TransAtlantic Petroleum Ltd. has signed an agreement with Shell Upstream Turkey BV (Shell) pursuant to which Shell will co-fund a 2012 TransAtlantic program to collect 621 miles (1,000 kilometers) of 2D seismic data and approximately 4,971 miles (8,000 kilometers) of airborne gravity gradiometry and magnetic data in Turkey's Sivas Basin, where TransAtlantic holds exploration licenses covering approximately 1.6 million acres. The agreement provides an option for Shell to farm in on the leases after it assesses the data collected.
N. Malone Mitchell, 3rd, TransAtlantic's Chairman and Chief Executive Officer, stated, "We are pleased to have Shell join TransAtlantic in exploring the complex geology of the Sivas Basin. This region is underexplored but has the potential to hold meaningful accumulations of hydrocarbons. We welcome the knowledge, technical capabilities and commitment that Shell brings to the project and look forward to working with Shell's team in reviewing the seismic and aeromag data, collection of which has already begun."
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