MARSA TURKEY B.V.

Marsa Turkey BV (MTBV), has a 100% working interest in two adjoining production licenses located on the Gallipoli (Gelibolu) peninsula in NW Turkey, lying within the SW extension of the prolific gas-producing Thrace Basin. The company has since proven the area it to be an emerging high-value, low-cost play with significant development and exploration upside. Key to the commercial metrics of the project is the 36” Inter Turkey-Greece-Italy pipeline which transects the Ortakoy license and lies only 16 km from the Poyraz Ridge gas field. MTBV has signed a connection tie-in agreement with Botas, the country’s state-owned crude oil and natural gas pipeline and trading company. The company has recently signed a favorable gas sales agreement with a top tier mid-stream company. And started gas production on 14th Deceber 2017.The Poyraz Ridge facilities have been designed to handle up to 15MMscf/d and front-end engineering and procurement activities are ongoing.