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GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd.

Transatlantic Petroleum Ltd. · Jun 23, 2015 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 1
    GHS 100 ENERGY CONFERENCE JUNE 23, 2015
  2. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 2
    TRANSATLANTIC PETROLEUM: DALLAS, TX APPLYING PROVEN, NORTH AMERICAN TECHNOLOGY TO KNOWN INTERNATIONAL HYDROCARBON BASINS Good fiscal terms and respect for rule of law Deep inventory of low risk projects High quality 3D seismic,…
  3. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 3
    COMPANY GROWTH Annual Net Reserves - Turkey Quarterly Net Production(1) 35 6,000 30 5,000 25 15.4 4,000 20 MMBOE BOEPD 12.0 15 3,000 6,122 5,969 8.7 5,033 5,000 4,622 10 2,000 4,391 5.6 4,076 4,022 5…
  4. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 4
    PROVEN EFFICIENT OPERATOR IMPROVING EFFICIENCIES AND LOWERING OPERATING COSTS (USD/BOE) Operating Expense Thousand USD/Month Turkey 18.00 2,400 16.00 2,000 14.00 12.00 1,600 10.00 1,200 8.00 6.00 800 4.00 LOE…
  5. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 5
    2015 COST SAVINGS & CASH MANAGEMENT ACCOMPLISHMENTS Have implemented actions that will generate 9mm annualized cash cost savings across G&A and LOE Turkey at 10mm annualized cash savings Dallas costs up slightly due to investment of…
  6. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 6
    RESERVE ACCURACY IS IMPROVING (DOWNEY CURVE) COMBINATION OF MANAGEMENT DECISIONS AND ASSET UNDERSTANDING 2013 Pre and Post Drill Reserve Estimates* Pre-Drill Cumulative EUR Post-Drill 0 5 10 15 20 25 Wells Drilled 2014…
  7. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 7
    PROJECTS ACROSS ALL STAGES OF DEVELOPMENT Reserves Internal Unbooked Prospective Reserves Size of circle is relevant size of reserves Cash Flow Positive Thrace Shallow Selmo (still 50+ locations) Constant Production + Selmo…
  8. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 8
    THE GOOD NEWS PRODUCTION POTENTIAL* (NET) NET BOE/D 25,000 Discretionary What our assets have the Cash potential to produce with plan Flow 20,000 15,000 10,000 5,000 - Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17…
  9. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 9
    THE CHALLENGE- DRILLING INVESTMENT AND DEBT REPAYMENT 1,000 1,000 900 Total cost to drill plan: 972 MM 900 800 82 million deficit from CapEx plan 800 700 249 million deficit from CapEx plus debt paydown 700 600 600…
  10. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 10
    WE WILL SELL JOINT VENTURES (JVS) AND IMPROVE: PRODUCTION INCOME BALANCE SHEET VALUE PER SHARE 6 Transactions Nearly every area Sale-VPP: 40 - 80 million cash proceeds Estimated required loan paydown: 20 - 30 million Carry-Loan: 50…
  11. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 11
    SO HERE IS OUR PLAN NET BOE/D Total Production Forecast USD Cumulative Drilling Investment 25,000 NEW PARTNER PRODUCTION 25,000 1,000,000,000 TAT PRODUCTION JV Partner Capex Total Cost to Drill 900,000,000 Carry Value Sell This TAT…
  12. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 12
    DRILLING INVESTMENT Year Wells Gross BOE/D Gross TAT BOE/D Partner Partner CapEx CapEx Net CapEx(2) BOE/D 2015E(1) 7 28.4 7,520 25.6 5,430 2.8 1,144 2016E 44 135.4 9,440 74.7 5,570 60.7 2,687 2017E 57 203.5 17,630 94.6 10,430…
  13. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 13
    DRILLING INVESTMENT (NET) THATS A LOT OF MONEY, BUT REINVESTING THE RESULTING CASH FLOW MAKES THIS THE NET: Year Wells Gross BOE/D Gross TAT BOE/D Partner Partner BOE/D CapEx CapEx Net CapEx Net of Sales Net of Sales Net of…
  14. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 14
    PRODUCTION WEDGE NET BOE/D PRODUCTION FORECAST 20,000 20,000 Discretionary 18,000 18,000 Cash 16,000 Flow 16,000 14,000 14,000 Selmo 12,000 12,000 Albania Gas 10,000 10,000 Albania Oil 8,000 8,000 6,000 6,000 Molla…
  15. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 15
    FINANCIAL MODEL OVERVIEW The following slides portray a simplified Balance Sheet (Cash, Debt) under several scenarios: With JVs and debt pay down schedule With JVs and convertible bonds converting to equity With JVs and issuance…
  16. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 16
    BALANCE SHEET(1) JOINT VENTURES In Lowest Proceeds Case: need to refinance convertibles in mid 2017 Cash/Debt Cash vs Debt Principal balance - JVs BOE/D 400,000,000 18,000 350,000,000 16,000 Debt Principal balance 300,000,000…
  17. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 17
    BALANCE SHEET(1) JOINT VENTURES, CONVERT TO EQUITY: Convertible debt converting to equity results in significantly more cash Even JV Lowest Proceeds case provides sufficient funding Cash/Debt (USD) Cash vs Debt Principal balance -…
  18. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 18
    EBITDAX WITH JOINT VENTURES (EXPECTED CASE) EBITDAX EBITDAX with Joint Ventures Per Share 250,000,000 7.00 6.00 200,000,000 EBITDAX/Sh 5.50 5.00 150,000,000 4.00 3.00 100,000,000 2.00 50,000,000 55mm Convertible Notes…
  19. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 19
    BALANCE SHEET(1) JOINT VENTURES & BOND ISSUE Cash/Debt (USD) Leverage Ratio Cash vs Debt Principal balance - JVs and Bond issuance 500,000,000 2.00 Debt Principal balance 450,000,000 Cash Balance JV Exp 1.50 400,000,000 Cash…
  20. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 20
    SOUTHEASTERN TURKEY 593,000 gross, 385,000 net acres, area is mostly oil, except Bakuk field 350,000 acres of proprietary 3D seismic in SE Turkey 19 wells drilled in 2014 Selmo Molla Area Bahar Molla Goksu Bakuk 21…
  21. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 21
    MOLLA PROJECT LIFECYCLE Vertical Horizontal 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Well Costs Horizontal Multi-Stage Acid Well Productivity Initial Fracs Frac evolution size Prospect Active Drilling Development…
  22. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 22
    SOUTHEAST TURKEY PETROPHYSICAL EVALUATION LOG atak 1 Hazro Dadas Shale Reserves: No reserves on balance sheet Undefined unreserved potential Dada Sand No reserves on balance sheet 107 MMBO unreserved potential* Dada…
  23. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 23
    SIGNIFICANT UNRESERVED POTENTIAL IN MOLLA RESERVED AREAS: ONLY 4.2 MMBOE PROVED Kastel Field Bahar (15 MMBOE) Molla Goksu TransAtlantic lease outline Reserve area TransAtlantic lease outline TransAtlantic lease…
  24. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 24
    BETTER WELLS THAN NORTH AMERICAN PLAYS TOP PRODUCERS TOP 25 WELLS IN EACH PLAY VERSUS AVERAGE PRODUCING WELL IN BAHAR 50%+ IRR 60 Brent 11.8x more production per pound of proppant 6 month payout of most recent Bahar well Project IRRs…
  25. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 25
    HORIZONTAL POTENTIAL TOP 25 WELLS IN EACH PLAY VERSUS AVERAGE PRODUCING WELL IN BAHAR Average Average Average Proppant/Stage Horizontal Play 12 mo Prod Prod/Stage BOE/ Mlbs Stage Count (Mlbs) (MBOE) (MBOE) Proppant Eagle Ford…
  26. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 26
    PRODUCTION WEDGE NET BOE/D PRODUCTION FORECAST 20,000 20,000 better What can go worse Discretionary 18,000 Executedecline Prices JVs sooner Cash 18,000 16,000 Horizontal JVs done at well performance lower value than…
  27. GLOBAL HUNTER 100 CONFERENCE – Transatlantic Petroleum Ltd. – slide 27
    ALBANIA BALLSH, GORISHT, & CAKRAN These oil fields were discovered in the 1960-70s Vast majority of wells only drilled into producing zone until first good flow of oil For example, only 4 wells drill the entire 750m column in the…

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