TransAtlantic Petroleum Ltd. (NYSE MKT:TAT) Q1 2019 Earnings Conference Call Transcript

May 09, 2019 • 08:30 am ET


TransAtlantic Petroleum Ltd. (NYSE MKT:TAT) Q1 2019 Earnings Conference Call Transcript


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Good morning, ladies and gentlemen, and welcome to the First Quarter 2019 TransAtlantic Petroleum Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host, Tabitha Bailey, the Company's General Counsel. Ma'am, you may begin.

Tabitha Bailey

Thank you. Welcome to TransAtlantic Petroleum's first quarter 2019 earnings conference call. On the call today, we have Malone Mitchell, our Chairman and Chief Executive Officer; Michael Hill, our Chief Accounting Officer; and myself. During today's call, we will make certain forward-looking statements, which will include statements regarding our beliefs, goals, expectations, forecasts, projections and future performance, and the assumptions underlying such statements. Please note that there are a number of factors that may cause actual results to materially differ from our forward-looking statements, including the factors identified and discussed in our earnings press release, which we issued after the close of business yesterday and in our SEC filings. Please recognize that except as required by law, we undertake no duty to update our forward-looking statements, and you should not place undue reliance on such statements.

Before we proceed with today's call, I'd like to note that TransAtlantic Petroleum 2019 Annual General Meeting of Shareholders on Tuesday June 4, 2019 at 9:30 AM Central Time in Ballroom B at the Clubs of Prestonwood, 15909 Preston Road, Dallas, Texas, 75248.

Now, I will turn the call over to our Chairman and Chief Executive Officer, Malone Mitchell.

N. Malone Mitchell

Thank you, Tabitha. Good morning, ladies and gentleman, and first, I'd like to apologize for my voice. I've just got a -- kind of a summer cold, so I sound a bit like a bear this morning. This morning, I'm going to give you a brief operational update. It's only been a number of weeks since we updated (inaudible) annual 10-K call. So not a lot has gone on since then. And Michael Hill will review the quarter financials, and we'll then take questions.

Drilling has been completed on the Southeast Bahar well. We encountered shows in the Mardin, Hazro, and Bedinan sands, and this well has been probably our most problematic to drill in several years. And after numerous drilling issues, while running the liner, we got our casing stuck, while running above the Bedinan formation. We wound up making a decision to cement this casing above the Bedinan formation yesterday evening. So again, probably in about two years, this well has probably had a few more mechanical problems than we normally have.

Our next well in the Southeast part of Turkey will be our Yeniev-4 well, where we plan to core the Bedinan producing sand to better understand and plan for pressure maintenance and secondary recovery in this field. Yeniev-1 will have produced over 100,000 barrels of oil this month and had produced less than 500 barrels of total cumulative water