Post by Ethan / JRyan on Feb 8, 2020 11:27:43 GMT -5
So I was trying to find a similar company to compare Zion Oil with.
Let me introduce one, not the same but something to at least compare to..
Around the same size capitalization wise.
Both have to maneuver in a foreign country (in this case Turkey)
Both are based in Texas
The big difference is that they have found commercial oil, but read through the Annual Report and you will notice some things. They horizontal drill and we all know what that means. I have been saying for the better part of 2 years that oil is in Israel onshore and I have proven it with the Givot thread. They too drilled horizontally, Zion Oil has not as of yet. There are many similarities between the two as well as significant differences. Nonetheless, it makes a decent comparison to what Zion oil could become IF they hit some reserves.
TransAtlantic Petroleum LINK
Mmboe. One million barrels of oil equivalent.
2018 Annual Report link
TransAtlantic Petroleum Year End 2018 Reserves Presentation link
2015 - 3D was done
2019 - Active Drilling
Anyhow, this was a journey I took this morning trying to grasp the magnitude of what Zion Oil has been trying to do over 20 years.
I will ask a simple question, Zion has stated their goal of oil independence for Israel as their goal, they have drilled many wells that have not been commercial but they are doing what they say they are. These operations against Zion Oil keep referring to an affinity scam, but they do not meet that definition. So I ask you, what do you believe to be the truth? Why is Zion Oil constantly in the cross-hairs of this group?
I will tell you my opinion, it is because of where they are targeting the oil and what the foundation of the company represents.
Let me introduce one, not the same but something to at least compare to..
Around the same size capitalization wise.
Both have to maneuver in a foreign country (in this case Turkey)
Both are based in Texas
The big difference is that they have found commercial oil, but read through the Annual Report and you will notice some things. They horizontal drill and we all know what that means. I have been saying for the better part of 2 years that oil is in Israel onshore and I have proven it with the Givot thread. They too drilled horizontally, Zion Oil has not as of yet. There are many similarities between the two as well as significant differences. Nonetheless, it makes a decent comparison to what Zion oil could become IF they hit some reserves.
TransAtlantic Petroleum LINK
Strategy
TransAtlantic has a three-part strategy to increase production and cash flow in Turkey.
First, we are executing a horizontal drilling program in the Molla area. We have had discoveries in the Mardin and Bedinan zones and believe there are fractured carbonates present across the area. Initial vertical discoveries have been enhanced with horizontal drilling and a meaningful 3D seismic shoot is underway to delineate additional opportunities in the Molla area.
Second, we are redeveloping the Selmo Field. Selmo has historically been our largest producing field in Turkey and we remodeled the field in 2013 using 3D seismic data and increased well control. We believe we have identified the undepleted fault blocks in Selmo and will redevelop the field based on our remodeling work. Initially, we plan to drill horizontal wells into the most prolific formation in the field.
TransAtlantic has a three-part strategy to increase production and cash flow in Turkey.
First, we are executing a horizontal drilling program in the Molla area. We have had discoveries in the Mardin and Bedinan zones and believe there are fractured carbonates present across the area. Initial vertical discoveries have been enhanced with horizontal drilling and a meaningful 3D seismic shoot is underway to delineate additional opportunities in the Molla area.
Second, we are redeveloping the Selmo Field. Selmo has historically been our largest producing field in Turkey and we remodeled the field in 2013 using 3D seismic data and increased well control. We believe we have identified the undepleted fault blocks in Selmo and will redevelop the field based on our remodeling work. Initially, we plan to drill horizontal wells into the most prolific formation in the field.
Application of Technology
TransAtlantic brought unconventional North American technology to Turkey. We regularly employ 3D seismic data, horizontal and directional drilling application and hydraulic fracture stimulation to develop oil and natural gas reserves. These techniques offer us a competitive advantage in Turkey and give us the tools to develop new areas and underground zones.
TransAtlantic brought unconventional North American technology to Turkey. We regularly employ 3D seismic data, horizontal and directional drilling application and hydraulic fracture stimulation to develop oil and natural gas reserves. These techniques offer us a competitive advantage in Turkey and give us the tools to develop new areas and underground zones.
Licensing
The licensing process for oil and natural gas concessions in Turkey occurs in three stages: permit, license and lease. Under a permit, the government grants the non-exclusive right to conduct geological investigation over an area. The size and term of the permit are subject to discretion of the General Directorate of Petroleum Affairs ("GDPA"), the regulator of oil and natural gas activities under the Ministry of Energy and Natural Resources.
A license grants exclusive rights for petroleum exploration. A license has a term of four years and requires drilling activities in the third year. This obligation may be deferred into a future year by posting a cash bond. After the initial four years, the license may be extended for up to two additional two-year extensions. No single company may own more than eight licenses within a district. Annual rental fees are based on hectares under lease.
Upon finding a discovery, a license holder may apply to convert the productive area to a lease, not to exceed 25,000 hectares. Under both a license and a lease, the lessee may produce oil and natural gas. The term of a lease is 20 years. Annual rental fees are based on hectares under lease.
The licensing process for oil and natural gas concessions in Turkey occurs in three stages: permit, license and lease. Under a permit, the government grants the non-exclusive right to conduct geological investigation over an area. The size and term of the permit are subject to discretion of the General Directorate of Petroleum Affairs ("GDPA"), the regulator of oil and natural gas activities under the Ministry of Energy and Natural Resources.
A license grants exclusive rights for petroleum exploration. A license has a term of four years and requires drilling activities in the third year. This obligation may be deferred into a future year by posting a cash bond. After the initial four years, the license may be extended for up to two additional two-year extensions. No single company may own more than eight licenses within a district. Annual rental fees are based on hectares under lease.
Upon finding a discovery, a license holder may apply to convert the productive area to a lease, not to exceed 25,000 hectares. Under both a license and a lease, the lessee may produce oil and natural gas. The term of a lease is 20 years. Annual rental fees are based on hectares under lease.
Early History
TransAtlantic Petroleum was incorporated in 1985 under the laws of British Columbia, changed domicile to Alberta, Canada in 1997 and then to Bermuda in 2009.
In 2005, the Company explored offshore Nigeria, offshore Benin and onshore Tunisia.
From 2005 through 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 determined to exit its U.S. operations and focus on the development of its onshore international properties. To that end, TransAtlantic acquired additional exploration licenses in Turkey, converted a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and sold its U.S. interests.
TransAtlantic Petroleum was incorporated in 1985 under the laws of British Columbia, changed domicile to Alberta, Canada in 1997 and then to Bermuda in 2009.
In 2005, the Company explored offshore Nigeria, offshore Benin and onshore Tunisia.
From 2005 through 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 determined to exit its U.S. operations and focus on the development of its onshore international properties. To that end, TransAtlantic acquired additional exploration licenses in Turkey, converted a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and sold its U.S. interests.
Recent History
In April and May 2008, Mr. N. Malone Mitchell 3rd and entities under his control (collectively the "Mitchell Group") acquired 45% of TransAtlantic’s shares in a series of private placement offerings. TransAtlantic shifted its operating strategy from prospect generating to one of vertically-integrated project development.
In December 2008, TransAtlantic acquired Longe Energy Limited, an oilfield drilling equipment and services provider, from the Mitchell Group and undertook a concurrent private 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 countries where it was not readily available.
In March 2009, TransAtlantic acquired Incremental Petroleum, which was previously listed on the Australian Stock Exchange. Incremental's portfolio consisted of the producing Selmo oil field, 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 outside investors.
In July 2009, TransAtlantic acquired Energy Operations Turkey, LLC ("Talon"). Talon's assets included a 50% interest in License 3118 in Southeastern Turkey, where Talon participated in two oil discoveries in 2008. Also 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 outside investors.
In December 2009, TransAtlantic listed its common shares on the NYSE MKT Exchange under 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 interests ranging from 50% to 100% in 18 exploration licenses and one production lease in Turkey .
In October 2010, the Company raised gross proceeds of US $85 million in a registered direct offering. That same month, TransAtlantic fracture stimulated its first well in Turkey's Thrace Basin.
In February 2011, the Company acquired Direct Petroleum Bulgaria EOOD ("Direct Bulgaria") and Direct Petroleum Morocco, Inc. ("Direct Morocco"). The acquisition of Direct Bulgaria and Direct Morocco gave the Company 100% of the working interests in the A-Lovech exploration license and Aglen block license in Bulgaria, as well as 100% of the working interests in the Asilah and Ouezzane-Tissa exploration permits in Morocco.
In June 2011, the Company acquired Thrace Basin Natural Gas (Turkey) Corporation ("TBNG"). The acquisition of TBNG included interests ranging from 25% to 41.5% in ten exploration licenses and four production leases in Turkey.
In June 2011, TransAtlantic exited operations in Morocco.
In an effort to focus exclusively on its exploration and production business, TransAtlantic sold it's oilfield services businesses in June 2012 to a joint venture owned by Dalea Partners, LP (an affiliate of Mr. Mitchell) and funds advised by Abraaj Investment Management Limited for US $168.5 million resulting in a $36mm gain to TransAtlantic.
In May 2013, TransAtlantic acquired 100% of three additional exploration licenses in Turkey from ARAR Petrol ve Gaz Arama Uretim Pazarlama A.S. The licenses cover an aggregate of 150,000 acres and are located adjacent to its Molla licenses in Southeastern Turkey. In the same month, the Company relinquished its 50% interest in the Sud Craiova license in Romania after the Romanian government temporarily suspended the unconventional exploration of hydrocarbons, pending a government review of unconventional drilling and completion techniques.
In November 2014, TransAtlantic acquired 100% of Stream Oil & Gas Ltd for total consideration of approximately $28 million of TransAtlantic common stock (85% of which was paid at closing and 15% of which will be paid in the event that certain amendments to Stream’s Albanian license agreements are received by August 18, 2015). The assets include the Gorisht, Cakran and Ballsh oil fields and the Delvina gas field in Albania.
In April and May 2008, Mr. N. Malone Mitchell 3rd and entities under his control (collectively the "Mitchell Group") acquired 45% of TransAtlantic’s shares in a series of private placement offerings. TransAtlantic shifted its operating strategy from prospect generating to one of vertically-integrated project development.
In December 2008, TransAtlantic acquired Longe Energy Limited, an oilfield drilling equipment and services provider, from the Mitchell Group and undertook a concurrent private 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 countries where it was not readily available.
In March 2009, TransAtlantic acquired Incremental Petroleum, which was previously listed on the Australian Stock Exchange. Incremental's portfolio consisted of the producing Selmo oil field, 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 outside investors.
In July 2009, TransAtlantic acquired Energy Operations Turkey, LLC ("Talon"). Talon's assets included a 50% interest in License 3118 in Southeastern Turkey, where Talon participated in two oil discoveries in 2008. Also 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 outside investors.
In December 2009, TransAtlantic listed its common shares on the NYSE MKT Exchange under 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 interests ranging from 50% to 100% in 18 exploration licenses and one production lease in Turkey .
In October 2010, the Company raised gross proceeds of US $85 million in a registered direct offering. That same month, TransAtlantic fracture stimulated its first well in Turkey's Thrace Basin.
In February 2011, the Company acquired Direct Petroleum Bulgaria EOOD ("Direct Bulgaria") and Direct Petroleum Morocco, Inc. ("Direct Morocco"). The acquisition of Direct Bulgaria and Direct Morocco gave the Company 100% of the working interests in the A-Lovech exploration license and Aglen block license in Bulgaria, as well as 100% of the working interests in the Asilah and Ouezzane-Tissa exploration permits in Morocco.
In June 2011, the Company acquired Thrace Basin Natural Gas (Turkey) Corporation ("TBNG"). The acquisition of TBNG included interests ranging from 25% to 41.5% in ten exploration licenses and four production leases in Turkey.
In June 2011, TransAtlantic exited operations in Morocco.
In an effort to focus exclusively on its exploration and production business, TransAtlantic sold it's oilfield services businesses in June 2012 to a joint venture owned by Dalea Partners, LP (an affiliate of Mr. Mitchell) and funds advised by Abraaj Investment Management Limited for US $168.5 million resulting in a $36mm gain to TransAtlantic.
In May 2013, TransAtlantic acquired 100% of three additional exploration licenses in Turkey from ARAR Petrol ve Gaz Arama Uretim Pazarlama A.S. The licenses cover an aggregate of 150,000 acres and are located adjacent to its Molla licenses in Southeastern Turkey. In the same month, the Company relinquished its 50% interest in the Sud Craiova license in Romania after the Romanian government temporarily suspended the unconventional exploration of hydrocarbons, pending a government review of unconventional drilling and completion techniques.
In November 2014, TransAtlantic acquired 100% of Stream Oil & Gas Ltd for total consideration of approximately $28 million of TransAtlantic common stock (85% of which was paid at closing and 15% of which will be paid in the event that certain amendments to Stream’s Albanian license agreements are received by August 18, 2015). The assets include the Gorisht, Cakran and Ballsh oil fields and the Delvina gas field in Albania.
Today
TransAtlantic is applying North American technologies and practices to underdeveloped reserves in Turkey. The Company has a balanced portfolio of oil and natural gas and expects to have meaningful production growth from development drilling and exploration. TransAtlantic’s technical team is experienced in horizontal drilling and hydraulic fracturing. The use of 3D seismic data is resulting in a deeper understanding of the basins where the Company operates. We invite you to learn more about our strategy in Turkey.
TransAtlantic is applying North American technologies and practices to underdeveloped reserves in Turkey. The Company has a balanced portfolio of oil and natural gas and expects to have meaningful production growth from development drilling and exploration. TransAtlantic’s technical team is experienced in horizontal drilling and hydraulic fracturing. The use of 3D seismic data is resulting in a deeper understanding of the basins where the Company operates. We invite you to learn more about our strategy in Turkey.
Jan 02, 2020
TransAtlantic Petroleum Provides an Operations Update and Announces the Payment of Dividends on its Series A Preferred Shares in Common Shares
TransAtlantic Petroleum Provides an Operations Update and Announces the Payment of Dividends on its Series A Preferred Shares in Common Shares
2018 Annual Report link
TransAtlantic Petroleum Year End 2018 Reserves Presentation link
2015 - 3D was done
2019 - Active Drilling
Anyhow, this was a journey I took this morning trying to grasp the magnitude of what Zion Oil has been trying to do over 20 years.
I will ask a simple question, Zion has stated their goal of oil independence for Israel as their goal, they have drilled many wells that have not been commercial but they are doing what they say they are. These operations against Zion Oil keep referring to an affinity scam, but they do not meet that definition. So I ask you, what do you believe to be the truth? Why is Zion Oil constantly in the cross-hairs of this group?
I will tell you my opinion, it is because of where they are targeting the oil and what the foundation of the company represents.