HAMILTON, Bermuda, Dec. 30, 2016 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the “Company” or “TransAtlantic”) today announced that it has received key governmental approval for the sale of its wholly-owned subsidiary, Thrace Basin Natural Gas (Turkiye) Corporation (“TBNG”), and provided an operations update.
Update on TBNG Sale
On December 30, 2016, the Company received the required approval from the Ministry of Energy and Natural Resources of the Republic of Turkey (the “Ministry”) for the sale of TBNG to Valeura Energy Netherlands B.V. (“Valeura”). This approval is a key closing condition for the Company’s sale of TBNG. Concurrent with its acquisition of TBNG, and as a further closing condition, Valeura will sell its current 40% participating interest in the deep rights on certain of its Turkish joint venture lands to Statoil Banarli Turkey B.V. (“Statoil”). Valeura has also received approval from the Ministry for this sale to Statoil.
