This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TransAtlantic Petroleum Announces 2014 Capital Expenditure Budget And Outlook

HAMILTON, Bermuda, Dec. 23, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced its capital expenditure budget for 2014 and outlook for its 2014 production exit rate.

2014 Capital Expenditure Budget

TransAtlantic's Board of Directors has approved the following initial capital expenditure budget for Turkey for the twelve months ending December 31, 2014. The Company expects to establish a budget for Bulgaria, horizontal completions and other activity as geology and well results dictate.

Area Planned Wells Drilling & Completions Facilities, Recompletions, Seismic & Other Expected Total Net Capital
Turkey        
Şelmo Field Development 9 – 11 wells $26.0 MM -- $26.0 MM
Şelmo Field Waterflood Pilot -- -- $2.5 MM $2.5 MM
Molla: Bahar Appraisal Campaign 6 – 8 wells $28.0 MM $2.0 MM $30.0 MM
Molla: Mardin Drilling 3 – 6 wells $8.0 MM -- $8.0 MM
Molla: 3D Seismic Program -- -- $4.0 MM $4.0 MM
Arpatepe Appraisal and Waterflood 1 – 2 wells $3.5 MM $0.5 MM $4.0 MM
Thrace Basin Development 14 – 22 wells $10.5 MM -- $10.5 MM
Thrace Basin Recompletions 15-25 recompletions -- $3.5 MM $3.5 MM
Total 33 – 49 wells 15-25 recompletions $76.0 MM $12.5 MM $88.5 MM

TransAtlantic is focused on areas with known hydrocarbons and expects to target wells more efficiently in 2014 with the use of recently acquired 3D seismic. The Company believes its maintenance capital expenditures to sustain production flat at 5,000 Boed net (2013 year-end guidance) is approximately $37 million. To maintain flat oil production of 3,000 Bopd net, TransAtlantic estimates a cost of $17 million. The Company estimates a cost of $20 million to sustain flat natural gas production at 12 MMcf/d net. 

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs