By OGJ editors
HOUSTON, Feb. 4 -- TransAtlantic Petroleum Ltd., Dallas, took steps to operate in Bulgaria for the first time and expand its Morocco presence with an agreement to buy Direct Petroleum Bulgaria EEOD, Direct Petroleum Morocco Inc., and Anschutz Morocco Corp. Closing is set by Feb. 15.
TransAtlantic noted that the purchase geographically bridges its operations in Turkey and Romania. It said the deep gas potential evidenced by the Deventci discovery well and the significant shale potential in the Etropole formation provide near-term and long-term catalysts for the company without unnecessarily diverting resources from its core assets in Turkey.
Upon closing, TransAtlantic will become the parent of Direct Bulgaria, which owns 100% of the working interests in the A-Lovech exploration license and the Aglen block license that total 600,000 acres in Bulgaria. A-Lovech contains the Deventci R-1 well, which discovered a hydrothermal dolomite reservoir in the Jurassic Orzirovo formation at 4,200 m. Output of 250 Mcfd on a limited test basis is processed in a CNG facility next to the well. TransAtlantic has shot 3D seismic and will appraise the discovery later this year.
A-Lovech is also estimated to contain more than 300,000 acres prospective at 3,800 m for the Etropole shale, recently certified as a geologic discovery by the Bulgarian government. It is anticipated that coring the Etropole in the Deventici appraisal well will improve technical understanding of its potential. The third established prospective area is a deep gas field on the Aglen block license that produced 9 bcf before being abandoned in the late 1990s.
TransAtlantic will own 100% of the working interests in all of its licensed interests in Morocco, including the Asilah and Ouezzane-Tissa exploration permits, subject to participation of 25% by the Kingdom of Morocco once production is achieved.
On the Tselfat permit, TransAtlantic and ONHYM have put the HR-33 well on an extended test to determine its commerciality. Produced crude will be trucked 200 km to the SAMIR-operated refinery at Mohammedia.
Bulgaria-Morocco: TransAtlantic to start operations
By OGJ editors