The planned total depth of the well is 3,256m and it is expected to take 80 days to drill, on a dry hole basis.
The well will test a large structure with four-way dip closure defined by 3D seismic in an area about 200km due east of the City of Latakia.
Itheria-1 is being operated by Loon Latakia, an indirect subsidiary of Kulczyk Oil.
Loon Latakia holds a participating stake of 50% in the Block 9 production sharing contract which provides the right to explore for and, upon fulfilment of certain conditions, to produce oil and gas from Block 9, a 10,032sq km area in northwest Syria.
Loon Latakia has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities, and which, if approved, will leave Loon Latakia with a remaining effective interest of 45% in Block 9.
As per the Kulczyk Oil’s farmout agreement, announced on 6 September 2010, MENA Hydrocarbons (Syria), will fund 60% of the costs for the drilling of Itheria-1.
Accordingly, the costs of drilling Itheria-1 will be shared as MENA with 60%, Triton Petroleum with 20% and Kulczyk Oil with 20%.
