On 2 January 2018, the General Directorate of Petroleum Affairs (GDPA) approved the transfer of a 12.25% interest in the Block 4877 production licence from Foinavon Energy Inc to Park Place Energy Turkey Ltd, a subsidiary of Park Place Energy Inc. The companies had applied for the transfer on 21 November 2017. Following the transaction Turkish Petroleum Corp (TPAO) operates the acreage with a 51% interest and is partnered by Park Place Energy Inc through its two subsidiaries, Park Place Petrol Arama Uretim AS (26.75%) and Park Place Energy Turkey Ltd (22.25%).<P />The Block 4877 production lease is located off the north coast of Turkey towards the western end of the Black Sea and contains four producing gas fields in water depths ranging from 600m to 1,200m. The three nearer shore gas fields of Ayazli (discovered in 2004), Ayazli East (discovered 2005) and Akkaya (discovered in 2006) were included in an initial phase of development, with first gas production in 2007. The deeper water Akcakoca field (originally discovered in 1976) was developed later, with first gas production in 2011. All of the fields are developed using unmanned well head platforms/tripods, tied back via a 25km, 12" pipeline to a shared onshore processing and compression facility at Cayagzi.<P />Park Place Energy Inc obtained its interest in the production lease in 2016, through the acquisition of three Tiway Oil BV subsidiaries. The company has drawn up plans to carry out a redevelopment of the producing fields, as it believes that it can access substantial behind-pipe reserves through a low-cost work programme.
General Directorate of Petroleum Affairs (GDPA) approved the transfer of a 12.25% interest in the Block 4877 production licence from Foinavon Energy Inc to Park Place Energy Turkey Ltd, a subsidiary of Park Place Energy Inc. 