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AZU Panorama Petroleum, Inc.

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Share Name Share Symbol Market Type
Panorama Petroleum, Inc. TSXV:AZU TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Azure Resources Corporation: Second Well Planned For Drilling at the Catalca Licence, Thrace Basin, Turkey

24/04/2013 6:17pm

Marketwired Canada


Azure Resources Corporation (the "Company") (TSX VENTURE:AZU) reports that
following completion of flow testing the primary sand interval based on the log
data between 448.5m to 455.5m (net 7.0m interval of pay sands) from the
Cayirlik-1 well (C-1 well) Catalca Licence, Thrace Basin, Turkey the well was
shut in as a future gas producer. The largest initial raw gas flow rate using a
40/64" choke size, as reported by the joint operator of the licence was 102,225
m3/day - 3,610 mcf/day. The gas analysis result showed 98.8% clean dry methane
gas. 


The location for the next step-out development well (C-2 well) has been selected
some 325 m north-west of the C-1 well. The C-2 well will also test three (3)
additional prospective target zones identified from the 2-D seismic
interpretation which, if confirmed, will add to the Cayirlik structure resource
base.


BOTAS, the Turkish Pipeline Company will confirm the gas delivery point,
following which the pipeline tie-in route will be identified and planning for
the gas processing facilities will commence. Pricing of natural gas in Turkey is
at a substantial premium to North American price levels currently at $10.00 plus
per mcf. 


The Catalca Licence covers 36,429 hectares and is situated 30 km. west of
Istanbul. The Company has the right to a 45% working interest in the Catalca
Licence and 50% of the Company's interest is subject to an earn-in agreement
with Emperor Oil Ltd. 


Certain information provided in this news release contains forward-looking
statements that by their nature are subject to numerous risks and uncertainties
and readers are cautioned that actual results may vary considerably from those
forecasted.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Azure Resources Corporation
Dr. Waseem Rahman
President
(604) 684-2401
(604) 684-2407 (FAX)
www.azure-res.com

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