DeGolyer and MacNaughton Completes Evaluation of F17-b4 Licence Block

June 11, 2020

DeGolyer & MacNaughton, has completed a 3rd-party reserve assessment that attributes 47 Bcf of 2P reserves, and 207 Bcf of 3P to the Pehlivanköy Field, in accordance with the Petroleum Resources Management System (PRMS) guidelines. In addition to the Pehlivanköy development project, multiple drill-ready conventional prospects have been identified on the 3D seismic volume. Of those, DeGolyer & MacNaughton estimates Mean Prospective Resource Volumes of 378 Bcf of prospective resources.

Seismic Data Acquisition

July 20, 2019

Gazelle Energy Limited has purchased approximately 350km2 of 3D seismic data from TPAO. The Uzunköprü 3D Seismic Survey, completed in 2005,​ has over 85% coverage of the F17-b4 licence block. This data, along with 2D seismic and well data on hand will help identify additional prospects within the licence block, calculate a full valuation of the property, and ultimately its full development plan.

Block F17-b4 Exploration Licence Awarded

January 26, 2019

Gazelle Energy Limited has been officially awared the exploration licence for Licence Block F17-b4 within the Thrace Basin of Turkey, about 180 km west of Istanbul. The F17-B4 is 145 km2 (35,829 acres) petroleum license with 100% interest. The transaction offers low-risk and low-cost access to a material resource base in a stable political and fiscal environment with potentially very large upside.​

Pehlivanköy-1, a legacy well, was drilled in 1992 within the east half of the block encountered 41m of Teslimköy gas pay in two zones and tested at a combined rate of about 400 mcf/d proving a working petroleum system and multi-zone potential reservoirs within the block.