Project Profile
Location: Etropole, northwestern Bulgaria
Depth: ranging from less than 2500 meters to greater than 5000 meters
TransAtlantic\'s subsidiary, Direct Petroleum Bulgaria EOOD (\"Direct Bulgaria\"), has applied to Bulgarian authorities to carve out 395,000 acres of the former A-Lovech exploration permit as the Stefanetz Concession Area, which is estimated to contain over 300,000 prospective acres, with potential Etropole shales lying at depths of 12,500 feet.
TransAtlantic Worldwide concluded an agreement with Esrey Energy in September 2011, under which Esrey funded an exploration well, Peshtene R-11, which collected more than 900 feet of core in November 2011. Esrey also agreed to fund up to another US$12.5 million in exchange for 50% interest in the proposed Stefanetz Concession, with the remaining 50% stake split between TransAtlantic and private investment fund Koynare Development Ltd. (KDL). KDL banked its claim to a stake after funding 75% of a US$40 million work programme in the nearby Koynare exploration area.
In January 2012, however, the Bulgarian parliament banned shale drilling in response to public protests. Though the ban was relaxed for testing procedures in June that year, Transatlantic’s application for the Stefanetz concession was still pending as of March 2016.
In January 2014, TransAtlantic completed the Deventci-R2 directional well at the nearby Koynare Concession Area, which tested with an initial production rate of 2 mcf per day of gas and condensates.
Operators (proposed) TransAtlantic Worldwide Ltd. 25%
Esrey Energy (formerly LNG Energy) 50%
Koynare Development Ltd. (KDR) 25%