TransAtlantic Petroleum Corp. Announces Farmout of Tselfat Permit in Morocco

Source: www.gulfoilandgas.com 8/27/2007, Location: Africa

TransAtlantic Petroleum Corp. has reached agreement to farmout 50% of its interest in the Tselfat exploration permit to Sphere Petroleum QSC. In exchange for an option to acquire 50% of the Company's interest in the Tselfat permit, Sphere will fund the costs to acquire a 110 sq. km. 3D seismic survey to be shot over the Haricha field and northern portion of the Brou Draa field in early 2008 and will also fund the cost of additional geological studies. It is estimated the 3D survey and the studies will cost approximately U.S. $4.5 million over the next year. Upon its exercise of the option, Sphere will (i) fund the drilling and testing of an exploratory well; and (ii) replace the Company's bank guarantee deposited with the Moroccan government. The exploratory well will be drilled to a depth of at least 2,000 meters (6,500 feet) to test a previously undrilled subthrust prospect. The Company will remain as operator of the permit through this exploration phase which extends to May 2009.

The Tselfat exploration permit covers 900 square kilometers (222,000 acres) and is located onshore in northern Morocco. It was awarded to the Company in May 2006 for a period of 8 years. The permit contains three previously produced but now abandoned oil and gas fields: Haricha, Tselfat and a portion of the Bou Draa Field, all of which were discovered in the 1950's or earlier. The Company believes the 3D seismic survey and the geological studies will provide additional data for the potential redevelopment of the Haricha field and will define the deeper prospectivity on the permit.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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