Ms. Tabitha Bailey reports
TRANSATLANTIC PETROLEUM PROVIDES AN OPERATIONS UPDATE AND ANNOUNCES THE PAYMENT OF DIVIDENDS ON ITS SERIES A PREFERRED SHARES IN COMMON SHARES
TransAtlantic Petroleum Ltd. today provided an operations update and confirmed the payment of the fourth quarter of 2019 dividend on the company's 12.0 per cent Series A convertible redeemable preferred shares in its common shares, par value of 10 cents per share.
Average daily gross sales volumes were approximately 3,300 barrels of oil equivalent per day (boepd) and average daily net sales volumes were approximately 2,700 boepd for the last seven days of 2019.
In November, 2019, the company completed the Yeniev-5 well in the Mardin formation with a production rate of 60 barrels of oil per day (bopd) after acid stimulation.
In December, 2019, the company completed the Yeniev-6 well, which is currently recovering load and flowing at a production rate of 120 bopd after fracture stimulation.
The company is currently awaiting the results of the analysis of the cores recovered from the Yeniev-4, Yeniev-5 and Bahar-12 wells prior to determining its 2020 budget and drilling plans.
Payment of dividend on Series A preferred shares
On Dec. 31, 2019, the company paid the quarterly dividend on its Series A preferred shares in its common shares, as permitted by the certificate of designations for the Series A preferred shares.
About TransAtlantic Petroleum Ltd.
The company is an international oil and natural gas company engaged in the acquisition, exploration, development and production of oil and natural gas. The company holds interests in developed and undeveloped properties in Turkey and Bulgaria.
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