Dallas, Texas 07/28/2015 (Financialstrend) – TransAtlantic Petroleum Ltd (NYSEMKT:TAT) CEO and Chairman Malone Mitchell has moved to calm the storm as the stock continues to trade at lower lows. The stock has already registered a new 52 week low having shed more than 19% in market value as bearish sentiments on the street continue to grow. The decline has come on huge trading volumes seen as a probable move by investors to reduce their exposure to the stock.
Coming to TransAtlantic Petroleum Ltd (NYSEMKT:TAT) defense, Mitchell reaffirmed that there had been no material changes to justify the recent sharp decline. According to the executive, the company’s credit line remains intact as efforts continue to be directed towards expanding the current financing base. The oil and gas Company is poised to release its earnings on the first week of August, which could shed more light on its current and long-term prospects.
Just like other players in the energy sector, TransAtlantic Petroleum Ltd (NYSEMKT:TAT) finds itself in a tight spot at the back of the ongoing plunge in oil prices. Some companies in the sector have already seen their liquidity levels come under pressure with others being forced to slash their expenditure in a bid of staying afloat in the ongoing tumultuous environment
TransAtlantic Petroleum Ltd (NYSEMKT:TAT) continues to monitor the commodity pricing environment having placed additional zero premium collars with a floor price of $66.50 for its Turkey oil production through 2016. As of July 22, 2015, the company hedge portfolio was valued at $36 million
The company has also said that its Bahar-9 drilling reached a depth of 10, 865 feet with the rig on course to be moved to the Bahar-7 location. Drilling operations on the well should be completed in August according to Mitchell. However, the company has suspended drilling operation in Albania with the rig consequently being released.
TransAtlantic Petroleum Ltd (NYSEMKT:TAT)’s current production rate stands at 5,700 BOPEPD made of 4,500 BOPD of oil and 7.2 MMCFPD of natural gas.