Chevron will acquire a 50% interest in a western portion of License 3921, an 8,700 square mile block located 220 miles northwest of the capital city of Ankara.
TPAO will hold the remaining interest in the license and will be the operator of the initial exploratory well currently being drilled.
If the initial well is successful, 3D seismic will be acquired and an additional exploratory well will be drilled by TPAO during 2012.
Chevron will become the operator during any future development of the project.
