Intrinsic value of TransAtlantic Petroleum - TAT

Previous Close

$0.98

  Intrinsic Value

$0.16

stock screener

  Rating & Target

str. sell

-84%

Previous close

$0.98

 
Intrinsic value

$0.16

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of TAT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  47.50
  43.25
  39.43
  35.98
  32.88
  30.10
  27.59
  25.33
  23.29
  21.47
  19.82
  18.34
  17.00
  15.80
  14.72
  13.75
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
Revenue, $m
  84
  120
  167
  227
  302
  392
  500
  627
  773
  939
  1,125
  1,332
  1,558
  1,805
  2,070
  2,355
  2,658
  2,979
  3,318
  3,675
  4,049
  4,439
  4,847
  5,272
  5,714
  6,174
  6,653
  7,150
  7,666
  8,203
Variable operating expenses, $m
  84
  120
  167
  227
  302
  392
  500
  627
  773
  939
  1,125
  1,332
  1,558
  1,805
  2,070
  2,355
  2,658
  2,979
  3,318
  3,675
  4,049
  4,439
  4,847
  5,272
  5,714
  6,174
  6,653
  7,150
  7,666
  8,203
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  84
  120
  167
  227
  302
  392
  500
  627
  773
  939
  1,125
  1,332
  1,558
  1,805
  2,070
  2,355
  2,658
  2,979
  3,318
  3,675
  4,049
  4,439
  4,847
  5,272
  5,714
  6,174
  6,653
  7,150
  7,666
  8,203
Operating income, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
EBITDA, $m
  25
  36
  50
  68
  90
  117
  149
  187
  231
  280
  336
  397
  465
  538
  617
  702
  793
  888
  989
  1,096
  1,207
  1,324
  1,445
  1,572
  1,704
  1,841
  1,983
  2,132
  2,286
  2,446
Interest expense (income), $m
  7
  7
  22
  42
  69
  102
  144
  195
  256
  327
  409
  502
  607
  723
  850
  988
  1,137
  1,297
  1,467
  1,647
  1,838
  2,038
  2,247
  2,467
  2,696
  2,934
  3,182
  3,441
  3,709
  3,988
  4,278
Earnings before tax, $m
  -7
  -22
  -42
  -69
  -102
  -144
  -195
  -256
  -327
  -409
  -502
  -607
  -723
  -850
  -988
  -1,137
  -1,297
  -1,467
  -1,647
  -1,838
  -2,038
  -2,247
  -2,467
  -2,696
  -2,934
  -3,182
  -3,441
  -3,709
  -3,988
  -4,278
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -7
  -22
  -42
  -69
  -102
  -144
  -195
  -256
  -327
  -409
  -502
  -607
  -723
  -850
  -988
  -1,137
  -1,297
  -1,467
  -1,647
  -1,838
  -2,038
  -2,247
  -2,467
  -2,696
  -2,934
  -3,182
  -3,441
  -3,709
  -3,988
  -4,278

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  235
  337
  470
  639
  849
  1,105
  1,410
  1,767
  2,178
  2,646
  3,170
  3,752
  4,390
  5,083
  5,832
  6,634
  7,488
  8,393
  9,348
  10,352
  11,404
  12,505
  13,653
  14,850
  16,096
  17,392
  18,740
  20,140
  21,595
  23,107
Adjusted assets (=assets-cash), $m
  235
  337
  470
  639
  849
  1,105
  1,410
  1,767
  2,178
  2,646
  3,170
  3,752
  4,390
  5,083
  5,832
  6,634
  7,488
  8,393
  9,348
  10,352
  11,404
  12,505
  13,653
  14,850
  16,096
  17,392
  18,740
  20,140
  21,595
  23,107
Revenue / Adjusted assets
  0.357
  0.356
  0.355
  0.355
  0.356
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
Average production assets, $m
  162
  232
  323
  440
  584
  760
  970
  1,216
  1,499
  1,820
  2,181
  2,581
  3,020
  3,497
  4,012
  4,564
  5,151
  5,774
  6,431
  7,122
  7,846
  8,603
  9,393
  10,217
  11,074
  11,966
  12,893
  13,856
  14,857
  15,897
Working capital, $m
  14
  20
  28
  38
  50
  66
  84
  105
  129
  157
  188
  222
  260
  301
  346
  393
  444
  498
  554
  614
  676
  741
  809
  880
  954
  1,031
  1,111
  1,194
  1,280
  1,370
Total debt, $m
  88
  169
  275
  410
  577
  781
  1,024
  1,309
  1,637
  2,009
  2,427
  2,891
  3,399
  3,952
  4,548
  5,188
  5,868
  6,590
  7,351
  8,151
  8,990
  9,867
  10,782
  11,736
  12,729
  13,762
  14,836
  15,952
  17,111
  18,316
Total liabilities, $m
  188
  269
  375
  509
  677
  881
  1,124
  1,408
  1,736
  2,109
  2,527
  2,990
  3,499
  4,051
  4,648
  5,287
  5,968
  6,689
  7,450
  8,250
  9,089
  9,966
  10,882
  11,836
  12,829
  13,862
  14,935
  16,051
  17,211
  18,416
Total equity, $m
  48
  68
  95
  130
  172
  224
  286
  359
  442
  537
  644
  762
  891
  1,032
  1,184
  1,347
  1,520
  1,704
  1,898
  2,101
  2,315
  2,538
  2,772
  3,015
  3,268
  3,531
  3,804
  4,088
  4,384
  4,691
Total liabilities and equity, $m
  236
  337
  470
  639
  849
  1,105
  1,410
  1,767
  2,178
  2,646
  3,171
  3,752
  4,390
  5,083
  5,832
  6,634
  7,488
  8,393
  9,348
  10,351
  11,404
  12,504
  13,654
  14,851
  16,097
  17,393
  18,739
  20,139
  21,595
  23,107
Debt-to-equity ratio
  1.840
  2.470
  2.880
  3.160
  3.350
  3.480
  3.580
  3.650
  3.700
  3.740
  3.770
  3.800
  3.810
  3.830
  3.840
  3.850
  3.860
  3.870
  3.870
  3.880
  3.880
  3.890
  3.890
  3.890
  3.900
  3.900
  3.900
  3.900
  3.900
  3.900
Adjusted equity ratio
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  -22
  -42
  -69
  -102
  -144
  -195
  -256
  -327
  -409
  -502
  -607
  -723
  -850
  -988
  -1,137
  -1,297
  -1,467
  -1,647
  -1,838
  -2,038
  -2,247
  -2,467
  -2,696
  -2,934
  -3,182
  -3,441
  -3,709
  -3,988
  -4,278
Depreciation, amort., depletion, $m
  25
  36
  50
  68
  90
  117
  149
  187
  231
  280
  336
  397
  465
  538
  617
  702
  793
  888
  989
  1,096
  1,207
  1,324
  1,445
  1,572
  1,704
  1,841
  1,983
  2,132
  2,286
  2,446
Funds from operations, $m
  18
  14
  7
  -1
  -13
  -27
  -46
  -69
  -97
  -129
  -167
  -210
  -258
  -312
  -371
  -435
  -504
  -579
  -658
  -742
  -831
  -924
  -1,022
  -1,124
  -1,230
  -1,341
  -1,457
  -1,577
  -1,702
  -1,832
Change in working capital, $m
  4
  6
  8
  10
  12
  15
  18
  21
  24
  28
  31
  34
  38
  41
  44
  48
  51
  54
  57
  60
  62
  65
  68
  71
  74
  77
  80
  83
  86
  90
Cash from operations, $m
  13
  8
  0
  -11
  -25
  -43
  -64
  -90
  -121
  -157
  -198
  -244
  -296
  -353
  -415
  -483
  -555
  -632
  -715
  -802
  -893
  -989
  -1,090
  -1,195
  -1,304
  -1,418
  -1,537
  -1,660
  -1,789
  -1,922
Maintenance CAPEX, $m
  -17
  -25
  -36
  -50
  -68
  -90
  -117
  -149
  -187
  -231
  -280
  -336
  -397
  -465
  -538
  -617
  -702
  -793
  -888
  -989
  -1,096
  -1,207
  -1,324
  -1,445
  -1,572
  -1,704
  -1,841
  -1,983
  -2,132
  -2,286
New CAPEX, $m
  -51
  -70
  -91
  -116
  -145
  -176
  -210
  -246
  -283
  -322
  -361
  -400
  -439
  -477
  -515
  -552
  -588
  -623
  -657
  -691
  -724
  -757
  -790
  -823
  -857
  -892
  -927
  -963
  -1,001
  -1,040
Cash from investing activities, $m
  -68
  -95
  -127
  -166
  -213
  -266
  -327
  -395
  -470
  -553
  -641
  -736
  -836
  -942
  -1,053
  -1,169
  -1,290
  -1,416
  -1,545
  -1,680
  -1,820
  -1,964
  -2,114
  -2,268
  -2,429
  -2,596
  -2,768
  -2,946
  -3,133
  -3,326
Free cash flow, $m
  -55
  -87
  -128
  -177
  -237
  -308
  -391
  -485
  -591
  -709
  -839
  -980
  -1,132
  -1,295
  -1,468
  -1,651
  -1,845
  -2,048
  -2,260
  -2,482
  -2,713
  -2,953
  -3,203
  -3,463
  -3,733
  -4,014
  -4,305
  -4,607
  -4,921
  -5,248
Issuance/(repayment) of debt, $m
  60
  81
  106
  135
  168
  204
  243
  285
  328
  373
  418
  463
  508
  553
  596
  639
  681
  721
  761
  800
  839
  877
  915
  954
  993
  1,033
  1,074
  1,116
  1,160
  1,205
Issuance/(repurchase) of shares, $m
  22
  43
  69
  103
  145
  196
  257
  329
  411
  504
  609
  725
  852
  991
  1,140
  1,300
  1,470
  1,651
  1,841
  2,042
  2,251
  2,471
  2,700
  2,939
  3,187
  3,445
  3,714
  3,993
  4,283
  4,585
Cash from financing (excl. dividends), $m  
  82
  124
  175
  238
  313
  400
  500
  614
  739
  877
  1,027
  1,188
  1,360
  1,544
  1,736
  1,939
  2,151
  2,372
  2,602
  2,842
  3,090
  3,348
  3,615
  3,893
  4,180
  4,478
  4,788
  5,109
  5,443
  5,790
Total cash flow (excl. dividends), $m
  27
  36
  48
  61
  75
  92
  109
  128
  148
  168
  188
  208
  229
  249
  268
  288
  306
  325
  342
  360
  377
  395
  412
  429
  447
  465
  483
  502
  522
  542
Retained Cash Flow (-), $m
  -22
  -43
  -69
  -103
  -145
  -196
  -257
  -329
  -411
  -504
  -609
  -725
  -852
  -991
  -1,140
  -1,300
  -1,470
  -1,651
  -1,841
  -2,042
  -2,251
  -2,471
  -2,700
  -2,939
  -3,187
  -3,445
  -3,714
  -3,993
  -4,283
  -4,585
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  4
  -6
  -22
  -42
  -70
  -105
  -148
  -200
  -263
  -336
  -421
  -516
  -623
  -742
  -872
  -1,012
  -1,164
  -1,326
  -1,499
  -1,681
  -1,874
  -2,076
  -2,288
  -2,509
  -2,740
  -2,981
  -3,231
  -3,491
  -3,762
  -4,043
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  4
  -6
  -19
  -35
  -54
  -76
  -100
  -125
  -151
  -176
  -200
  -220
  -237
  -249
  -256
  -257
  -253
  -244
  -231
  -214
  -194
  -172
  -150
  -128
  -107
  -87
  -69
  -54
  -41
  -30
Current shareholders' claim on cash, %
  69.0
  43.4
  26.1
  15.2
  8.8
  5.0
  2.9
  1.6
  0.9
  0.5
  0.3
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

TransAtlantic Petroleum Ltd. is a holding company. The Company is an international oil and natural gas company engaged in acquisition, exploration, development and production. Its segments include Turkey and Bulgaria. The Company holds interests in approximately 880,000 and 567,000 net acres of developed and undeveloped oil and natural gas properties in Turkey and Bulgaria, respectively. The Company holds interests in over 20 onshore and offshore exploration licenses and approximately 25 onshore production leases covering a total of over 1.4 million gross acres in Turkey. All of its oil production is concentrated in southeastern Turkey, primarily in the Arpatepe, Bahar, Goksu and Selmo oil fields, and its natural gas production is concentrated in the Thrace Basin, which is located in northwestern Turkey near Istanbul. The Company holds interests in an onshore exploration license and an onshore production concession covering a total of approximately 567,110 acres in Bulgaria.

FINANCIAL RATIOS  of  TransAtlantic Petroleum (TAT)

Valuation Ratios
P/E Ratio -7.7
Price to Sales 0.7
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 2.1
Price to Free Cash Flow 4.2
Growth Rates
Sales Growth Rate -18.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -57.7%
Cap. Spend. - 3 Yr. Gr. Rate -36.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 4.7%
Total Debt to Equity 49.4%
Interest Coverage -1
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. -0.4%
Return On Total Capital -4.3%
Ret/ On T. Cap. - 3 Yr. Avg. -12.7%
Return On Equity -8.3%
Return On Equity - 3 Yr. Avg. -24.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 75.4%
Gross Margin - 3 Yr. Avg. 81.1%
EBITDA Margin 29%
EBITDA Margin - 3 Yr. Avg. 49.7%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. -1.4%
Pre-Tax Margin -23.2%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin -8.7%
Net Profit Margin - 3 Yr. Avg. -38.3%
Effective Tax Rate -37.5%
Eff/ Tax Rate - 3 Yr. Avg. -193.3%
Payout Ratio 0%

TAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TAT stock intrinsic value calculation we used $56.639 million for the last fiscal year's total revenue generated by TransAtlantic Petroleum. The default revenue input number comes from 0001 income statement of TransAtlantic Petroleum. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TAT stock valuation model: a) initial revenue growth rate of 47.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TAT is calculated based on our internal credit rating of TransAtlantic Petroleum, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of TransAtlantic Petroleum.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TAT stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TAT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 25% for TransAtlantic Petroleum.

Corporate tax rate of 27% is the nominal tax rate for TransAtlantic Petroleum. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TAT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TAT are equal to 193.8%.

Life of production assets of 6.5 years is the average useful life of capital assets used in TransAtlantic Petroleum operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TAT is equal to 16.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $32.604 million for TransAtlantic Petroleum - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 50.591 million for TransAtlantic Petroleum is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of TransAtlantic Petroleum at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Transatlantic Petroleum: 3Q Earnings Snapshot   [Nov-14-18 07:05PM  Associated Press]
▶ Transatlantic Petroleum: 2Q Earnings Snapshot   [Aug-09-18 05:11AM  Associated Press]
▶ TransAtlantic Petroleum Ltd. to Host Earnings Call   [Mar-22-18 06:45AM  ACCESSWIRE]
▶ Transatlantic Petroleum posts 4Q loss   [Mar-21-18 05:43PM  Associated Press]
▶ TransAtlantic Petroleum Ltd. to Host Earnings Call   [Nov-09-17 07:30AM  ACCESSWIRE]
▶ Transatlantic Petroleum posts 3Q loss   [05:02AM  Associated Press]
▶ Transatlantic Petroleum posts 1Q loss   [May-10-17 05:42PM  Associated Press]
▶ Transatlantic Petroleum posts 4Q loss   [Mar-22-17 05:28PM  Associated Press]
▶ Webcast-OGIS New York for TransAtlantic Petroleum Ltd.   [Mar-14-17 03:56PM  at Company Spotlight]

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