Bulgaria: TransAtlantic to farm out interests in two blocks

TransAtlantic Petroleum Ltd. has signed a farmout agreement that will enable it to resume drilling the Deventci-R2 exploratory well in Bulgaria within 60-90 days.

Koynare Development Ltd., a private oil and gas investment company, will fund 75% of TransAtlantic’s initial $40 million work program in Bulgaria. The funds will be used by Transatlantic Worldwide’s subsidiary and operator, Direct Petroleum Bulgaria EOOD.

Direct Bulgaria will assign KDL a 50% interest in the Koynare concession area. Direct Bulgaria will also assign a 50% interest in its ownership of the Stefanetz concession area in the event that the pending concession application is approved by the Bulgarian government.

Assignment of the 50% interest in the Koynare concession area is subject to Bulgarian government approval. Direct Bulgaria currently holds a 100% interest in the concession.

Related Articles

Tullow advances Kenya exploration program

03/28/2014 Tullow Oil PLC has moved forward with exploration and appraisal activities conducted by four rigs operating on Blocks 10BB and 13T onshore Kenya.

Lundin completes appraisal wells for Johan Sverdrup

03/28/2014 Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB, has completed Johan Sverdrup appraisal wells 16/3-8 S and 16/3-8 S T2 in the ea...

Kentucky: Daybreak begins 2014 drilling campaign

03/28/2014 Daybreak Oil & Gas Inc., Spokane, Wash., has drilled the first well in its 20-well development drilling program for the 2014-15 fiscal year at ...

BLM seeks comments on Noble’s proposed Nevada gas exploration

03/27/2014 The US Bureau of Land Management is seeking comments on Noble Energy Inc.’s proposed natural gas exploration drilling on leases it holds in the Tab...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected