TransAtlantic Petroleum Ltd. Announces Production Results for the Month of January 2015; Provides Capital Expenditure Guidance for 2015
Feb 3 15
TransAtlantic Petroleum Ltd. announced production results for the month of January 2015. For the month, the company's average net production was approximately 6,700 BOEPD, comprised of approximately 5,200 BOPD of oil and approximately 8.9 MMCFPD of natural gas.
The company's board of directors has approved an initial 2015 capital expenditure budget of up to $38 million. The company estimates annual capital expenditures of $38 million would be required to maintain flat production for the year.
TransAtlantic Petroleum Ltd. Provides Operational Update on its Current Drilling Program
Jan 6 15
TransAtlantic Petroleum Ltd. provided an operational update on its current drilling program. TransAtlantic’s current 7-day average production rate is approximately 7,000 BOEPD, comprised of approximately 5,500 BOPD of oil and approximately 9.0 MMCFPD of natural gas. The Company currently has two active rigs, one in southeastern Turkey and one in the Thrace Basin of northwestern Turkey. In the first quarter of 2015, TransAtlantic expects to resume drilling with one rig in Albania and release the rig currently drilling in the Thrace Basin of northwestern Turkey. TransAtlantic had a Turkey production rate of 6,268 BOEPD on December 30, 2014, at the midpoint of its annual guidance. The company spudded eight wells (five oil and three gas) and put eleven new wells on production (five oil and six gas) in the fourth quarter of 2014. TransAtlantic spudded a total of 31 wells and put 30 new wells on production in 2014. TransAtlantic conducted a horizontal drilling campaign in the Selmo field in 2014, in which it spudded 12 wells and put 13 new wells on production. In the fourth quarter of 2014, the Company spudded two wells and put three new wells on production in the field. The three most recently completed wells had an average initial production rate of 276 BOPD. TransAtlantic continues its secondary recovery program in the Selmo field. In the fourth quarter of 2014, the company conducted a second phase of polymer injections in the field and is monitoring field response. In 2015, TransAtlantic expects to convert several additional wells to injection as part of its waterflood operations. TransAtlantic is currently drilling the Pinar-1 (100% working interest), an 11,700-foot vertical well that will test a structure west of the Bahar field. The Company’s Bahar-6 well (100% working interest), is producing more than 600 BOPD and 500 MCFPD nearly two months after initial production. TransAtlantic put three Bahar wells on production in 2014 and they are currently producing a combined total of more than 1,100 BOPD. The company intends to continue its Bahar drilling program with one rig in the first quarter of 2015. TransAtlantic drilled the Ebyat-2 (50% working interest), a 7,880-foot vertical exploration well on its Idil license, in the fourth quarter of 2014. The Company plans to complete and test several intervals of the well in the first quarter of 2015. TransAtlantic’s 50% joint venture partner, Onshore Petroleum Company AS, is expected to fund 100% of TransAtlantic’s expected share of the well cost. TransAtlantic is currently drilling a seventh vertical well as part of its 2014 conventional gas drilling campaign in northwest Turkey (41.5% working interest). The company drilled three Thrace wells in the fourth quarter of 2014 and put two new wells on production. The two most recent wells had initial production rates of 4.0 MMCFPD (41.5% working interest) and 0.6 MMCFPD (50% working interest). TransAtlantic expects to finish drilling the current well in mid-January and subsequently release the rig. In the first quarter of 2015, TransAtlantic expects to resume drilling of the Delvina-34H1 well (100% working interest), a Cretaceous, deviated well with proposed target depth of approximately 13,000 feet. The Company has established a core of essential personnel in the country and anticipates commencing oilfield upgrades in the first half of 2015.
TransAtlantic Petroleum Announces Sustained Production Level from Dadas Interval in Southeast Turkey
Dec 3 14
TransAtlantic Petroleum Ltd. announced that the Dada interval of its Bahar-6 well (100% working interest, 87.5% net revenue interest) in the Molla area of southeast Turkey had a seven-day average flowing production rate of 804 BOPD of 35 degree API oil and approximately 500 MCFPD, with no formation water. Upon the conclusion of its current pressure buildup test on the well, the Company plans to remove the plugs that isolate the Dada interval from the two Bedinan zones beneath it. TransAtlantic will then equip the Bahar-6 for standard production operations.