TransAtlantic Petroleum Ltd. Provides Capital Expenditure and Production Guidance for the Year Ending December 31, 2013; Announces Management Changes
For the year, the company currently expects production during 2013, excluding any impact from exploration drilling, to total 1.8 million to 2.1 million barrels of oil equivalent or an average production rate of between 5,000 barrels of oil equivalent per day and 5,700 barrels of oil equivalent per day. Crude oil is expected to account for approximately 60% of production volumes. During 2013, the company plans to drill an appraisal well at Gaziantep and resume activity in Bulgaria. In the Gaziantep area, completion activity on the Alibey-1H exploration well (62.5% working interest) began in early December. Production during swabbing operations has indicated initial productivity of approximately 150 bbls of oil per day from the first stage of perforations.
The company's board of directors has appointed Ian Delahunty to the role of President. Mr. Delahunty joined the company in 2008 and has worked with the company's operations in Turkey, Romania and Morocco and has recently served as Vice President, Business Development and as Vice President, Engineering overseeing completions and workovers. Prior to working with the company, Mr. Delahunty worked as a Senior Engineer with Schlumberger in Vietnam and the United States and as a Completions Engineer with Oxy in the United States. Mr. Delahunty will oversee all business and operational aspects of the company and its subsidiaries and will continue leading the company's business development efforts. Justin R. Davis has been named Vice President, Engineering and will manage production operations. Mr. Davis was also previously employed in various management positions with Viking International. In his new role Mr. Davis is responsible for completions and production engineering, and operations.