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HAMILTON, Bermuda, Jan. 2, 2013 (GLOBE NEWSWIRE) --
TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-AMEX:TAT)
(the "Company" or "TransAtlantic") announces the Company's 2013 capital budget and production guidance, as approved by its Board of Directors, provides an operations update, and announces enhancements to the Company's organizational structure.
2013 Capital Expenditure Budget
TransAtlantic's Board of Directors has approved a capital expenditure budget for the twelve months ending December 31, 2013 of $131 million net to the Company. The budgeted spending includes $101 million of drilling and completion expense, $19 million of seismic and $11 million of infrastructure and other.
Drilling and Completion
Infrastructure & Other
Approximately 32% of the Company's spending is expected to be directed to the Thrace Basin, 40% toward activity on the Molla licenses, 19% at Selmo field, and 9% on exploration and other drilling.
Exploration & Other
Actual expenditures are likely to deviate from this initial plan according to drilling results, commodity prices, cash flow and capital availability (including the consummation of one or more joint ventures). The Company expects cash flow, available credit, and cash on hand will be sufficient to fund this spending program. TransAtlantic continues to work on forming a joint venture on several of the Company's licenses. The successful consummation of a joint venture may also provide cash for planned activities and necessitate increased drilling activity.