Syrian border. The filed has limited opportunities for future development.
Derecik Exploration Licenses – Zagros Basin
Park Place has 42,833 hectares (105,797 acres) of contiguous exploration blocks covering the northern extension of the prolific Iraq/Kurdistan Zagros Basin, but are located within Turkey where the fiscal terms consist of a 12.5% royalty on gross production. The reservoir and source rocks with the Derecik Licenses are analogous to the Kurdistan’s Shaikan Oil Field (636 MM bbls of 2P oil) with is 90 kms southwest of the Derecik Licenses. Surface mapping and seismic surveys have identified 7 prospective anticlinal trends with 2 of those prospects illustrating 4-way closure and are drill ready. Oil seeps occur on the Derecik Licenses and display similar chemistry to the nearby Kurdistan oil fields with some of the oil seeps being up structure from a Derecik drill ready prospect.
The Derecik 2 drill ready prospects have potential stacked prospective reservoirs and an in house Monte Carlo evaluation gives a P50 of 312 MM bbls oil, unrisked.