Mena, Partners Commence Drilling in Syria

MENA Hydrocarbons has commenced drilling operations in Syria with the spud of Itheria-1, the first exploration well on Block 9, Syria.

The planned total depth of the well is 3,256 metres and it is expected to take 80 days to drill, on a dry hole basis. The Itheria-1 well will test a large structure with four-way dip closure defined by 3D seismic. Primary targets are sandstones of Ordivician age.

Graham Lyon, President and Chief Executive Officer of MENA said: 'The Itheria Prospect, the first of two 2011 exploration wells to assess the prospectivity of Block 9, provides MENA with a high impact exploration opportunity which is one further step in the MENA strategy of delivering a portfolio of development, production and high impact exploration.'

Pursuant to a farmout agreement, MENA Hydrocarbons (Syria), an indirect wholly-owned subsidiary of MENA will fund 60% of the costs for the drilling of Itheria-1 with Triton Petroleum and Loon Latakia (an indirect wholly-owned subsidiary of Kulczyk Oil Ventures) each paying 20% of the remaining costs. The well is being operated by Loon Latakia.

Block 9 is located on the north western flank of the hydrocarbon producing Palmyrides Basin. The block, which comprises 10,032 sq kms (2,478,876 acres), is prospective for crude oil, natural gas and condensate. Major gas and oil pipelines lie in close proximity to the initial exploration focus area in the southeast part of Block 9.

The Syria Block 9 consortium consists of Loon Latakia (Kulczyk Oil Ventures), MENA and Triton Petroleum.