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As previously announced in our Company's Public Disclosures dated 29 March 2017, 5 July 2017 and 2 May 2018; aiming to expand our expertise in geothermal resource drillings further to oil exploration, Turcas Petrol A.Ş. ("Turcas") had filed an on-shore oil exploration license application for M-22A area in Denizli province to Turkey's Ministry of Energy and General Directorate of Mining and Petroleum Affairs ("GDMPA"). Regarding this application, "Investment Program" had been granted to GDMPA in accordance with related legislation. According to the "Investment Program", primary investment amount, which is to be utilized in oilfield development studies during the first 5 year period, was expected to be USD 2.7 Million at minimum. In May 2018, our oil exploration license application for M-22A area in Denizli province has been evaluated and approved by GDMPA. On 28 February 2020, Turcas has signed a Farm-Out Agreement (full and indivisible takeover right of shares regarding the license) with Amsterdam based N.V. Turkse Perenco ("Perenco") in order to perform a research whether there is an oil production potential in the above mentioned license area or not and carry out necessary tests. Pursuant to the Agreement, it is envisaged to transfer 50% of oil exploration utilization rights in the mentioned license area to Perenco. The tests will be operated by Turkey's highest daily oil producing private company Perenco. In case these test results are successful and mentioned license area is viable for oil production according to rantability conditions identified by both shareholders, Perenco shall borne the capital expenditures up to USD 3 million. Capital expenditures beyond USD 3 million will be spent by both shareholders on a pro-rata basis. In this respect, an application will be submitted to GDMPA in order to establish license utilization rights accordingly (Turcas: 50%, Perenc 50%). Further developments will be shared with the public. Kind regards, Note: This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions, the Turkish version shall prevail. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.