TransAtlantic announces farm-in to seven blocks in Morocco

TransAtlantic Petroleum Corp., an oil company engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and Romania, along with partner Longe Energy, Ltd., have agreed to farm-in to the Ouezzane-Tissa and Asilah exploration permits held by Direct Petroleum Morocco, Inc. and Anschutz Morocco Corporation in northern Morocco.

The company claims that the Direct exploration permits cover seven blocks with a combined area of 12,287 square kilometres (3,036,068 acres).

Under the deal, the joint venture partners could earn a 25% interest each in the Ouezzane-Tissa and Asilah exploration permits by carrying Direct for 100% of the costs of drilling three wells on the Ouezzane-Tissa permit.

If one of the three wells is a commercial success, as defined in the farm-in agreement, then the company and Longe would carry Direct in the drilling of a fourth well.

TransAtlantic will become the operator of the Ouezzane-Tissa and Asilah exploration permits, subject to government approval.