September 30th, 2011 10:22am Posted In: Bulgaria

LNG Energy Spuds First Well in Bulgaria

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


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