Azure Updates on Catalca Work

International oil and gas company Emperor Oil has announced an exploration update from Azure Resources Corp and Merty Enerji Petrol Arama, on the Catalca natural gas licence in Turkey's Thrace Basin.

Azure reports that drilling of the seismically identified Cayirlik-1 well (formerly named the 'Baglar-1 well') resumed last Friday, January 25, following a brief delay. A planned well depth of 800 metres had been interrupted at 217m due to adverse weather conditions and equipment changes.

The well is primarily targeting natural gas in the Tertiary Osmancik Formation which is approx. 3 km. from a pipeline tie-in point.

The Catalca Licence covers 36,429 hectares and is situated 30 km. west of Istanbul in the European part of Turkey where natural gas is currently priced at a premium to North American markets. The Thrace Basin is the most important gas producing basin in Turkey with more than 15 gas fields and 3 oilfields. 70 % of this basin remains unexplored.

Emperor has an earn-in agreement to obtain a 22.5 % working interest in the license from Azure, a Canadian listed TSX.V issuer. Merty, an established Turkish company in the domestic oil and gas industry, is the local operator.