UPDATE 1-TransAtlantic says may sell existing operations in Morocco

Tue Jun 28, 2011 8:22am EDT

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June 28 (Reuters) - TransAtlantic Petroleum Ltd said in a regulatory filing that one of its exploration well in Morocco is likely to be abandoned, and the company will likely seek to sell or farm-out its existing operations in the country.

The Canadian energy company, which holds interests in oil and gas properties in Turkey, Morocco, Bulgaria and Romania, also said it is likely to transfer certain of its drilling services equipment from Morocco to Turkey.

The company did not, however, provide any reason for either of the moves in the filing.

Riot police was out on the streets of Morocco after thousands of people marched through cities on Sunday either to protest or to support constitutional reforms proposed by King Mohammed in reaction to unrest inspired by the "Arab Spring" uprisings.

TransAtlantic's GRB-1 well on the Asilah exploration permit in the country would likely be plugged and abandoned as non-commercial, the company said in a filing with the U.S. Securities and Exchange Commission.

Shares of the company closed at C$1.69 on Monday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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