August 9, 2011 / 5:09 PM / in 7 years

UPDATE 1-TransAtlantic Q2 loss widens; cuts FY output view

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Aug 9 (Reuters) - TransAtlantic Petroleum Ltd posted a wider quarterly loss, as costs flared, and the Canadian energy company slashed its full-year production target, sending its shares to their lowest levels in more than two years.

The company, which holds interests in oil and gas properties in Turkey, Bulgaria, Morocco and Romania, also appointed Wil Saqueton as its finance chief, nearly seven months after the previous CFO, Hilda Kouvelis, resigned.

TransAtlantic cut its full-year production target to 7,000-7,500 barrels of oil equivalent per day (boepd) from 10,000 boepd.

April-June loss was $20.6 million, or 6 cents a share, compared with $16.4 million, or 5 cents a share, last year.

Total costs rose 67 percent to $39.9 million.

However, revenue jumped 91 percent to $35.5 million on higher production, which rose 59 percent, and a surge in crude prices.

Crude prices CLc1 climbed 32 percent year-over-year in the quarter.

The company, which plans to sell its Morocco assets and is looking for partners for its Bulgaria, Romania and central Turkey assets, said it hired FirstEnergy Capital as the financial advisor.

Shares of the company were down 25 percent at 82 Canadian cents on the Toronto Stock Exchange. They touched a low of 76 Canadian cents earlier in the day. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel)

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