In an operations update, TransAtlantic Petroleum (TAT +1.2%) says it ended Q3 with production of more than 4,500 boe/day and expects a 2013 year-end exit rate of at least 5,000 boe/day.
TAT currently has five active rigs in Turkey and during Q4 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.
Expects to spud a planned 14.5K-ft. directional exploratory well in Bulgaria in October.
TAT spudded 18 wells in Q3 and 27 wells YTD; the company plans to drill a total of 38 wells in 2013.
TransAtlantic Petroleum (TAT +8.4%) announces a 2013 capital expenditure budget of $113M, and expects 2013 production of 1.8M-2.1M boe/day, or an average production rate of 5K-7K boe/day; crude oil is expected to account for ~60% of production volumes. TAT also says it is evolving toward a hub-and-spoke corporate structure.
TransAtlantic Petroleum (TAT +1.2%) wins a 35-year permit to drill and develop natural gas in Bulgaria, beginning production in H2 of next year and covering 10% of the country’s demand. Bulgaria's state-owned gas distributor signs an agreement with TAT to buy 80% of its output at prices 35% lower than it pays Russia’s Gazprom.
TransAtlantic Petroleum (TAT) says its Goksu-3H exploration well, TAT's first horizontal producing well in Turkey, recently was completed and began flowing naturally on Oct. 22. In its Q3 operational update, oil and natural gas sales averaged 4,168 boe/day; during the quarter, it spudded nine gross wells, completed 17 gross wells and executed fracs in 10 wellbores.
TransAtlantic Petroleum (TAT +6.9%) says the conditions that led to substantial doubt about the company's ability to continue as a going concern at year-end 2011 no longer exist as of the end of Q2. TAT also reports Q2 EPS of $0.02 on revenues of $32.6M (-7.2% Y/Y).