Transatlantic

completed

The project proposes to support TransAtlantic, a Dallas (Texas, USA) based oil and gas company listed in the Toronto Stock Exchange and New York Market Stock Exchange, in its onshore development activities of current gas and oil licenses in Turkey. The company applies advanced oil and gas technologies and practices, including 3D seismic, horizontal drilling and advanced completion techniques including hydraulic fracturing, to develop and explore its onshore leases. In Turkey the company holds 24 exploration and 12 production (oil and gas) onshore licenses (some onshore license have a minor component offshore but the company in not currently or planning to carry out any activities on any offshore areas) with operations in the Thrace Basin gas fields, northeast Turkey, and several oil fields in the southeast of Turkey (Anatolia). In Bulgaria Transatlantic recently acquired a production concession for the Koynare area (gas), located on the northwest of the country. However, the company does not expect to develop this field in the near future, concentrating its efforts in Turkey.IFC is proposing a reserve based loan of up to US $50 million aimed at supporting the company’s continuing operations in Turkey, in particular the development of existing licenses in the southeast including, but not limited to, the Şelmo, Bahar, Göksu, Molla, and Arpatepe oil fields. The development program aims at increasing current production via drilling of additional wells, work-over of existing wells, stimulation of underdeveloped wells, and a waterflood pilot program. A 3D seismic program in newly acquired licenses will provide the basis for additional drilling activities.