Tat Wellwonder where the Aug TAT gas well fits into this-and what status is-i think it is on the west side on their amity oil property- . Malone Mitchell, 3rd, the Chairman of the Board of Directors and Chief Executive Officer of the Company, stated, “We are glad to enter into the transaction with Valeura to sell our interest in TBNG. Valeura has been a good joint venture partner. They have brought significant technical support to the joint venture and we look forward to Valeura and Statoil proving the deeper productivity of the Thrace Basin.” He added that “if Valeura and Statoil are able to establish deep basin productivity in the area, we will be able to join that deep basin play through our 100% interest in the west offset of the Temrez block.”
Mr. Mitchell also noted that “the sale of TBNG represents the equivalent to TransAtlantic of the sale of approximately 379 net barrels of oil equivalent per day ('BOEPD') (99% gas) when using the September 2016 production rate. We intend to use the sale proceeds received to increase our cash reserves and fund drilling operations in our Southeast Turkey oilfields, which we believe will more than offset the decrease in production resulting from the sale of TBNG. This sale accomplishes the important second step of our planned financial restructuring.”