TransAtlantic Petroleum has entered into an agreement with Turkiye Petrolleri Anonim Ortakligi ("TPAO"). In the initial phase of the agreement, the Company will participate in two licenses, one in the Thrace Basin and one in Southeastern Turkey, and will re-enter a total of 4 wells and drill a total of 4 wells over the next year. These wells will target tight sand and shale formations that do not produce under normal conditions.
Mr. Mitchell, the Company's Chairman, said, "TPAO has taken the lead in introducing new technologies in Turkey to access these unconventional resources. We are privileged and humbled to have this opportunity to be a junior partner with such a talented and resourceful company. We hope this initial exploration phase will be a good beginning to a long lasting relationship."
The Company is mobilizing frac and other equipment into Turkey to enable it to explore for unconventional resources. Mr. Mitchell and his staff will bring their experience in exploiting unconventional resources in North America. "There is the potential for unconventional resources to contribute greatly to Turkey's energy needs. But it bears noting that the success in the development of unconventional resources will, I believe, improve over time as techniques are refined and knowledge of these particular reservoirs increases," said Mr. Mitchell.
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