TransAtlantic Petroleum (TAT)

Business description

TransAtlantic Petroleum is engaged in the acquisition, exploration, and production of oil and gas assets. It uses North American horizontal drilling and fracking technology to enhance production. Its main interests lie in Turkey and Bulgaria.

Share price chart

Share chart

Stock data

Market cap.US$223.8m
Last closeUS$5.97
High / Low (52 weeks)US$12.5 / US$5.3
Stock market listingUS
Forecast net debt (US$m)115.5
Forecast gearing ratio (%)34
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(19.4)(37.7)(19.3)
Relative *(19.8)(39.2)(29.1)

* % Relative to local index

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Investment summary

TransAtlantic has released a good set of Q314 financial and operational results, realising an oil production high of 3.7mb/d and with a significant quarter-on-quarter increase in net income to US$8.3m. Results were driven by solid operations in south-east Turkey, as well as a lack of one-off provisions and abandonment charges. In our view, current oil prices could potentially bring Turkey and Bulgarian gas assets back into focus in 2015, while the approved acquisition of Stream Oil and Gas adds Albanian production and cash flow to the mix.

Last updated on 01/12/2014

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 134.1 38.7 4.6 (5.2) N/A 3.4
2013A 127.3 44.1 0.2 (2.5) N/A 3.1
2014E 143.9 76.5 25.9 40.4 14.8 2.4
2015E 268.3 127.9 57.2 73.4 8.1 1.8

Last updated on 24/11/2014

Latest video

Executive Interview - TransAtlantic Petroleum

Industry outlook

TransAtlantic is pioneering North American drilling and fracking technology in Turkey, Albania, and Bulgaria, by applying unconventional methods to new plays, as well as to existing conventional assets. We believe that markets have yet to fully price in the potential production boost and upside from the successful application of North American horizontal drilling and fracking techniques to Turkey and Albania's oil and gas basins.

Last updated on 01/12/2014

Key management

Malone Mitchell , CEO
Wil Saqueton , CFO

Company address

16803 Dallas Parkway
P.O. Box 246 ADDISON
TX 75001-0246
United States
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