TransAtlantic Petroleum announced the Company and Longe Energy 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 Direct exploration permits cover seven blocks with a combined area of 12,287 square kilometers (3,036,068 acres).
Under the farm-in agreement, the Company and Longe would each earn a 25% interest 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.
The Company will become the operator of the Ouezzane-Tissa and Asilah exploration permits, subject to government approval.