Turkey: Sivas basin exploratory joint venture pending

TransAtlantic Petroleum Ltd., Dallas, signed an agreement in late October 2011 with an undisclosed major international oil company to explore central Turkey’s Sivas basin.

TransAtlantic holds 13 licenses that cover 1.6 million gross and net acres, essentially the entire basin, near pipelines and population centers.

The agreement is subject to finalization of definitive agreements and Turkish government approval of the planned exploration program, including the extension of the deadlines for the Sivas basin license drilling obligations to December 2013.

The Sivas basin has more than 8 km of Neogene sediments penetrated by a single stratigraphic well that did not reach the main reservoir and source rock. The work program includes a minimum of 1,000 line-km of 2D seismic and two wells to a depth of 3,500 m.

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