Dallas-based Park Place Energy Inc. reported that the production from three oil and gas fields in Turkey are producing 434 barrels of oil equivalent per day year-to-date, the company said June 17.
According to the Tiway Cos., about 75% of the production is gas that is selling at above $7 per thousand cubic feet and 25% is oil.
Park Place said that the Tiway Cos. own a 36.75% working interest in the South Akcakoca Sub-Basin gas field in the Black Sea.
Based on research and investigation, Park Place said that there could be substantial behind-pipe reserves which can be accessed through a low-cost work program.
Park Place also identified a number of proved undeveloped locations in the offshore gas field that can be drilled from the four existing production platforms. Substantial additional volumes of gas could be produced through the existing infrastructure.
Park Place previously entered into an agreement to purchase the Tiway Cos., which are three E&P companies operating in Turkey. They own interests in one offshore producing field and two onshore producing fields.
Park Place said that the purchase’s effective date is Jan. 1. Park Place paid a $500,000 deposit on the $2.1 million purchase price when the agreement was signed in December.
The transaction’s closing is conditional on Park Place obtaining approvals from two Turkish regulatory agencies. One of approvals has been received, and the other is expected in July, Park Place said.