TransAtlantic Petroleum Ltd
TransAtlantic Petroleum was included in 1985 under the laws of British Columbia, modified domicile to Alberta, Canada in 1997 after which to Bermuda in 2009.
In 2005, the company explored offshore Nigeria, offshore Benin and onshore Tunisia.
From 2005 via 2007, the company focused on the United States and divesting its Nigerian property, which was sold in 2005. TransAtlantic acquired an exploration license in Morocco, Romania, Turkey, and the UK North Sea during this time. Concurrently, the company acquired properties in Texas, Oklahoma and Louisiana.
In 2007, the company decided to exit its U.S. operations and deal with the event of its onshore international properties. To that end, TransAtlantic acquired further exploration licenses in Turkey, transformed a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and sold its U.S. interests.
Latest Historical past
In April and may 2008, Mr. N. Malone Mitchell third and entities underneath his control (collectively the “Mitchell Group”) acquired 45% of TransAtlantic’s shares in a series of personal placement offerings. TransAtlantic shifted its operating strategy from prospect producing to considered one of vertically-built-in venture development.
In December 2008, TransAtlantic acquired Longe Power Restricted, an oilfield drilling tools and providers provider, from the Mitchell Group and undertook a concurrent non-public placement pursuant to which Mitchell Group invested an additional US $42.5 million in the company. The oilfield service company was renamed Viking International and served TransAtlantic by providing equipment in international locations the place it was not readily accessible.
In March 2009, TransAtlantic acquired Incremental oil refinery product slate korean Petroleum, which was previously listed on the Australian Inventory Trade. Incremental’s portfolio consisted of the producing Selmo oil discipline, a Thrace Basin natural gas field and additional exploration acreage in Turkey.
In June 2009, TransAtlantic raised aggregate gross proceeds of CDN $162 million from Mitchell Group and out of doors buyers.
In July 2009, TransAtlantic acquired Vitality Operations Turkey, oil refinery product slate korean LLC (“Talon”). Talon’s assets included a 50% curiosity in License 3118 in Southeastern Turkey, where Talon participated in two oil discoveries in 2008. Additionally included were interests in ten other Turkish exploration licenses.
In November 2009, TransAtlantic raised aggregate gross proceeds of CDN $114 million from Mitchell Group and out of doors investors.
In December 2009, TransAtlantic listed its common shares on the NYSE MKT Alternate underneath the symbol TAT. In August 2010, TransAtlantic acquired Amity Oil International Pty Ltd. (“Amity”) and Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. (“Petrogas”). The acquisition of Amity and Petrogas gave the company working pursuits starting from 50% to one hundred% in 18 exploration licenses and one production lease in Turkey .
In October 2010, the corporate raised gross proceeds of US $eighty five million in a registered direct providing. That same month, TransAtlantic fracture stimulated its first effectively in Turkey’s Thrace Basin.
In February 2011, the corporate acquired Direct Petroleum Bulgaria EOOD (“Direct Bulgaria”) and Direct Petroleum Morocco, Inc. (“Direct Morocco”). The acquisition of Direct Bulgaria and Direct Morocco gave the corporate 100% of the working interests in the A-Lovech exploration license and Aglen block license in Bulgaria, as well as one hundred% of the working interests within the Asilah and Ouezzane-Tissa exploration permits in Morocco.
In June 2011, the company acquired Thrace Basin Pure Gasoline (Turkey) Company (“TBNG”). The acquisition of TBNG included pursuits ranging from 25% to 41.5% in ten exploration licenses and 4 manufacturing leases in Turkey.
In June 2011, TransAtlantic exited operations in Morocco.
In an effort to focus completely on its exploration and production enterprise, TransAtlantic bought it’s oilfield providers businesses in June 2012 to a joint venture owned by Dalea Partners, LP (an affiliate of Mr. Mitchell) and funds suggested by Abraaj Funding Administration Restricted for US $168.5 million resulting in a $36mm gain to TransAtlantic.
In Could 2013, TransAtlantic acquired 100% of three further exploration licenses in Turkey from ARAR Petrol ve Gaz Arama Uretim Pazarlama Ceramic moment saddle A.S. The licenses cover an aggregate of a hundred and fifty,000 acres and are situated adjoining to its Molla licenses in Southeastern Turkey. In the same month, the corporate relinquished its 50% curiosity in the Sud Craiova license in Romania after the Romanian authorities quickly suspended the unconventional exploration of hydrocarbons, pending a government overview of unconventional drilling and completion strategies.
In November 2014, TransAtlantic acquired a hundred% of Stream Oil & Gas Ltd for total consideration of approximately $28 million of TransAtlantic widespread stock (eighty five% of which was paid at closing and 15% of which will probably be paid in the occasion that certain amendments to Stream’s Albanian license agreements are acquired by August 18, 2015). The property embody the Gorisht, Cakran and Ballsh oil fields and the Delvina fuel field in Albania.
Right this moment
TransAtlantic is making use of North American applied sciences and practices to underdeveloped reserves in Turkey and Bulgaria. The corporate has a balanced portfolio of oil and natural gasoline and expects to have significant production progress from development drilling and exploration. TransAtlantic’s technical crew is experienced in horizontal drilling and hydraulic fracturing. Using 3D seismic information is leading to a deeper understanding of the basins the place the corporate operates. We invite you to be taught more about our strategy in Turkey and progress in Bulgaria, where we have been awarded Bulgaria’s first onshore production concession in current history.