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Source: www.gulfoilandgas.com 6/18/2005, Location: Africa
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TransAtlantic Petroleum Corp. (TSX:TNP.U) announces it has been awarded a reconnaissance license covering 13,750 sq. kilometers (about 3.4 million acres) in northeastern Morocco. This expansion of the Company’s activities into Morocco is in furtherance of the Company’s objective of pursuing foreign initiatives.
The Company will operate and have a 60% interest in the Guecif-Beni Znassen reconnaissancelicense. Stratic Energy Corporation (TSX-V: SE) with headquarters in Calgary will be the 40% partner in the project. The Guercif-Beni Znassen area represents the opportunity to pursue the extension of an existing producing play into a complex, under-explored basin. The initial year’s work program will involve the reprocessing of 4,300 kilometers of 2D seismic and an
aeromagnetic/aerogravity survey over the block. The work commitment is estimated to cost $1 million and should be completed by the first quarter 2006. Improvements in seismic processing and an understanding of the basin should permit the Company to high-grade the best areas for further exploration. The exclusive license is for a term of one year. The parties have the right to extend the reconnaissance license for an additional year or convert it to a three year petroleum agreement. There has been oil production in Morocco since the 1920’s and recent law changes
have made Morocco a very attractive country to explore for oil and gas.
TransAtlantic is engaged in the exploration, development and production of crude oil and natural
gas in the USA, has interests in Nigeria and Turkey and is pursuing other foreign opportunities.
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