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$193m
Last closeUS$5.15
High / Low (52 weeks)US$12.5 / US$4.2
Stock market listingUS
Forecast net debt (US$m)115.5
Forecast gearing ratio (%)34
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual7.50.0(39.9)
Relative *8.5(0.3)(46.5)

* % Relative to local index

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Company news

TransAtlantic Petroleum Ltd. (TAT) is Trading Higher on Unusual Volume for ...

Fri, 20 Mar 2015 21:34:40 GMT

TransAtlantic Petroleum Ltd. (TAT) Jumps 17.66% on March 17

Tue, 17 Mar 2015 21:00:00 GMT

TransAtlantic Petroleum Ltd. (TAT) Jumps 5.13% on March 26

Thu, 26 Mar 2015 21:00:00 GMT

Transatlantic Petroleum: A Gem Amid The Oil Bust (TAT)

Wed, 25 Mar 2015 19:30:00 GMT

TransAtlantic Petroleum Ltd. Provides Operational Update

Mon, 22 Jul 2013 20:06:58 GMT

Investment summary

Like many E&P peers, TransAtlantic (TAT) is hunkering down to weather the current low oil price environment by materially cutting capex and reducing costs. It is well placed to withstand low oil prices given the flexibility in its onshore capex programme and short drilling contracts. Capex should fall by 65-70% y-o-y in 2015, helped by lower service costs, which could be down c 20-30%. TAT may decide to focus more on its gas assets in north-west Turkey than on its oil assets in the south-east. However, returns on oil wells should remain decent even at $60/bbl Brent given low costs. Meanwhile, the Stream acquisition in Albania was completed in November 2014, adding c 1mmboe/d (c 17%) to group production. Our NAV of $11.0/share offers significant upside.

Last updated on 31/03/2015

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 2.9
2013A 127.3 44.1 0.2 (2.5) N/A 2.6
2014E 143.9 76.5 25.9 40.4 12.7 2.1
2015E 268.3 127.9 57.2 73.4 7.0 1.6

Last updated on 25/03/2015

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 techniques to TAT’s assets. Year-end 2014 reserves rose by 154% y-o-y thanks to the Albanian assets and Turkey reserves additions.

Last updated on 31/03/2015

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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