Azure Resources Corporation

Azure Resources Corporation

April 24, 2013 13:17 ET

Azure Resources Corporation: Second Well Planned For Drilling at the Catalca Licence, Thrace Basin, Turkey

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2013) - Azure Resources Corporation (the "Company") (TSX VENTURE:AZU) reports that following completion of flow testing the primary sand interval based on the log data between 448.5m to 455.5m (net 7.0m interval of pay sands) from the Cayirlik-1 well (C-1 well) Catalca Licence, Thrace Basin, Turkey the well was shut in as a future gas producer. The largest initial raw gas flow rate using a 40/64" choke size, as reported by the joint operator of the licence was 102,225 m3/day - 3,610 mcf/day. The gas analysis result showed 98.8% clean dry methane gas.

The location for the next step-out development well (C-2 well) has been selected some 325 m north-west of the C-1 well. The C-2 well will also test three (3) additional prospective target zones identified from the 2-D seismic interpretation which, if confirmed, will add to the Cayirlik structure resource base.

BOTAS, the Turkish Pipeline Company will confirm the gas delivery point, following which the pipeline tie-in route will be identified and planning for the gas processing facilities will commence. Pricing of natural gas in Turkey is at a substantial premium to North American price levels currently at $10.00 plus per mcf.

The Catalca Licence covers 36,429 hectares and is situated 30 km. west of Istanbul. The Company has the right to a 45% working interest in the Catalca Licence and 50% of the Company's interest is subject to an earn-in agreement with Emperor Oil Ltd.

Certain information provided in this news release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or the adequacy or accuracy of this release.

Contact Information

  • Azure Resources Corporation
    Dr. Waseem Rahman
    (604) 684-2401
    (604) 684-2407 (FAX)