TransAtlantic Petroleum Corp. Announces Award of 3 Exploration Blocks in Turkeyadmin
TransAtlantic Petroleum Corp. (TSX: TNP.U) announces it has been awarded three exploration licenses in South East Turkey. The 3 licenses together cover a total of 162,762 acres and are for a term of 4 years. They were awarded to TransAtlantic based upon a commitment to work programs on each of the respective areas. TransAtlantic will be the operator and 100% working interest owner of the licenses. Following a commercial discovery, the exploration license is converted to a production lease which bears a 12.5% royalty yielding an 87.5% net revenue interest to the Company (corporate tax rate of 20%). The work program commitments will total about $300,000U.S. on all three blocks over the next two years. Additional commitments to shoot seismic or drill wells will be made based on the additional information.
Two of the licenses (AR/TAT/X/4173 and AR/TAT/X/4174) are located near the town of Bismil on the Tigris River. These licenses are adjacent to two producing oil fields (Molla and Karakilise). The Company’s primary target is an under explored Palaeozoic play located at a depth of approximately 3,000 meters. The work program involves reprocessing existing 2D seismic data and based on these results additional 2D seismic may be shot or a well drilled.
The third license (AR/TAT/X/4175) is located near Cizre about 60 kilometers from the Iraq border. The target is a deep sub-thrust play similar to the major Iraqi and Iranian Zagros fields to the south. An anticipated exploratory well on a nearby a block directly east of this license could provide support for the potential on our license. TransAtlantic values exposure to this frontier area and will conduct an initial work program of detailed fieldwork and geochemical analysis that is expected to lead to a 2D seismic program to define a drilling location. There is presently no 2D seismic over the area.
TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in the USA and has interests in Morocco, Turkey, the United Kingdom and Romania.
This news release contains statements concerning drilling plans, plans to acquire seismic data, estimates of the costs to drill or acquire the seismic and estimates of when such plans will be executed as well as other expectations, plans, goals, objectives, assumptions, information or statements about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, oil and gas prices remaining relatively consistent with their current prices, access to the fields, availability of drilling rigs and other equipment, tax and royalty regimes remaining unchanged, obtaining drilling success consistent with expectations, regulatory approvals being obtained and estimated timelines being met and the actual costs being consistent with estimated costs.
Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to the political stability ofTurkey, reliance on Turkey’s current hydrocarbon and tax laws and regulations, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability of drilling and other well services, volatility of oil and gas prices, fluctuations in currency and interest rates, TransAtlantic’s ability to access external sources of debt and equity capital, imprecision in estimating the timing and costs of drilling and development, TransAtlantic’s ability to secure adequate product transportation, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.
The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Contacts: TransAtlantic Petroleum Corp. Scott C. Larsen President