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HAMILTON, Bermuda, Oct. 1, 2013 (GLOBE NEWSWIRE) --
TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today provided an operational update on its current drilling program.
TransAtlantic ended the third quarter of 2013 with production of more than 4,500 Boe/d and expects its 2013 year-end exit rate to be at least 5,000 Boe/d. The Company currently has three active rigs in southeastern Turkey and two active rigs in the Thrace Basin in northwestern Turkey. In the fourth quarter of 2013, TransAtlantic expects to add one drilling rig in Bulgaria and release one drilling rig in the Thrace Basin in Turkey to maintain a five rig operation going forward. The Company spudded 18 wells in the third quarter of 2013 and 27 wells year-to-date. TransAtlantic plans to drill a total of 38 wells in 2013.
Southeastern Turkey – Şelmo Field Redevelopment
TransAtlantic recently drilled a horizontal well in the Şelmo field (100% working interest) targeting the MSD zone at a depth of approximately 5,200 feet for $2.2 million. The Company is currently drilling a second horizontal MSD well and will complete both wells in October 2013. TransAtlantic plans to drill two to five additional Şelmo horizontal wells targeting the MSD zone in the fourth quarter of 2013.
Based on the success of the Şelmo-13H horizontal well, which targeted the LSD zone at a depth of approximately 6,000 feet and is currently producing more than 300 Bbls/d of oil, TransAtlantic expects to drill two additional Şelmo horizontal wells targeting the LSD zone in the fourth quarter of 2013.
Southeastern Turkey – Molla Drilling Program
In August 2013, TransAtlantic drilled the Göksu-5H horizontal well (100% working interest) to the Mardin zone at a total measured depth of 5,400 feet for a cost of $2.8 million. The Company has five horizontal wells in southeastern Turkey awaiting completion with a coiled tubing unit including the Göksu-5H, Alibey-1, Oba-1 and two Şelmo wells. TransAtlantic expects to complete and test these wells in the fourth quarter of 2013.