International oil and
natural gas company
TransAtlantic Petroleum
said that it had failed
to receive final
approval of agreements
amending the terms of
agreements relating to
three oil fields and one
gas field in
Albania."[...] neither
TransAtlantic nor its
indirect, wholly-owned
subsidiary,
TransAtlantic Albania
Ltd. (formerly Stream
Oil & Gas Ltd.
("Stream")), have
received final approval
of agreements amending
the terms of Stream's
petroleum agreements
relating to the
Gorisht-Kocul,
Balish-Hekal and
Cakran-Mollaj oil fields
and the Delvina gas
field in Albania as
contemplated in the plan
of arrangement," the
company said on Thursday
in a press release.
As a result, no
purchaser contingent
shares will be issued to
the former shareholders
of Stream. All
contingent share rights
previously issued to
Stream shareholders in
accordance with the
terms of the plan of
arrangement have
terminated, it added.
TransAtlantic continues
to work with the
Albanian government and
expects to receive final
approval of the amending
agreements in the near
future, the company also
said.
TransAtlantic Petroleum
is an international oil
and natural gas company
engaged in the
acquisition,
exploration, development
and production of oil
and natural gas. The
company holds interests
in developed and
undeveloped properties
in Albania, Bulgaria and
Turkey.
Source:
SeeNews