TransAtlantic To Explore For Oil In Turkey
Bermuda domiciled TransAtlantic Petroleum Ltd has made an agreement which will see the Company explore for oil in Turkey.
TransAtlantic announced it has entered into an agreement with Turkiye Petrolleri Anonim Ortskligi [TPAO], the national oil company of Turkey, to explore for unconventional resources in Turkey.
In the initial phase of the agreement, TransAtlantic will participate in two licenses, one in the Thrace Basin and one in Southeastern Turkey, and will re-enter a total of 4 wells and drill a total of 4 wells over the next year.
These wells will target tight sand and shale formations that do not produce under normal conditions.
Mr. Mitchell, the TransAtlantic Chairman said:
TPAO has taken the lead in introducing new technologies in Turkey to access these unconventional resources. We are privileged and humbled to have this opportunity to be a junior partner with such a talented and resourceful company. We hope this initial exploration phase will be a good beginning to a long lasting relationship.
There is the potential for unconventional resources to contribute greatly to Turkey’s energy needs. But it bears noting that the success in the development of unconventional resources will, I believe, improve over time as techniques are refined and knowledge of these particular reservoirs increases
Domiciled in Bermuda since October 2009, TransAtlantic Petroleum Ltd. is an international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and California.
