Houston, TX-based Liberty Energy Corp. (OTCBB:LBYE) has provided an update on its Bulgarian natural gas asset.
The company possesses an overriding royalty rights (ORRI) to a proven multi billion cubic feet of natural gas property in North-West Bulgaria based within the A-Lovech exploration block which covers 1,830 square miles (or 1,171,200 acres) of the East European country. The property contains Deventci R-1 which is (currently producing ~250 Mcf/d on a limited test basis and) the deepest well drilled in Bulgaria for the past 30 years.
Transatlantic Petroleum Ltd. has released a new update on its Peshtene R-11 well in the neighboring exploration block to that of the Deventci R-1 within the A-Lovech exploration block1. Transatlantic stated that their exploration well, drilled to 10,500 feet into the Etropole formation, showed rock properties similar to US shale plays. The Etropole position they estimate to hold gross unrisked best estimate prospective resources of 11 Tcfe. The company is reportedly awaiting revision(s) to recent Parliamentary legislation.
"We are excited by this further news of 11 trillion cubic feet of natural gas adjoining our exploration block in Bulgaria. At current prices this equates to over $35 trillion. We will be exploring ways to engage our partners on this project, and to identify a way forward with the project," commented Ian Spowart, CEO of Liberty Energy Corp.
Liberty Energy Corp. holds leases and royalties in both Texas and Bulgaria. In Texas, Liberty owns 12 leases based around numerous geological pay zones. In North-West Bulgaria, Liberty has royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low-sulphur natural gas condensate