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YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd.

Transatlantic Petroleum Ltd. · Feb 25, 2015 · 32 slides

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Slides

  1. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 1
    YEAR-END 2014 RESERVES February 2015
  2. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 2
    RESERVE CATEGORIES Reserve Category Definition Reserves that can be recovered by existing wells through the use of existing equipment and Proved Developed (PD) operations or have been completed and tested, but are not yet producing…
  3. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 3
    RESERVES GROWTH HISTORY TransAtlantic Total Company Reserves 120 98.7 100 80 Reserves (MMBOE) 61.5 60 54.2 54.1 40 32.7 22.3 20 24.2 21.6 11.6 12.2 5.2 6.6 0 PD 1P 2P 3P YE 2012 YE 2013 YE 2014 Photo:…
  4. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 4
    SIGNIFICANT RESERVES GROWTH IN 2014 Total Reserves (MMBOE) PD 1P 2P 3P 12/31/2013 6.6 12.2 24.2 54.1 Turkey Additions 3.7 6.8 10.2 5.1 Albania Acquisition 13.9 15.6 29.0 41.4 Net Production (1.9) (1.9) (1.9) (1.9) 12/31/2014 22.3…
  5. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 5
    RESERVES VALUE Total Value (MM) PD 1P 2P 3P Increased value of PD, 1P and 2P reserves PV-10 12/31/2013 364 593 1,114 2,396 significantly in 2014 PV-10 12/31/2014 628 885 1,598 2,500 Change 73% 49% 43% 4% TAT currently trades at a…
  6. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 6
    2014 RESERVES SUMMARY More than doubled reserves: 1P +168%, 2P +154%, 3P +82% Meaningfully increased the PV-10 reserve value: 1P +49%, 2P +43%, 3P +4% Reserves growth driven primarily by Stream acquisition of Albanian assets and…
  7. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 7
    TURKISH RESERVES 8
  8. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 8
    THREE YEARS OF RESERVES GROWTH IN TURKEY Steady growth of reserves in Turkey, even with the effect of oil price declines Reserves in Turkey 70 60 57.3 54.2 54.1 50 Reserves (MMBOE) 40 32.5 30 24.2 20 17.1 21.6 10…
  9. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 9
    INCREASED VALUE OF 1P, 2P TURKISH RESERVES IN SPITE OF PRICE DECLINES Turkish Reserves (MMBOE) PD 1P 2P 3P SEC Prices () Oil Natural Gas 12/31/2013 6.6 12.2 24.2 54.1 12/31/2013 102.07 9.92 Additions includes price changes 3.7 6.8 10.2…
  10. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 10
    TURKISH RESERVES GROWTH DRIVERS Increased proved reserves in Turkey by 40% year- over-year Increased PV-10 value of 1P and 2P reserves, in spite of: 7% decrease in Brent crude oil price (the result of falling market price in 2H…
  11. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 11
    2014 SALES AND CAPITAL IN TURKEY Gross Production, Turkey Net Sales, Turkey 10,000 20.0 8,000 20.0 9,000 18.0 18.0 7,000 8,000 16.0 16.0 6,000 Gross Production (BOEPD) 7,000 14.0 14.0 Net Sales (BOEPD) Net…
  12. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 12
    ELMO FIELD RESERVES GROWTH Increased proved reserves by 26% with 51.6MM of capital in 2014; 290% replacement ratio Increased 2P reserves by 47%, 3P reserves decreased by 21% Completed 14 horizontal wells, average 30-day IP 300 BOPD…
  13. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 13
    ELMO FIELD WATERFLOOD Secondary recovery has begun to arrest natural decline in the elmo field Two wells with consistent injection for 12 months (-19, -39); two began injection in 1Q15 Early response seen in at least four producers…
  14. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 14
    MOLLA AREA RESERVES GROWTH Increased proved reserves by 88% with 36.5MM of capital in 2014; 1350% replacement ratio Increased 2P reserves by 2%, 3P reserves decreased by 4% 100% success with 3D seismic in the Bahar field, average…
  15. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 15
    MOLLA PROSPECT AREA 3P reserves constitute a small footprint in the Molla area Bahar Molla Goksu Arpatepe1 TransAtlantic lease outline P1-P3 reserve area Prospect area Note: Arpatepe reserves are not included…
  16. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 16
    THRACE BASIN RESERVES GROWTH Proved reserves increased 9% with 10.5 MM of capital in 2014; 120% replacement ratio Increased 2P reserves by 7%, 3P reserves by 1% Completed 9 conventional wells, average 30-day IP 1.0 MMCFPD and 3…
  17. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 17
    THRACE BASIN FOCUS IN 2015 In 2015, TransAtlantic will focus on prospect and development locations in the Thrace Basin Devecatagi N.Osmancik Karacaoglan Hamitabat G.Resisdere-1 Dikilitas Pelit Umurca Incirlibayir Alpullu…
  18. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 18
    YE 2014 TURKISH RESERVES ESTIMATED SENSITIVITY TO OIL PRICE FLUCTUATIONS Turkey Reserves at 12/31/2014 PV-10 of Turkey Reserves at 12/31/2014 100% 100% 90% 90% 80% 80% 70% 70% % of SEC PV-10 Value % of SEC Reserves 60%…
  19. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 19
    ALBANIAN RESERVES 20
  20. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 20
    ALBANIAN RESERVES Albanian Reserves PD 1P 2P 3P at 12/31/2014 Oil (MMBO) 13.9 14.2 24.3 31.4 Gas (BCF) - 8.3 28.2 59.7 Total (MMBOE) 13.9 15.6 29.0 41.4 PV-10 (MM) 210 236 431 671 SEC Prices 69.55/BO 10.00/MCF Photo:…
  21. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 21
    ALBANIAN DEVELOPMENT PLAN Albanian acquisition in November 2014 added one gas field and three oil fields with structural traps in carbonate reservoirs, similar to elmo field in Turkey, but significantly thicker Properties absent…
  22. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 22
    BULGARIAN RESERVES 23
  23. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 23
    BULGARIAN RESERVES Reserve Status in Bulgaria No reserves established in Bulgaria Evaluating future program 24
  24. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 24
    OUTSTANDING GROWTH IN 2014 More than doubled 1P and 2P reserves: 1P +168%, 2P +154% Meaningfully increased PV-10 reserve value: 1P +49%, 2P +43% Increased proved reserves in Turkey by 40% Boosted total net production by 40%; grew…
  25. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 25
    CONTACT Taylor Beach Director of Investor Relations (214) 265-4746 Taylor.Beachtapcor.com www.TransAtlanticPetroleum.com 26
  26. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 26
    APPENDIX 27
  27. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 27
    OPERATING COUNTRIES FISCAL TERMS TURKEY 12.5% royalty, no production tax VAT exempt on exploration licenses, refunded on production leases Pro-business and respect for rule of law…
  28. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 28
    2014 CAPITAL ALLOCATION Net Capital Proved Probable Possible Exploration Facilities Seismic Total (MM) elmo 32.4 6.2 8.9 - 4.1 - 51.6 Molla 17.0 12.6 - 2.3 0.5 2.3 34.7 Thrace 6.8 0.4 - 3.0 0.3 0.1 10.6 Other 3.9 - - 6.4 0.5…
  29. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 29
    TURKISH RESERVES BY AREA MMBOE 12/31/2013 12/31/2014 Y/Y Change F&D on Proved 1P Reserves elmo 7.4 9.3 26% Developed Reserves: elmo: 24.99/BO Molla 1.7 3.2 88% Molla: 21.78/BO Thrace 2.3 2.5 9% Thrace: 4.60/MCF Other 0.8 2.1 163%…
  30. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 30
    TURKEY WELL ECONOMICS PRICE SENSITIVITY elmo Horizontal Wells (Southeast, Oil, 100% WI) Bahar Vertical Wells (Southeast, Oil, 100% WI) Benchmark Price 80/BO 70/BO 60/BO Benchmark Price 80/BO 70/BO 60/BO Realized Price 103/BO 71/BO…
  31. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 31
    TOTAL COMPANY RESERVES BY PRODUCT Total Reserves PD 1P 2P 3P Oil (MMBO) 20.8 28.6 50.1 69.3 Gas (BCF) 9.6 24.6 68.2 176.5 Total (MMBOE) 22.3 32.7 61.5 98.7 Photo: elmo-5 well in southeastern Turkey. Note: Turkish reserves are…
  32. YEAR END 2014 RESERVES – Transatlantic Petroleum Ltd. – slide 32
    PV-10 RECONCILIATION The PV-10 value of the estimated future net revenue are not intended to represent the current market value of the estimated oil and natural gas reserves we own. Management believes that the presentation of PV-10,…

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