LNG Energy Ltd. has announced the spudding of the first well in Bulgaria under the farm-in agreement with TransAtlantic Worldwide Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd.
The exploration well is located on the A-Lovech exploration license targeting the Middle Jurassic Etropole formation.
Total depth is expected to be 3,200 meters with whole well core being taken over a substantial interval. The well will be completed in Q1, 2012.
TransAtlantic's subsidiary, Direct Petroleum Bulgaria EOOD will apply to the government of Bulgaria for a production concession (the "Etropole Concession").
The Etropole Concession is expected to cover an area up to 1,640 square kilometers (405,080 acres) for a term of up to 35 years.
Source: LNG Energy