CALGARY, ALBERTA--(Marketwired - Nov. 19, 2015) - Marsa Energy Inc. ("Marsa" or the "Company") (TSX VENTURE:MEP) is pleased to announce that it has reached a major milestone and has been awarded 4 production licenses on its Ortakoy permit in the Republic of Turkey.
Ortakoy Licence (AR/MRS/3913) - Republic of Turkey
On October 15, 2015, Marsa Turkey BV received letters from the General Directorate of Petroleum Affairs ("GDPA"), and the Ministry of Energy in accordance with Article 8 of the Turkish Petroleum Law, approving Marsa Turkey BV's application to convert Ortakoy exploration license AR/MRS/3913 (Area: 492 km2; expiry November 8th, 2015) into a contiguous series of 4 production licenses ARI/MRS/K/H17- b1-1; ARI/MRS/K/H17-a2-1; AR/MRS/K/G17-c4-1 and ARI/MRS/K/G17-c3-1 (total Area: 171 km2). The 4 production licenses retain all current fields (Destan & Poyraz Ridge), discoveries (Seheryeli, Demirtepe and Korukoy) and all prospects and leads which have been identified on the license to date.
In accordance with Article 8 of the Turkish Petroleum Law, each Production License carries a set of conditions and timelines whereby as long as Marsa continues its production and development activities each license will carry the maximum allowed 20 year production term commencing November 8th, 2012, which is the day Marsa previously received GDPA/Ministry approval for its 3 year (exploration term) extension. Furthermore, Marsa also has the option to apply for an additional extension (renewal) period of up to two 10 year periods to continue production.
Marsa's plan to have a 10 million cubic feet per day gas plant, gathering system and pipeline interconnect continues to advance with a view to first gas sales circa Q1 2017.
Further information regarding this announcement has been posted to the Marsa Energy website (www.marsaenergy.com) under the Investor tab (Presentations).
Marsa (www.marsaenergy.com) is an international energy company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company's 100 percent working interest property is located on the Gallipoli Peninsula in the Republic or Turkey and is held through its wholly owned subsidiary, Marsa Turkey BV.
Marsa is headquartered in Calgary, Alberta, Canada and is publicly traded on the TSX Venture.
Forward-Looking Statements. Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events or Marsa's future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Marsa believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.
With respect to forward-looking statements contained in this press release related to Marsa's business and operations, Marsa has made assumptions regarding, among other things: continued political stability of the area in which the Company is operating and completing transactions; continued operations and approvals forthcoming from the GDPA in a manner consistent with past conduct; future drilling activity on the expected timeline; future economic conditions; future capital and other expenditures (including the amount and the nature thereof); future sources of funding; future currency and exchange rates and, the Company's continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner.
Marsa's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: risks associated with the oil and gas industry; volatility in the market prices for oil and natural gas; uncertainties associated with Marsa's ability to obtain additional financing on satisfactory terms; the risk of fluctuations in foreign exchange rates; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations the uncertainty regarding government and other approvals; potential changes in laws and regulations; and, the risk associated with international activity. Additional risks are described in Marsa's disclosure documents available under the Company's profile at: www.sedar.com.
This forward-looking information represents Marsa's views as of the date of this press release and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. Marsa has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.