Trans-Dominion joint venture in Turkey, exploration to begin
Trans-Dominion Energy Corporation
TDE
Shares issued 78,946,856
1999-06-01 close $0.075
Wednesday Jun 2 1999
Mr. Geoffrey Bury reports
The company has entered into a farm-out agreement with Petrom Exploration
Mediterranean Inc. to explore the Calgan licence (No-3425) in Southeast Turkey.
Petrom will provide 100 per cent of the financing to explore and develop the
licence. Trans-Dominion will retain a 10 per cent gross overriding royalty after
Petrom's partial cost recovery of $1-million (U.S.) on any revenue from
production. Planning is currently under way to acquire 70 kilometres of new
seismic data. An exploration well is expected to follow the completion of a
successful seismic program. The farm out is subject to the approval of the Turkish
Ministry of Petroleum (GDPA).
"We are pleased with this agreement with Petrom as it means that exploration
activity, which has been stalled for almost a year due to repatriation problems, has
begun again on one of our Turkish licences", said Michael Doherty, president and
CEO of Trans-Dominion. "The Calgan licence has at least one very attractive
prospect and lies directly south of our Zeynel production lease. Wells that were
previously drilled in the area have encountered oil shows in the Karabogaz and
Karababa-C formations - the main producing formations in the region. With the
benefit of new seismic coverage over the main prospect, we believe that the
potential for a commercial discovery is very good."
Further to its news release in Stockwatch, May 11, 1999, the company has
received approval from the Toronto Stock Exchange for the $450,000
(Canadian) private placement and conversion of a $180,000 (Canadian)
debenture and the transaction has now been completed. |
