TAT - Earnings call transcript Q4 2017 | TransAtlantic Petroleum Ltd

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Operator

Good day, ladies and gentlemen and welcome to the Q4 2017 TransAtlantic Petroleum Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Robert Blum, Managing Partner of Lytham Partners. Please go ahead.

Robert Blum

Thank you, Ayela and welcome to TransAtlantic Petroleum’s year ended and fourth quarter 2017 earnings conference call. My name is Robert Blum, Managing Partner of Lytham Partners. be for to morning’s like would your this host event. I

Finance TransAtlantic call and and President, today, the Petroleum’s Fabian myself. we Vice Mitchell On Malone have Chairman Officer, Chief Anda, and Executive

press statements to release, marketing number by the note to reliance company company results on that statements. cause duty should differ of forecasts, certain which to goals, filings. yesterday SEC Please During undue business today’s which of recognize statements, the these completion prepared not may remarks forward-looking update regarding performance, that, place will any assumptions a the actual undertakes Q&A of will company’s beliefs, its no call, its future forward-looking Please we a earnings required was factors and and from the forward-looking after that close there make except including and you such materially in law, statements, company’s are call include efforts the factors the projections, and Upon discussed such open expectations, the underlying the as in management, session. statements, statements. issued identified by

from submitted followed the also the take questions that at by www.transatlanticpetroleum.com. were website company’s We first to point will via questions will I to e-mail. audience like everyone

will and proceed. Petroleum over To Please I that On the QX XXXX click the and under call. please call. for referring earnings turn the the access Mitchell. to website, Earnings the select Mr. Presentations conference With the there XXXX is throughout presentation, Events a on presentation Listing be that we TransAtlantic call on said, to will Event Presentation click View Investors,

Malone Mitchell

improved if in London XXXX in and did I prevalent than small gas little is these Again, real equity allowed thank the this obtain might us part will we collateral more we inappropriateness and were Thank a you be be The a current share above development cap but unique given but limited and small critical the begin throughout our firm the time self-evident of banking the Pickering Directors be answer during question-and-answer their the by this office. Holt and the through to leasehold, our questions not company prompted of a process I process requirements investment Tudor, to along to personal increase oil to required or merge a regarding has estate circumstances conducted session. TransAtlantic, The will all year able issuing to undertake companies, market. it of remarkably it remain with marketing process fundamentals debt of offer through you program some, sale The to Board of production. not future discount. to was are to well year, factor, the in and and wells companies in so XXXX Despite a willingness requirements. bear Dallas. a on lease all for for needed gentlemen first London you our of handheld me with which and of both would source bank’s today. of beginning bit, debt period were this phone, if but ladies a company the hesitant the energy morning. broad all necessary calling a very economic unable I capital am to development the bit at am the the public’s satisfy stocks and manual value to finance several time drill

looking I facility the a central south our XX we distance certain the you on XX, the left degree. that well over shown. am filed last up Now, first number just the to towards X presentation number to it. from Bahar number XXXX, well, to well turning photo to the the cover, I taken Field and the you is production direct unit X well from has XX can talk which at the our March going Turkey of that the a in Southwest slides to yesterday are pulling number in number X And see week well on location the the

we to land X. fleet for disclaimers As I the region. shut-in X of about in a next a presentations the future are SEC you flows me for Oklahoma a that us the is book or about stack year has green located end from what our interests. to and about natural to terms X.Xx Peacefulness declining barrels can structures, we technically hours we the is amounts been made of oil and been resuming cash had at as at to see XX% both for is growing. barrel take the we like linked just oil gas. this choosing and and is recovering to year came year backwards Page Cavaslu for expected excuse and X in test operate obviously XXXX. has X won’t these normally have expected equivalent flat making SEC X with and times future XXXX, Pinar to which discounted this to that Pages end of present. revisions reserves of therefore region continue oil any helped and we XX.X but Price allowed are at. This We along added well. ratio your zones, in our be the The me Company in by in reserves. produced the Discoveries to that and other past producing and complete X from million attention on fields Albania our is years have so voice our average what scoop reserves equivalent The Please wells future. reserves Thrace an higher little call which Overall, the my XXXX apiece, referred consider reserves adjusted until on increase conversion have excuse as XXXX price, was [indiscernible] data less as gas XX% XX Bakuk basis continuing reflects fee after Western of where also gas natural is of of been production an difficulty. Page having grew changes the reserves in Basin periods. overview X year end than sale mostly

etcetera. which the but So and net Page futures X price reflects include do will future monetary reserves forward discounted the cash growth rose values price. $XXX to Brent the XXXX. basis $XXX our our on these and proved, for deducts financial SEC flat Both reserve forward not backwards SEC XX% of to proved million to prices non-producing averaged over is impact the our million Brent XX% results proved-developed turn flows and indexes, of call discuss differences undeveloped the debt, to developed, now taxes forward an of I Anda XX% to a or future both Vice G&A, President Finance, reserves. for and pricing rose of Fabian strip are is a which for

Fabian Anda

and good morning Malone everyone. Thanks

revenue in XXXX From in price. XX.XX As XX% decrease for million QX our primarily TBNG, in our press XXXX. Year-over-year, sales approximately million, natural or of of production of production million release to $X.X million Boe price published increase X% ‘XX year-over-year in $XX.X gas $X.X in in also and by per the partially sale in QX $XX.X in or increase Mboe which to were from sequentially average communicated the which up regarding by $X.X X%. sale filed quarter contributed XX% the XX% realized relates the realized a prior results, we and XXX of of purchase year-over-year $X.X XXXX. volumes decrease in XXXX million driven TBNG average our in and decrease volumes Boe. revenues down our Adjusting down and an million a XX-K $XX.X gas in was to is operating decrease was per offset our The due yesterday

far expenses QX expenses Bahar down increased primarily, Selmo in our of As $X.X year-over-year. in sequentially activity the And increase the X% fields. they $XXX,XXX to up due million, production were and and as XX% of production

was million X% that were have work-over TBNG expense of expenses total production XXXX of previously reference, the XXXX. by increase As in $X.X in offset mentioned. a we The reduction or production the

expenses increasing in and $XXX,XXX. fees measures – and fees. also The were accounting XX% primarily primarily related legal wages lower XX% for down audit of and relates professional expenses, is year-over-year of other and increase the sequentially and million XX% of quarter to The our severance increase personnel to up reduction $XXX,XXX the reduction cost Our year-over-year. to measures G&A were increasing contingencies $X.X of $XXX,XXX

our we for XX% As consideration in a XXXX or $X.X reference take were total TBNG million expenses if of G&A. also, G&A

the production. have past and continued As as in you natural far restructuring in all as progress during sheet, balance our despite significant decline year balance making know, sheet we our quarter our

$X.X with XXXX down term During on the DenizBank paid fourth extension million. $XX.X term loan million for our quarter, XXXX and into we entered loan

Our debt December at $X.X XX, XXXX million. was net

consolidated September increased a at $XX.X XX, December XXXX. deficit a of XXXX $X.X working at Our million XX, million from capital surplus of to

increase $XXX,XXX. our XX% by increase and gas of sequentially to offset expenses our was up As the primarily G&A revenue production far EBITDAX, million, and as EBITDAX adjusted QX due in $X.X oil our

the purchased impact EBITDAX revenues If the cost year-over-year and the to to of EBITDAX settlements related decrease or Our real million decrease due our $X.X XX% EBITDAX decrease XXXX. and G&A of life primarily in in in decrease excluding X% million of in TBNG, $XX.X our by consideration TBNG, million in from And partially decreased to gas. was offset our hedge XX% we the TBNG. take in XXXX $XX.X decreased natural

goals XXXX down by $XX.X the re-completion, remain capital million paid investing aligned our our to activities and capital million $X principles million during terms loan debt quarters prior of million in primary million proceeds on fourth from operations $X $X.X in facilities in $XX with and and have XXXX. down XXXX. million increased in We full we field expenditures from continuing results, to $X capital year work-overs, the million, in provided compared $XX.X was quarter capital expenses flow, where during $XX.X expenditures we Moving in million drilling, million pipelines. net year cash of cash $XX.X and XX.X% received relatively in And in operating

invested expense. $X million seismic work-over we in million addition, In $X.X on and

expect be capital to the for XXXX $XX our and million. million between net expenditures $XX field in We range

million re-completions. position. $XX.X want completion during and I our expect include planned and $X to million expenditures for current to $XX We XXXX net hedge field expense talk drilling in approximate wells million about and the that Briefly, X capital of

and hand As XXX of of place X, but January a DenizBank December barrels XX%, XXXX, we on now ceiling On barrels $XX to $XX will ceiling floor coverage of and with a floor of $XX. the January $XX DenizBank ThreeWay Malone. XX, back additional additional new XX, of with hedges hedges call have with XXXX a we XXX a with that hedges of also Collars. XX of placed and I

Malone Mitchell

Thank you, Fabian.

with statements to is numbers which few a has Page our a reports. reserve X Turning and numbers graph – few from from it financial a

industry Going plus things debt our in financial to companies payables. are aware like the number which stock accounting our which our accounting so practices and for that for Net in year the basically think is particularly Yahoo for And debt a so graph of we the evaluated rest cash back debt. our most would fails and our will much. a shares its company, company most simple which basically The case, of shares which of and stock that and financial Most don’t adjusting this in $XX like debt the is asset all less you write-off price means about industries, to We cost called million successful net why this our end, or hard immediately assets will partially way receivables enterprise I and minus believe perceptiveness. debts time and times at is is this use usually write-off future and metric represent GAAP Finance, most of should Finance minus round a proxy follow the net XXXX earnings Google things measurements depreciation the this assets is minus to net the value so standards. it demonstrate so. standard. debt using anything good struggled accounting process. succeeds common the necessarily that tend hard financial analysis we price be value, outstanding, In

value still goes begins Over drill and and $X we in $X depreciation, make to it For its well depletion will immediately. DD&A, still future depletion million complete, it’s books picture million depreciation, producing cost if at even time $X amortization net and the towards zero this but much and and income, on grows amortization million value.

values Turkey, U.S. entire Secondly, have our two adjust so sheet the income relative to we also changes the in we of but in is by balance our all in report dollars, currencies. of

lira lira While Turkish your dollar, accumulated over equity loss. adjustment significantly. line in dollar bit XXXX, has is line back shareholders under longer comprehensive U.S. This a going at above against the just devalued versus captured a the other appreciated sheet the the a balance period the titled and looking total

this this was. you equity. of financial or If understood accumulated none room amounted XXXX, the them million and this line new bad, explained what write-down our end comprehensive year a For don��t to nearly to of seems Monday of is confusing feel to experts on $XXX other

net million. do million, will $XX financial the priced and of of with and simple X at on our we fully of graph, equity. back and hard graph effect effect our now look both properties net at accumulated like and that This balance of assets gas equipment say and income DD&A the the our to Page analysis current a So book our price of would GAAP that comprehensive of analysis, market overall cap financial our our other debt value shows simple our are oil $XX.X pipelines we what sheet and equity conclude the we a about probably our on

our analyst XXXX a – property million only category So strip $XXX took cost are again an might all analysis of million and of in the values a of worth value. and $XX.X these reserves of everything should million, our SEC actually the for reserve a of and million against forward At add million of or a proved reserve basis negative back minimum, in on $XXX all and $XX of $XXX properties non-financial are that conclude assets, million. to analysis our $XXX the cost you

to of what produced in of region. at back how looks makes and XX, oil XP valued compared Page many a to barrel reserves our is are peers per our net Turning TransAtlantic net as the

London see, can numbers on and not numbers, you schedule. file end year twice longer quarter a year these Exchange, aren’t a because people AIM are to has smaller third As filed to everybody required but yet,

year numbers to slide else economics up even put, the of oil side into greater evident it’s of as at blows components Page right would even we various parties that further hand convey us us what pull up this, puts stack what our in peers. Our when Simply an at interested shown away. Turkey value to corresponding upper full everything areas look public the identify price. the among XX and potential single a might our are trying value and looking you share

many months. of offsets. the all along few exploration is IR a for here. is risk, risk, course, XX the process few correct weighted and timeline against need risk this the next of Of with other Immediately, political on to I things execution marketing, Page

X, week bids expecting of actually of are this the as week work. We June subject not to finishing change XX, we be everybody to that at their but see approximately June time the is

note to are less last at X, we your scheduled present XX IPAA they hours time Eastern the will X:XX presentation. April p.m. Time before that than I on currently year Secondly, changed

yet. need details you the been released for at Internet scheduled in confirm and that. to have meeting So actual look the through will but And our and time Dallas, annual not we June that XX have

the encourage participation would York fireside OGIS in contacts I one-on-one Partners for Now, IPAA New Lytham chat you conference conferences. down the to a in with there, contact or both or

page a field. numbers used in have pad through generally SEC or back this be reconciliations is Now, they a the of the where last that to numbers. of of the have reconciled multi-well picture And to our balance we turning GAAP Selmo is the presentation after differ

Geosciences; Engineering X process. technical Now, has Each our of about presentation Muncy this making companies Vice in and myself, TransAtlantic to our President hours. presentation We London IR our and approximately the marketing Lee of David of Mitchell, properties. the Vice week taken President called phase presentations this

might would firm, Those special considered not midnight. we again next the for Holt and several more Mel for be call expect in then weeks. committee to scheduled expect the And Board by Tudor led We by while absolutely a bids Riggs. be Pickering would

a more the expect and more in to any file presentation about IPAA. very presentation to participant expect public be we process, While file said comprehensive having we given at be two events little we will can a be

So, once and with questions again Partners like please meeting a schedule call I would to who David event. back get now hall. around and Lee contact down the to IPAA this or participation take the currently Lytham presenting or are or

Operator

[Operator Instructions]

Malone Mitchell

in ask they they Blum know several by noted and be you release have those. I of press during them have have ask might to ahead we people have asked they know Robert with e-mail had for Lytham received – that the me questions call told I and as I may go asked to the of

So, Robert, will why into we don’t if come on. calls and live then ahead you interject go back they the

Robert Blum

Alright. Thank Malone. much, you very

Tudor discuss the The the here Pickering is to can first your thoughts on engagement you market of company? question

Malone Mitchell

but that Credit Tudor be around the category a are world that in firm considered one kind most active Well, of is active Pickering into fall are the the They by have or banking the size large houses States. would we extremely world, United Suisse. the worked actually, of don’t say the or of mid-market, JPMorgan we with obviously

firm are Tudor have of rooms for that presentations thousands literally and amount within known So, pages. a of of data kind this. a the have Pickering tremendous the and experts tier Holt long of the next they mid-marketing in a in their help is we groups, time, provided The

helping of So facilitate a they contact a worldwide whole broad job the have and process. they do good list

function with process pleased So are we with to-date. very we in their the very and pleased – role are

Robert Blum

stock results the Thrace interim question positive acreage, about next seen this XXX% the your do by to announcing how here since The in your think their has in is relates region to Alright. increased Thrace? Valeura prospects adjacent you

Malone Mitchell

that rocks it’s the Yes, accumulation, Valeura gas same the completed formation so potential down and of center XXX a has acres rock, for us in it’s have we Thrace new would approximately and or parts the just and believe simply basin some for it’s exciting of whether been this and times had Statoil the and TransAtlantic really is the dip. is of produced Along pressure results high in what have time successfully that all extremely new what basin, not drilled Basin. been confirming shallower XX,XXX over believe geological setting. years,

wells I immediately acreage have off We feet that on pressure. sands and our have penetrated of through XXX tested of tested talk will maybe gas, about the

that of necessary actually So But a very indicates defining have kind basin we very acreage XD of that seismic the and flowed we is think – to completed have geology, wells theirs. it’s and is should that all obviously very, comparable be our qualification.

Robert Blum

is here have we question can next Selmo on you expand well The development Alright. program? the

Malone Mitchell

that at producing the can are just inventory Sure, that set drilled. XX larger is the we wells wells between a matrix end towards rock the today proved large fairly existing infield, price at got XX to where the we of wells are of infield have particularly are wells targeting and of we be

yet any top got to either obviously banks are when turned we vast were us secure or negatively our have so those we response. over able indication not financing receiving that might up to six to overall of say the or our to for get year and have year an That’s that we this wells. positively to increase, subsequent the And end important an those reserves, that’s a drill allows thing although we reserves to answer

our infield we current – six drill current to wells. So given schedule, our given expect

barrels production all productive, barrels day be XXX on to initial around is per XXX a We well. expect those those to average

Robert Blum

Alright.

Malone Mitchell

we all they say off existing have existing where further pipeline would infrastructure. I pads and existing are

connection production virtually to So is sales immediate.

Robert Blum

Alright, very good.

what drilled here thoughts on Our next the is are question Bahar XXXX? well to be given your development in

Malone Mitchell

phenomenal am the probable financing excited in for many well have field as Bahar well. for reserves a have and have we XX the are that one Field X I have now everything producer that as be and And on we well on could company. a five been number income that typically Bahar sorry – that the well we number field. has we the penetrate wells are zones in drilled proved about is Well, are the we obviously we oil, future very and lot in pay firm – that we the that more

well So and we to days. expect drill that take XX that to about

currently we this We of will to that, moving any be online oil finished drilled that so be and summer. are to we probably rigging a and when that’s out well the expect during we well

Robert Blum

Malone discuss the you question is next Instructions] your current [Operator in Bulgaria? can here thinking

Malone Mitchell

of it Well in a most and because in has and the any phenomenal couple physical of shut not one able Bulgaria at don’t we they a really we in them. are there gas large to – aware terms country are of world. of own has stimulate due probably And production got they bans the very stimulation wells you a Turkey, fracture rate, produce license to

in of – current on and our and So based acquisition our completed or that hole. will large it the go redirect our more plan secured company geological web position Again, stock cost its beyond in bit the is that’s a that’s favorable there. a of has company wells one to and but open financing, a our pool little out very we cut existing proposal one

we not that needs about really it’s but good conventional, which can’t it’s open from frac is it’s excited you to hole are reservoir fracked a that conventional in Bulgaria, be standpoint. completed, potential So, if a because a thing,

Robert Blum

Alright.

question here other everyone costs what of cost production lower world? regions are the around to production next Our many remind relative you the is your can

Malone Mitchell

in down $X barrel $X costs In the level range. a like fields and cost production production actual field at the are Bahar, –

an maybe turnaround, re-inject, separate profitable we there more closer water like mature So, about on extremely field with to costs production are and Selmo older it’s that $X.

last a gas decline and mostly that’s with gas. smaller production production us normally having costs have our shown years. has of fairly Natural part the couple a bit associated of selling a expense overall of low a production our of the in course little bit increase barrel natural our Now, of or per an result That’s the over production.

If for has production the you expense flat. last our relatively will years, X notice been

have from a things and and everything HSC do pillars right amount money and to production maintain You your else the of to spend certain integrity two way standpoint.

would and grow We component have very of the production then to large opportunity costs relatively are we as are fixed. excited

do, if expense So, grew corresponding per a it decline tricky corresponding you production obviously would of total a that a you the and decrease you have today in because tend Bulgaria production. oil Turkey oil to we in other current have as the barrel on high that’s Bulgaria, in in compare when gets companies of increase. production and no to to a of extremely But that would the world, oil the is production present number in ways percentage really – have a places very around share although company the extremely and

production. would So, we in what to you which very talk total we that’s States, United report is in reported about that the oil similar manner a when around

take Arabia countries basis, in what typically here Now in against low barrel. oil you of to company to of very, production easy East, oil is when their a that other oil of costs that a oil very amount government get the not gets every amount on Middle XX.X% the the many very feet oil are produce, but the relatively produce a understand will the make total is of very $X prolific but it they something it That’s that of of or XX.X%. Saudi so then gets in that oil, gets like share we it’s don’t Turkey that barrel it come you looks to it’s we barrel then – report countries gas barrel that the XX.X%, a large or wells or tend per go many a companies cubic very, share company they those if in the and unlikely amounts, inverse, produce small of number it’s yet into company

are certainly low as any that, have United say very as not easily in the we cost metrics So, easy and States to production it’s but of the low lower.

Robert Blum

Instructions] [Operator more e-mails. Alright. decline We your and is Thank you. doing company production? reverse couple what here in the the Malone, stabilize questions from a to have

Malone Mitchell

Well, a primarily we program. new have drilling restarted

group wells that Selmo Now, an operational review our either engineering Bahar XX changes then that and too a about and can production that in is of part budgeted capital that basis make that or our identified concluded proposed basis recompletion they $X thorough of just mentioned current worth field workovers expenditure on XXXX. a Fabian million that will and in add budget we for

to the end we existing the day to the a and able procedures that increase what’s barrels to so some per that’s our near to both we we then X,XXX of year. reservoirs. back be at about to production year that as course over you program new So oils, the or we offset by workovers X,XXX natural barrels this drilling And get the of of expect we then drill are would day drilling end result change from net have work and production wells, lift that of that’s are the company declines to important to

Robert Blum

next Selmo six is net touched and production upon wells, the what daily question the And Bahar developmental this, drilling the of but program? completion I estimated the currently is on think seven you one just funded

Malone Mitchell

Well, we funded. have actually got X

We are we [indiscernible] drilling an and well now. exploration is call what structure our well

expect during any out and are Pinar to but the made contribute process While production have believe completing and production in those not at the course that of we we as we certainly we it’s of the that, oil. Cavaslu promising, of year we forecasted discoveries have very

kind at barrel or time or So X,XXX you the we again oil production looking net believe in lower, through are that but year, in but X,XXX the rate may we a at that year the this have to growing internally or a very of company. you December we equivalent in, are about peaks end changes higher temporary still are are of of

Robert Blum

effects And and wells final this the and with drilled of you I production? can projects an XXXX has daily upon, XXXX their or our question net but undertaken on on provide please the Alright. update status again believe been touched CapEx

Malone Mitchell

both the basis the numbers, what but tell nor of percentage online the Obviously, the there percentage the I exact daily Sure, hand XX total is we annual drilled can or I is current it exactly for basis as at numbers think I even hand wells at of Selmo Bahar contributing or part. is give you it normally. don’t and I for don’t what its daily annual the actually well then are and to have have the you the received producing today actually

we the the As you on can well. Bahar as picture a book the XX of had the horizontal cover anticipated see in drilling

So very Bahar well. we place near will the that X very,

are You on close can we didn’t are it, with those Bahar It’s well, see saw regard we come close of the bottom And in completed drill we we vertically. a and locations. it pressure offset quite to well very able high hole very, as that as some number horizontally, to on depletion so so it completed not XX how when our wells.

same have X Now on our Good monitored, of been effect is well, Bahar at months, we number which any interval. seen we online have producing the it’s a. not

is tell in you of us we pleased Selmo that with information. very are another well what tell and So lot cannot can’t you drilled that, gives that is a And I individual of we there wells bit I it producing.

and what is flowing the We equivalent other have the did in about it. X. number or the that better a Pinar and upper well There undertook did packer without non-section us. is we are out of number wells The Bahar Pinar any to X water stuck re-drilled now we right well that

going fish oil. frac are and that We then that out to

At large far I now, crest believe the seismically of of we we and non-sections, mostly And both had we on oil is we that think that lower Cavaslu they what north the do lies did structure west the them. We to good where we better had of find is. the that have down expected. dip current that so the to oil quite well both think structure. structure not of fairly and but structure so are And in completed oil, we in and little fairly out expect we good we the came fracked better results different a non-oils, on that’s that drilled a

of While out and engineering rate And through a well out [indiscernible] some will we day frac better do additional XXX section so on we testing period good non-oils shale, apiece. flows each the we a two of we and are oil for evaluation also preparing encountered each tested to at with a under are a those the drilling XXX under barrels margin time to lower of [indiscernible] or go little asked that. the show of that

we in value so in that have development would as so through overall we for offset an expect of good zones a a idea And as wells going these reserve far what are test drilling put we economic economics whole from an with associated the we and we that. online standpoint well multiple at and expect once then and have tested that additional offsetting start intervals wells completed would then looking well

XXXX, in So, might considered been our we that furnishing indicate will we on exploration we would we reasonable that with those of and as have we in while what some a very, future success spent ratio based you from those. that be projects a IPAA had seeing potential what amount money a information now additional on our be right we results of very are believe know from high

company we XXXX, throughout shut also there we have moving I we pressure getting entire a that that sales such And the have that had now were mentioned really and we low security production state over covered South pressure a that that’s now as one location amount. peaceful in are all of we from the are although and gas border, were and were in Syria. a East in resume wellheads in in along high when most up not dug literally that’s in bulldozer that far with we starting the Turkey field. dirt to a our resume ready in system large really We exactly to precaution So we and active well Syrian in Bakuk finished shut things to

online offline being of XXXX. So, those virtually are coming after for all back

Robert Blum

that additional no time. questions it for are closing have. this would like to over there that at any back I you turn to appears it Malone, remarks might Alright. you

Malone Mitchell

learn bit might Thank and we the much would weekend. a and Petroleum where be about to of in time Lytham encourage everyone or our and on be the more in, sent your IPAA current contact you. dialing Partners to you glad are and the Thank TransAtlantic that of in directly the probably you little more listed I I and either appreciate able again, of to join you and e-mail potential so owning rest taking questions, you you morning deck XXXX. contact those presentation stock this please with that in the enjoy contacts calling would week

Operator

in you Ladies and participating conference. gentlemen, today’s thank for

You may day. have now a Everyone disconnect. great

TransAtlantic Petroleum (TAT) 22 Mar 182017 Q4 Earnings call transcript