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TransAtlantic Petroleum Announces 2014 Capital Expenditure Budget And Outlook

Stocks in this article: TAT TNP

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
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. 

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