Turkey: TransAtlantic to farmout Idil license

TransAtlantic Turkey Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd., has reached a farmout agreement with Oslo-based Onshore Petroleum Co. AS on TransAtlantic’s Idil license in southeastern Turkey.

"We expect to spud our first exploration well to test the Mardin formation in the Cretaceous interval in the second quarter," said Ian Delahunty, TransAtlantic president.

Onshore will finance 100% of TransAtlantic Turkey's initial exploration well, capping at $3.5 million, with expenses above that to be split equally.

TransAtlantic Turkey and Selsinsan Petrol Maden TO San ve Tic. Ltd. Sti., together currently hold 100% interest in the 123,000-acre license. They will assign Onshore 50% interest.