It was announced on 2 April 2020 that Corporate Resources BV, a subsidiary of Valeura Energy Inc., had transferred its interests in Block 5122 production licence to Thrace Basin Natural Gas Turkiye Corporation (TBNG), another subsidiary of Valeura Energy Inc., and Pinnacle Turkey Inc. Corporate Resources held 40% interests in the licence which is operated by TBNG and it assigned 21.5% and 18.5% interests to TBNG and Pinnacle respectively. As a result, the revised equity split is as follows: TBNG 63% (operator) and Pinnacle 37%. The company had applied for new interests on 10 March 2020 and government approval was granted on 23 March 2020.  The 5122 licence in District I covers a total area of 1.8 sq km in the Thrace Basin and contains the Karanfiltepe gas field. It was awarded to TBNG on 11 November 2012 for a 20 year period with equity split as: TBNG (41.5%, operator), Corporate Resources 40% and Pinnacle 18.5%. The Karanfiltepe field, discovered in 2004, produces gas from the Oligocene Osmancik Sandstone Formation. On 24 February 2017, Valeura Energy Inc announced that it had completed the acquisition of Thrace Basin Natural Gas Corporation (TBNG) from TransAtlantic Worldwide Ltd for USD 20.9 million.
Turkey, 5122