TransAtlantic Signs Agreement With Shell
Bermuda-based TransAtlantic Petroleum Ltd. today [Mar. 20] announced it has signed an agreement with Shell Upstream Turkey BV pursuant to which Shell will co-fund a 2012 TransAtlantic program to collect 1,000 kilometers of 2D seismic data and approximately 8,000 kilometers of airborne gravity gradiometry and magnetic data in Turkey’s Sivas Basin, where TransAtlantic holds exploration licenses covering approximately 1.6 million acres.
The agreement provides an option for Shell to farm in on the leases after it assesses the data collected.
N. Malone Mitchell, 3rd, TransAtlantic’s Chairman and Chief Executive Officer, stated, “We are pleased to have Shell join TransAtlantic in exploring the complex geology of the Sivas Basin. This region is underexplored but has the potential to hold meaningful accumulations of hydrocarbons. We welcome the knowledge, technical capabilities and commitment that Shell brings to the project and look forward to working with Shell’s team in reviewing the seismic and aeromag data, collection of which has already begun.”
Headquartered in Bermuda, TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas.
The company holds interests in developed and undeveloped oil and gas properties in Turkey, Bulgaria and Romania.
