Our Venture in Syria
Simpora Latakia Limited (the “Operator”), was awarded the contract for exploration, development, and production of hydrocarbons for Block-IX (“Block 9 PSC”) in 2007.
Block 9 PSC is located on the north-eastern flank of the prolific Palmyride Basin, which hosts discoveries of more than six trillion cubic feet of gas and in excess of one billion barrels of oil, with existing oil & gas pipelines and infrastructure.
From 2008 to 2010, the Operator re-processed and re-interpreted 3,322 Km of 2D legacy seismic data and conducted the acquisition & interpretation of 420 SqKm of 3D and 34 Km 2D seismic surveys over the Initial Focus Area that represents less than 5% of the total area covered by Block 9 PSC.
In 2011, the Operator proceeded with drilling two exploration wells sequentially, at its Itheria and Bashaer prospects, respectively. Itheria-1 well had been planned to be drilled to the depth of 3,200 Meters; however, when it reached 2,072 Meters, the drilling had to be ceased in compliance with the sanctions that were imposed against Syria at that time. Consequently, Bashaer-1, despite having had a drilling pad constructed; was obviously not drilled.
Syria is a proven hydrocarbons province situated at the crossroads of the Middle East; sharing borders with Turkey, Iraq, Jordan, Lebanon, and about 200Km from Saudi Arabia.
This location places it in a strategic position within a resource-rich corridor that has been central to energy geopolitics for decades.
Syria is endowed with significant and under-explored oil and gas reserves, potentially making it a pivotal player in future regional energy dynamics for export-oriented development. Historical exploration and appraisal success rates of 46% and 69% respectively, are indicative of favourable geological framework for continued upstream investment.
The Itheria and Bashaer prospects (the “Initial Prospects”) are geologically independent, demonstrating different and exciting play-types.
The Operator commissioned RPS Energy as professional consultants, to prepare a prospective resource evaluation report in accordance with Canadian National Instrument 51-101 guidelines, for the potential resources of hydrocarbons at the Initial Prospects, taking into consideration the knowledge gained from the partially drilled but uncompleted Itheria-1 well, and as of 31 December 2011; this table illustrates the magnitude of hydrocarbons resources that might potentially be discovered through completion of exploratory drilling at the Initial Prospects.
