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MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd.

Transatlantic Petroleum Ltd. · May 27, 2014 · 33 slides

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Slides

  1. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 1
    2014 ANNUAL MEETING May 27, 2014
  2. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 2
    INTRODUCTION N. Malone Mitchell 3rd Chairman & CEO 3
  3. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 3
    NEW PRESIDENT AND COO TRACK RECORD OF GROWTH Led Longfellow Energy to 98% production growth and 202% reserves growth in 2013 Todd C. Dutton, President James R. Huling, COO 37 years of industry experience 29 years of industry…
  4. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 4
    SELMO EXTENTION APPROVED AND PRODUCTION INCREASING Received 10-year extension on elmo production lease from General Directorate of Petroleum Affairs of the Republic of Turkey Term extended until June 1, 2025 Net sales are currently…
  5. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 5
    EXPECT NEW 3D SEISMIC TO IMPROVE TARGETING IN TURKEY In the past year, we shot more than 1,000 km2 (386 miles2) of new 3D seismic in Turkey Selecting well locations in southeastern Turkey based on new seismic Currently drilling two…
  6. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 6
    TARGETS ARE IN AREAS OF KNOWN PRODUCTION (26 MMBo produced) (110 Bcf produced) Natural Gas 13.8 BCF Proved Reserves (19% YE13) 10.4 MMCFPD Production (37% 1Q14) Crude Oil 200 kilometers 9.9 MMBOE Proved Reserves 125…
  7. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 7
    OPERATING AND FINANCIAL HIGHLIGHTS Results for three months ended: 6/30/2013 9/30/2013 12/31/2013 3/31/2014 Net Sales Oil (BBLD) 2,527 2,500 2,533 2,889 Natural Gas (MCFD) 8,967 9,435 11,174 10,378 BOED 4,022 4,076 4,391 4,622 %…
  8. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 8
    OPERATIONS REVIEW Ian J. Delahunty President 9
  9. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 9
    THREE-PART STRATEGY UNDERWAY TO INCREASE PRODUCTION AND CASH FLOW IN TURKEY Molla Area Drilling Program (Southeast, Oil) elmo Field Redevelopment (Southeast, Oil) Acquired 800 km2 of 3D seismic over Molla area and Remodeled field…
  10. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 10
    ESTIMATED 2014 PRODUCTION GROWTH Q3-Q4 2014 Estimates Molla Area elmo Area Thrace Area Current Natural Drilling Waterflood Natural Drilling Waterflood Natural Drilling 2014 Year-End BOEPD Net Sales Decline Program Pilot Decline…
  11. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 11
    CONSERVATIVE PRODUCTION FORECAST GUIDANCE ASSUMPTIONS FOR 2014 Estimated results for the remainder of 2014 are based on conservative risking: Estimated Actual Targeted Production Basin Well Type Analog Analog Well Reserves…
  12. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 12
    MOLLA AREA GROWTH PLAN Q3-Q4 2014 Estimates Molla Area elmo Area Thrace Area Current Natural Drilling Waterflood Natural Drilling Waterflood Natural Drilling 2014 Year-End BOEPD Net Sales Decline Program Pilot Decline Program &…
  13. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 13
    MOLLA AREA, SOUTHEASTERN TURKEY EIGHT WELLS SPUDDED YEAR-TO-DATE Perencos Kastel Field (EUR 15 MMBO) elmo Field Drilled 5 Bahar Field Spudded 2 Bat Raman Field Largest oil field in Turkey Drilled 1 Idil Prospects…
  14. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 14
    MOLLA AREA: BAHAR AND GKSU FIELDS SOUTHEASTERN TURKEY, OIL, 100% WI Bahar, Gksu fields are in the sweet spot of southeastern Turkey; contain very few wells Currently drilling vertical Bahar wells; based on results, drill additional…
  15. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 15
    MOLLA AREA: BAHAR FIELD DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI Initial five wells will be vertical in order to de-risk the geology of the Bahar structure Top Bedinan Structure (10,000) 1 kilometer 16
  16. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 16
    MOLLA AREA: BAHAR FIELD DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI Vertical wells will produce from both the Bedinan and Hazro formations Top Hazro F4 Structure (8,700) 1 kilometer 17
  17. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 17
    ELMO FIELD GROWTH PLAN Q3-Q4 2014 Estimates Molla Area elmo Area Thrace Area Current Natural Drilling Waterflood Natural Drilling Waterflood Natural Drilling 2014 Year-End BOEPD Net Sales Decline Program Pilot Decline Program &…
  18. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 18
    PILOT PROJECTS TO INCREASE OIL RECOVERY SOUTHEASTERN TURKEY Pilot Project Status elmo field waterflood - Converted two wells to injectors in 1H 2014 - Injected more than 70,000 barrels of water to date elmo field polymer…
  19. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 19
    ELMO FIELD DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI elmo development is focused on increasing the recovery of the field; converting probable and possible reserves into proved reserves Recent successes in southeastern portion…
  20. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 20
    ELMO FIELD DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI Changing well orientation in the elmo field to lower well costs and increase production Rather than drilling perpendicular to faults, drill parallel to faults Drilling…
  21. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 21
    ELMO FIELD DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI Commenced secondary recovery in elmo in 1Q 2014 to increase field recovery Plan to convert at least four wells to injection in 2014 as pilot test elmo Field Waterflood…
  22. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 22
    ELMO FIELD DEVELOPMENT PLAN SOUTHEASTERN TURKEY, OIL, 100% WI Initiated polymer injection in elmo in 1Q 2014 to increase oil production Initial five wells added 250 BOPD for a total cost 1 million Following observation period,…
  23. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 23
    THRACE BASIN GROWTH PLAN Q3-Q4 2014 Estimates Molla Area elmo Area Thrace Area Current Natural Drilling Waterflood Natural Drilling Waterflood Natural Drilling 2014 Year-End BOEPD Net Sales Decline Program Pilot Decline Program &…
  24. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 24
    THRACE BASIN DEVELOPMENT PLAN NORTHWESTERN TURKEY, NATURAL GAS, 41.5% WI Future proved reserves potential from horizontal drilling of tight gas in the Mezardere and Teslimkoy formations; applying multi-stage completion technology…
  25. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 25
    THRACE BASIN DEVELOPMENT PLAN NORTHWESTERN TURKEY, NATURAL GAS, 41.5% WI Drilled two horizontal wells in 1Q 2014: BTD-2H IP of 2MMCFPD; TDR-11H IP of 2MMCFPD (additional cleanouts in process) Potential to drill 2-4 Mezardere…
  26. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 26
    THRACE BASIN DEVELOPMENT PLAN NORTHWESTERN TURKEY, NATURAL GAS, 41.5% WI Shot 234 km2 (90 miles2) of new 3D seismic in the Osmanl area of the southern Thrace Basin Planning a campaign for conventional, vertical appraisal wells to…
  27. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 27
    BULGARIA EXPLORATION NATURAL GAS, 50% WI Bulgaria Well Status Deventci-R2 tested at 2MMCFPD with condensates after perforation Currently performing a build-up pressure test of the well Expect to request approval to acidize…
  28. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 28
    2014 CAPEX ALLOCATION MM Net Proved Probable Possible Exploration Facilities Seismic Total Capex elmo 27.0 - - 4.0 1.0 - 32.0 Thrace 6.0 0.5 - 1.8 - - 8.3 Molla 6.0 24.3 - 7.3 3.2 3.0 43.8 Other 1.8 - - 2.1 0.5 - 4.4 Total…
  29. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 29
    2014 PLANNED DRILL WELLS Expected year-end production rate is 6,000 6,500 BOED 2014 Molla Arpatepe Selmo Thrace Expected Total Area Field Field Basin Well Counts Horizontal 7 10 9 11 6 10 23 33 Vertical 24 12 8 12 10 16…
  30. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 30
    CONCLUDING REMARKS N. Malone Mitchell 3rd Chairman & CEO 31
  31. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 31
    CONCLUSIONS Focused on targeted drilling with the use of newly acquired 3D seismic Secondary recovery on legacy elmo field expected to increase recovery Year-end 2014 exit rate guidance based on conservative estimates Expect…
  32. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 32
    NET PRESENT VALUE OF RESERVES PER SHARE Reserves as of 12/31/2013 Discounted at: US/Share 37.4 MM total shares at 12/31/2013 0% 10% PDP 11.68 8.76 PDNP 1.44 0.99 PUD 8.81 6.12 Total 1P Reserves 21.93 15.87 Note: Proved…
  33. MAY 2014 ANNUAL MEETING – Transatlantic Petroleum Ltd. – slide 33
    CONTACTS Taylor C. Beach Wil F. Saqueton Director of Investor Relations VP & CFO (214) 265-4746 (214) 220-4323 Taylor.Beachtapcor.com www.TransAtlanticPetroleum.com 34

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