TD Newcrest Initiates Coverage of TNP

JAMIE SOMERVILLE, TD Newcrest (08/04/2010)
"We are initiating coverage of TransAtlantic Petroleum with a BUY rating and a $4.25 target, which is based on a 1.0x Base NAVPS plus 0.75x Risked Upside to Base NAVPS.

We believe the major attraction of investment in TransAtlantic has to date been its experienced management with a track record of value creation with vertically integrated oil & gas operations. Over the next 12–18 months, we expect an active exploration program to yield results that will focus investors on the company's assets, which, in our opinion, hold large resource potential, in particular on its 5.2 million net acres in Turkey. We believe Turkey offers excellent hydrocarbon potential and fiscal terms, but has been overlooked by the E&P industry due to a perception of high costs that may be unwarranted."

 PRINT THIS PAGE   EMAIL THIS PAGE

Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.

Related Quotes: