TransAtlantic Petroleum Corp. Announces Farm-In to Sud Craiova Exploration License, Onshore Romaniaadmin
TransAtlantic Petroleum Corp. announce it has reached agreement with Sterling Resources Ltd. to farm-in to Sterling’s Sud Craiova Block E III-7, covering 6,070 square kilometers (1.5 million acres) onshore western Romania. The agreement is subject to completion of formal documentation and approval by the Romanian National Agency for Mineral Resources.
In exchange for a 50% working interest, the Company will drill three exploration wells on the Sud Craiova license, each to a depth of approximately 1,000 meters (3,280 feet). At casing point in each well, Sterling and TransAtlantic will each elect whether to proceed to completion and will each bear their proportionate share of completion and infrastructure costs. The initial wells will target Sarmatian-age shallow gas prospects with AVO attribute support.
As a result of the transactions announced by the Company August 27, 2008, the Company will acquire its own drilling rig to perform its drilling program in Romania. It is expected the rig will arrive in Romania in October and drill two wells on the Company’s Izvoru production license before drilling the Sud Craiova exploration wells, which the Company expects to commence by the first quarter of 2009. Sterling, which operates under the name Midia Resources in Romania, will remain operator of the Sud Craiova license.
TransAtlantic is engaged in the exploration for crude oil and natural gas in Morocco, Turkey and Romania. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol TNP.