TransAtlantic Petroleum Ltd.’s wholly-owned subsidiaries, Petroleum Exploration Mediterranean Pty. Ltd., DMLP Ltd., Talon Exploration Ltd. and TransAtlantic Turkey Ltd., have secured a three-year senior revolving credit facility of up to US$250 million with Standard Bank Plc and BNP Paribas. Proceeds from the facility would be used to fund the company's operations in Turkey.
The initial borrowing base under the credit facility is US$30 million, and amounts drawn down under the credit facility bear interest at the LIBOR rate plus 6.25%. The credit facility is secured primarily by the company's assets in Turkey.
Matthew McCann, CEO, said, "While we don't anticipate drawing on the credit facility in the near term, the credit facility will provide long-term capital that we can utilize in growing our base of production and cash flow in Turkey."