en.Wedoany.com Reported - Australian energy company AXP Energy has acquired a 25% participating interest in the Production Sharing Contract (PSC) for Block 9 in Syria's Palmyride Basin through a farm-in agreement. Located in northwestern Syria, this onshore block covers an area of 10,039 square kilometers and is currently reopening to international energy investment.

The area has a foundation of prior exploration: between 2007 and 2011, the operator completed 1,800 kilometers of 2D seismic reprocessing, 420 square kilometers of 3D seismic acquisition, and drilled the Itheria-1 exploration well. The well reached a total depth of 2,072 meters before operations were suspended due to sanctions.

Under the terms agreed between AXP and the block operator Simpora Latakia Limited (holding a 75% interest), AXP is required to pay an initial deposit of $100,000 and an additional $1 million within 60 days to secure the interest. The company plans to commence reprocessing of existing 3D seismic data and selected 2D lines in the first half of 2027, followed by reinterpretation work. Subsequent activities are expected to include a two-well drilling program, one of which may involve re-entering the currently suspended Itheria-1 well, while the other targets the Bashaer-1 prospect.

AXP disclosed that previous participants in Block 9 completed historical evaluations, estimating on a 100% interest basis: prospective resources (best estimate) of 338 MMboe for the Itheria prospect and 102 MMboe for the Bashaer prospect. The company noted that these estimates pertain to undiscovered hydrocarbon accumulations and remain subject to exploration and development uncertainties.

Chairman Sam Jarvis stated that the company's entry into a premier oil and gas basin, at a time when geopolitical conditions are shifting from closure to openness, is transformative for AXP. The Palmyride Basin is one of Syria's major oil and gas producing regions, with historical cumulative discoveries exceeding 1 billion barrels of oil and over 6 trillion cubic feet of natural gas. AXP indicated that further updates will be provided as seismic processing and subsequent drilling activities progress.

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