TransAtlantic Announces Farmout Of Turkey Exploration License

Source: www.gulfoilandgas.com 10/9/2007, Location: Europe

TransAtlantic Petroleum Corp. has farmed out Block 4175, one of its exploration licenses in southeastern Turkey. Under the terms of the agreement, the farmee will fund the next portion of the Company's work program obligation on Block 4175. This work entails reprocessing of 2D seismic in the vicinity of the license and conducting geochemical studies. Upon completion of this phase of the work program, the farmee has the option to acquire 75% interest in the license by drilling an exploration well to evaluate an untested prospective Palaeozoic formation.

The Company will continue as operator of Block 4175 until exercise of the drilling option by farmee. Transfer of the interest in the license would be subject to regulatory approval. If the exploration well leads to a commercial discovery, the license would be converted to a 20-year production lease (extendable for a further 20 years in two 10-year increments) which would bear a 12.5% royalty. Currently, the tax rate in Turkey on net corporate income is 20% (subject to a further 15% withholding tax on profits transferred out of Turkey).


Norway >>  11/7/2024 - Equinor has signed an agreement to acquire Sval Energi’s 11.8% share in the Halten East Unit. With this acquisition, Equinor increases its ownership t...
United States >>  11/6/2024 - FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”) has announced that the Company has entered into an agreement to acquire the U.S. solar manufactu...

Thailand >>  11/5/2024 - Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce the completion of an internal restructuring of its Thai...
United Kingdom >>  11/5/2024 - The Board of Synergia Energy Limited (Synergia or the Company) is very pleased to announce that it has arranged funding for the initial development of...

Papua-New Guinea >>  11/4/2024 - Further to the announcements of 29 December 2023 and 1 February 2024, Santos is pleased to announce completion of the sale of a 2.6 per cent interest ...
Singapore >>  11/4/2024 - CVC DIF has agreed to acquire a 49.9% interest in ECO, a hazardous waste management company in Singapore.
ECO operates with 649,000 tonnes per ...


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 


Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.