The currently discovered gas (6 discoveries in 6 drills) in the Thrace Basin in Western Turkey has a mid case GIIP of 12.2 bcf. This gives an estimated mid case contingent resource of 8.5 bcf based on a 70% recovery factor.
"The project is proceeding rapidly to commercialisation with Front End Engineering and Design (FEED) study underway. First gas sales are expected mid 2009. Based on production rates of 8-10MMscf/d, it is estimated the cash flow stream net to OEL will be approximately US$5-10 million per year once on production."
It is also worth noting there are still as yet undrilled structures in the licence containing an estimated further GIIP (undiscovered) of 22.4 bcf, or 15.7 bcf based on a 70% recovery factor.
recent article - cautious tone, page-9
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