TransAtlantic Petroleum — Shareholder Meeting (June 2020)
11 slides from TransAtlantic Petroleum's shareholder meeting presentation, Jun 4, 2020
Slide 1: 2020 Annual Meeting
2020 Annual Meeting June 5, 2020 Exhibit 99.1
Slide 2: Disclaimer
Disclaimer Outlooks, projections, estimates, targets, and business plans in this presentation or any related subsequent discussions by TransAtlantic Petroleum Ltd. (together with its subsidiaries, “we,” “us,” “our,” or the “Company”) are forward-looking statements. Such forward-looking statements or
Slide 3: 2019 core analysis results: primary recoverable oil resources increased 0.8 mmBBL
2019 core analysis Results Primary recoverable oil resources increased 0.8 mmBBL 1. Volumetrics constrained by the recoverable reserves as reported in the Reserves Report prepared by Degolyer & MacNaughton as of December 31, 2019. 2. Estimates are internal and have not been independently evaluated.
Slide 4: 2019 core analysis results: secondary recoverable oil resource reduced by 1.7 MmBBL
2019 core analysis Results Secondary recoverable oil Resource reduced by 1.7 MmBBL 1. Volumetrics constrained by the recoverable reserves as reported in the Reserves Report prepared by Degolyer & MacNaughton as of December 31, 2019. 2. Estimates are internal and have not been independently evaluated
Slide 5: Guidance financial metrics
guidance financial metrics 1. Amounts at December 31, 2020 are projections. These projections involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by us. See Disclaimer on slide 2. 2. Lease operating expenses anticipated to remain c
Slide 6: Oil price decline; unwinding hedges and paying down the 2019 term loan
OIL PRICE DECLINE In March 2020, crude oil prices declined to low of approximately $25 per barrel for Brent crude as a result of market concerns about the economic impact from the coronavirus (COVID-19) as well as the ability of OPEC and Russia to agree on a perceived need to implement further produ
Slide 7: Increase in differential between hedged prices and realized prices
INCREASE IN DIFFERENTIAL BETWEEN HEDGED PRICES AND REALIZED PRICES Türkiye Petrol Rafinerileri A.Ş. (“TUPRAS”), a privately-owned oil refinery in Turkey, purchases substantially all of our crude oil production. The price of substantially all of the oil delivered pursuant to the purchase and sale agr
Slide 8: Election to pay second quarter 2020 dividend on Series A Preferred Shares in common shares
ELECTION TO PAY SECOND QUARTER 2020 DIVIDEND ON SERIES A PREFERRED SHARES IN COMMON SHARES Dividends on our 12% Series A Convertible Redeemable Preferred Shares (“Series A Preferred Shares”) are payable quarterly at our election in cash, common shares, or a combination of cash and common shares at a
Slide 9: Financial condition: Series A Preferred Shares
Financial condition Series A Preferred Shares Dividends on our Series A Preferred Shares are payable quarterly at our election in cash, common shares, or a combination of cash and common shares. Dividends on that are paid in our common shares are payable quarterly at an annual dividend rate of 16.0%
Slide 10: TUPRAS pricing lawsuit and payment terms
The price of the oil delivered pursuant to the purchase and sale agreement with TUPRAS is determined under the Petroleum Market Law No. 5015 under the laws of the Republic of Turkey. In November 2019, TUPRAS filed a lawsuit seeking restitution from us for alleged overpayments resulting from a Februa
Slide 11: Liquidity position and going concern
As of the date hereof, based on cash on hand and projected future cash flow from operations, our current liquidity position is severely constrained and is forecast to worsen during 2020 as revenues are insufficient to meet our ordinary course expenditures and debt obligations. Based on our current c
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