TransAtlantic Petroleum Announces Agreement With LNG Energy

TransAtlantic Petroleum Ltd. (TSX:TNP,AMEX:TAT) entered into an agreement with LNG Energy Ltd.(TSXV:LNG) wherein LNG will invest $7.5 million USD to start drilling at the A-Lovech exploration license in Bulgaria.

The press release is quoted as saying:

The agreement, between LNG and the Company’s wholly owned subsidiary, TransAtlantic Worldwide, Ltd. (“Worldwide”), provides that LNG will invest $7.5 million USD which will be used by Worldwide’s subsidiary and operator of the well, Direct Petroleum Bulgaria EOOD (“Direct Bulgaria”), to commence drilling the Peshtene R-11 well this week.

TransAtlantic Petroleum Ltd.’s President Gary Mize, said,

“With its participation in a number of licenses in the shale play in Poland, LNG brings hands-on experience to the exploration of the Etropole formation for natural gas. The drilling of an Etropole test well will increase our technical understanding of the play and is the first step in our effort to unlock the long-term potential in the Etropole,”

Click here to access the entire press release