GL Group acquires stake in Turkish natural gas development project

Azerbaijan’s GL Group acquired a 25% equity stake in Gazelle Energy, a Canadian company, which holds 100% ownership and is the operator of the Thrace Basin Block F17-b4 license in northwest Turkey.

This block, spanning 145 sq km, is a tight gas appraisal/development play with a discovery of 65 Bcf (2P) gas reserves and potential significant upside. GL Group will also participate on the Gazelle Energy Board of Directors.

GL Group will participate in the Block F17-b4 Operating Commitee working alongside Gazelle Energy, deploying multi-fracturing and multi-completion drilling and completion technologies.