HAMILTON, Bermuda, Dec. 30, 2016 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) announced that it has received key governmental approval for the sale of its wholly-owned subsidiary, Thrace Basin Natural Gas (Turkiye) Corporation, and provided an operations update.
Update on TBNG Sale
On December 30, 2016, the Company received the required approval from the Ministry of Energy and Natural Resources of the Republic of Turkey (the “Ministry”) for the sale of TBNG to Valeura Energy Netherlands B.V. (“Valeura”). This approval is a key closing condition for the Company’s sale of TBNG. Concurrent with its acquisition of TBNG, and as a further closing condition, Valeura will sell its current 40% participating interest in the deep rights on certain of its Turkish joint venture lands to Statoil Banarli Turkey B.V. (“Statoil”). Valeura has also received approval from the Ministry for this sale to Statoil.
N. Malone Mitchell, 3rd, the Chairman of the Board of Directors and Chief Executive Officer of the Company, stated “We are pleased to have received governmental approval for our sale of TBNG and to have completed this key closing condition. We look forward to working with Valeura to close the transaction in an expeditious manner.”
The sale of TBNG is expected to occur within approximately 45 days, and is subject to certain further closing conditions, including the closing of the sale of Valeura’s deep rights to Statoil.
Operations Update
The Company has completed drilling the Selmo 86H2 well in its Selmo field in southeast Turkey. The rig is moving to the Company’s Bahar field in southeast Turkey to spud the Bahar 11H well, which is a planned vertical Hazro and horizontal Bedinan well. TransAtlantic expects to spud the Bahar 11H well in January 2017. Additionally, in December 2016, the Company received approval from the Turkish General Directorate of Petroleum Affairs for the conversion of the former Goksu and Karaevli licenses into production leases.
About TransAtlantic
TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey, Albania and Bulgaria.
