In late April 2020, the General Directorate of Mining and Petroleum Affairs (MAPEG) approved the transfer of Valeura Energy Incâs and Petrako Ltdâs respective 35% and 10% interests in the E17-b4-1, E17-c1-1 and E17-c2-1 production leases (collectively known as Edirne) to Petrogas Petrol Gaz ve Petrokimya ÃrÃ¼nleri Ins San ve Tic AS (Petrogas Petrol Gaz), a subsidiary of Reform Oil & Gas. The companies had applied for the transfer in late March 2020. Following the transaction Reform Oil & Gas operates the acreage with a 100% interest. <P />The Edirne leases are located in the Thrace Basin in NW Turkey, around 190km NW of Istanbul. They contain a number of gas accumulations, which according to Valeura have not seen any production or activity for several years. It therefore deemed the leases to be no longer prospective.<P />Reform Oil & Gas only recently acquired the Edirne production leases, after purchasing all shares in Petrogas Petrol Gaz from TransAtlantic in Q1 2020. In consideration for the sale, which also included several other production leases in NW Turkey, TransAtlantic received US$ 1.5 million and a release of all plugging and abandonment obligations for 65 wells.
General Directorate of Mining and Petroleum Affairs (MAPEG) approved the transfer of Valeura Energy Incâs and Petrako Ltdâs respective 35% and 10% interests in the E17-b4-1, E17-c1-1 and E17-c2-1 production leases (collectively known as Edirne) to Petrogas Petrol Gaz ve Petrokimya ÃrÃ¼nleri Ins San ve Tic AS (Petrogas Petrol Gaz), a subsidiary of Reform Oil & Gas. 