Omax Resources records $1.73 million in cash flows for 3Q 2003
Omax Resources’ cash flow from operations reached $1.73 million in the third quarter of 2003 compared to $160,000 during the same period in 2002, stated a press release.
Omax drilled its first well, Yesiltepe-1, in the 570,000 acre Iskenderun Basin project in Turkey in August 2003. The basin is host to a highly prolific hydrocarbon system with numerous oil and gas seeps and shows and flows in exploration wells.
After encountering very challenging drilling conditions and having flared gas repeatedly during drilling operations, Omax and partner Krystal perforated an interval between 1,157 and 1,163 meters which flowed gasat rates up to 3.5 million cubic feet per day (mmcf/d) during several flow tests over three days.
Omax is presently negotiating a production excision covering 48 square kilometers, which will cover almost the entire structural closure at Yesiltepe. Omax has a 10 percent interest in the Iskenderun licenses and a detailed basin study is being undertaken which will incorporate the Yesiltepe-1 data. This study will determine the location of the next well in the basin, however it is likely to be located up structure from a previous well which flowed gas and or oil from 15 of 26 tests in the 560 meter interval from 1,940 meters. — (menareport.com)
© 2003 Mena Report (www.menareport.com)