Update: Stream acquisition delivered in an all-share deal
TransAtlantic Petroleum is set to close its all-share acquisition of Stream Oil and Gas by November 2014, subject to approvals. We expect this will provide sufficient time to line up a full year of production in Albania, an assumption that has led us to raise our FY15 oil and gas estimates by 21% to 8.9boe/d and increase our EBITDA forecast by 8% to US$126m. Our models point to an EV of US$80m for purchased Stream assets, realising an equity value of US$55m after accounting for assumed net debt, ahead of TransAtlantic’s all-share payment of c US$40m.
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