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$276.2m
Last closeUS$7.37
High / Low (52 weeks)US$12.5 / US$6.8
Stock market listingUS
Forecast net debt (US$m)143
Forecast gearing ratio (%)63
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(20.8)(35.7)(11.2)
Relative *(19.5)(34.5)(20.5)

* % Relative to local index

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Investment summary

TransAtlantic Petroleum is set to close its all-share acquisition of Stream Oil and Gas by November 2014, subject to approvals. We expect this will provide sufficient time to line up a full year of production in Albania, an assumption that has led us to raise our FY15 oil and gas estimates by 21% to 8.9boe/d and increase our EBITDA forecast by 8% to US$126m. Our models point to an EV of US$80m for purchased Stream assets, realising an equity value of US$55m after accounting for assumed net debt, ahead of TransAtlantic’s all-share payment of c US$40m.

Last updated on 01/10/2014

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 (5.193) N/A 4.2
2013A 127.3 44.1 0.2 (2.452) N/A 3.8
2014E 186.1 78.8 28.0 53.540 13.8 5.4
2015E 272.8 126.4 57.7 85.466 8.6 2.6

Last updated on 02/10/2014

Latest video

Executive Interview - TransAtlantic Petroleum

Industry outlook

TransAtlantic is pioneering North American drilling and fracking technology in Turkey and applying unconventional methods to new shale 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’s oil and gas basins.

Last updated on 30/09/2014

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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