GL Group acquisition of 25% interest in Block F17-b4, northwest Turkey
On October 18, 2024, GL Group announced that it acquired a 25% equity stake in Gazelle Energy Limited, a Canadian company which holds 100% ownership and is the operator of a natural gas development project, under the Thrace Basin Block F17-b4 license, in Turkey.
The block, which covers 145 km2, is a tight gas development project with a proven reserve of 65 billion cubic feet (2P) of gas. The license was awarded to Gazelle on January 26, 2019.
The transaction marks GL Group’s entry into the upstream natural gas business in Türkiye and its first international strategic acquisition.
Further information on the transaction can be found on GL Group’s website.
Gazelle Energy is an internationally-focused exploration and production company founded in 2018.
GL Group is the first privately owned group of energy companies in Azerbaijan. Its business portfolio includes five companies — GL International, GL Investment, Salyan Oil Limited, Taghiyev Operating Company and GL Technical Services.
Torys also acted on the following in connection with this project:
| Jurisdiction | Thrace Basin |
| Country | Turkey |
| Nature of Engagement | M&A |
| Client | GL Group |
| Client Role | Acquiror |