TransGlobe Energy Corporation Announces Release Date of Second Quarter 2011 Results, Web Cast and Conference Call
CALGARY, ALBERTA--(Marketwire - Aug. 2, 2011) - TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TSX:TGL) (NASDAQ:TGA) is pleased to announce the Company's release date of the second quarter 2011 financial and operating results on Monday, August 8th, 2011 prior to the opening of the stock markets. A conference call and webcast to discuss the results will be held the same day:
Time: 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time)
Dial-in: (416) 340-8530 or toll-free at 1-877-240-9772
Web cast: http://events.digitalmedia.telus.com/tr ... /index.php
Shortly after the conclusion of the call, a replay will be available by dialing (905) 694-9451 or toll-free at 1-800-408-3053. The pass code is 8746436#. The replay will expire at 11:59 p.m. Eastern Time on August 15th, 2011. Thereafter, a copy of the call can be accessed on TransGlobe's website at www.trans-globe.com.
TransGlobe Energy Corporation is a Calgary-based, growth-oriented oil and gas exploration and development company focused on the Middle East/North Africa region with production operations in the Arab Republic of Egypt and the Republic of Yemen. TransGlobe's common shares trade on the Toronto Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.
TGA 2q
Re: TGA 2q
Any specific insight to the run on TGA? Clearly legislation and macro economic factors are one thing, but TGA is getting absolutely crushed compared to some other sweet 16 plays..
Re: TGA 2q
I'm not sure even the great 2Q report we are expecting will correct this... 
Well the DOW is tracking down below the 200 dma just like last August.
Well the DOW is tracking down below the 200 dma just like last August.
Re: TGA 2q
I looked at the transcript on Seeking Alpha of Apache's call of two days ago. They certainly have no complaints about business conditions in Egypt, other than collections from the government are slow but manageable. No talk of delays to permitting, delivery of drilling supplies, labor problems, etc. My fingers are crossed for good results and encouragement from TGA Monday.
Re: TGA 2q
My forecast is $0.32 EPS and a sharp increase in production coming in Q3. TGA sells all of its oil under contracts tied to Brent.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: TGA 2q
Very excited to hear production guidance for Q3 and Q4. The water flood of the lower Nukhul will increase production and reserves however its oil is only API degree of around 19 so its gets a brent Minus price model.West Bakr will add reserves and 1.1k production(around 20 degree API(Brent minus))..once West Bakr is approved, TGA will use enhanced production techniques to increase production. Whats exciting is the Yemen coming back online with 43degree API which will get the full Brent Price. Also the East Ghazalat in the 4th qtr will provide extra 1k bopd with around 38 degree API(full brent price). Also South Alamein acquisition will add 1700 bopd with around 39 degree api(full brent price)....Love that majority of production increase should recieve full Brent...Great company at a current price of $9.13....current market cap vs year end projection of 20k bopd would have tga trading at 33k/bopd..undervalued compared to indutry average
Re: TGA 2q
If TGA reports 2nd quarter EPS of 32 cents (my forecast) and provides good guidance (exit rate over 20,000 bopd) then it is a Screaming Buy under $10/share. This stock could go to $20 if I'm right about oil prices being over $110/bbl within six months.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: TGA 2q
Well, you were only 24 barrels shy on the average daily production. Congratulations for the marksmanship. We'll have to blame Ross for coming in 3 cents light to your EPS calc and 7 cents light to your cashflow forecast. The 20K bopd exit is in here for 2011, but it looks like a sand bag. Still no luck at Nuqra, but it seems to be our only failing. Should be a good call.
Re: TGA 2q
TransGlobe Energy Corporation Announces Second Quarter Financial and Operating Results
CALGARY, ALBERTA--(Marketwire - Aug. 8, 2011) - TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) ("TransGlobe" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2011. All dollar values are expressed in United States dollars unless otherwise stated.
HIGHLIGHTS
-- Rapid production growth in West Gharib, 2nd quarter production of 11,356 Bopd; up 30% from Q1-2011;
-- Record Q2 average production of 11,826 Bopd, (Egypt 11,356 Bopd, Yemen 470 Bopd);
-- July production averaged 13,313 Bopd, (Egypt 11,685 Bopd, Yemen 1,628 Bopd) with Block S-1 back on production starting July 16th;
-- Record production since July 17th, averaging approximately 14,080 Bopd, (Egypt 11,260 Bopd, Yemen 2,820 Bopd);
-- Record Q2 funds flow of $29.3 million ($0.39/share), a 21% increase over Q1-2011;
-- Second quarter net earnings of $21.9 million ($0.29/share);
-- Drilled 10 wells in the second quarter resulting in six oil wells, two injector and one water source well at West Gharib and one dry well at Nuqra;
-- Initiated a secondary recovery waterflood on the Arta/East Arta Lower Nukhul pool in early July;
-- East Ghazalat Safwa Field development plan approved in July, first production is targeted for December 2011;
-- Expanded the Company's opportunity base in the Western Desert by acquiring a 50% interest and operatorship of the South Alamein Concession for $3.0 million.
A conference call to discuss TransGlobe's second quarter results presented in this report will be held on Monday, August 8, 2011 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) and is accessible to all interested parties by dialing (416) 340-8530 or toll-free 1-877-240-9772 (see also TransGlobe's news release dated August 2, 2011). Online the webcast may be accessed at http://events.digitalmedia.telus.com/tr ... /index.php
CALGARY, ALBERTA--(Marketwire - Aug. 8, 2011) - TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) ("TransGlobe" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2011. All dollar values are expressed in United States dollars unless otherwise stated.
HIGHLIGHTS
-- Rapid production growth in West Gharib, 2nd quarter production of 11,356 Bopd; up 30% from Q1-2011;
-- Record Q2 average production of 11,826 Bopd, (Egypt 11,356 Bopd, Yemen 470 Bopd);
-- July production averaged 13,313 Bopd, (Egypt 11,685 Bopd, Yemen 1,628 Bopd) with Block S-1 back on production starting July 16th;
-- Record production since July 17th, averaging approximately 14,080 Bopd, (Egypt 11,260 Bopd, Yemen 2,820 Bopd);
-- Record Q2 funds flow of $29.3 million ($0.39/share), a 21% increase over Q1-2011;
-- Second quarter net earnings of $21.9 million ($0.29/share);
-- Drilled 10 wells in the second quarter resulting in six oil wells, two injector and one water source well at West Gharib and one dry well at Nuqra;
-- Initiated a secondary recovery waterflood on the Arta/East Arta Lower Nukhul pool in early July;
-- East Ghazalat Safwa Field development plan approved in July, first production is targeted for December 2011;
-- Expanded the Company's opportunity base in the Western Desert by acquiring a 50% interest and operatorship of the South Alamein Concession for $3.0 million.
A conference call to discuss TransGlobe's second quarter results presented in this report will be held on Monday, August 8, 2011 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) and is accessible to all interested parties by dialing (416) 340-8530 or toll-free 1-877-240-9772 (see also TransGlobe's news release dated August 2, 2011). Online the webcast may be accessed at http://events.digitalmedia.telus.com/tr ... /index.php
Re: TGA 2q
Firm Budget
In Egypt:
-- West Gharib drilling budget has been reduced by $5.3 million mostly due to lower average per well costs which decreased from $1.2 million to $1.1 million. The main reason for the decrease is that the original budget assumed all Upper Nukhul frac'd wells while our actual program includes Lower Nukhul, Hanna West and Hoshia wells which do not require fracs. -- In East Ghazalat the budget is down $8.5 million as there is no new drilling planned compared to 6 wells in the original 2011 budget which are delayed to 2012 and expected facilities spending reduced from $3.5 million to $1.3 million in 2011.
In Yemen:
-- Block S-1 budget down $3.4 million as only 2 wells were completed before the civil unrest started and no further wells are planned for the rest of the year. -- Block 75 budget down $1.9 million as no wells are anticipated in the rest of the year while the original budget included two wells.
Contingent Acquisition Budget
-- The acquisition price of $60.0 million for West Bakr and $3.0 million for South Alamein. -- The West Bakr work program for 2011 is dependent on when closing occurs. The Company has identified approximately $8.0 million of projects for the balance of 2011 which includes approximately $1.0 million for recompletion/workovers, $5.0 million for 3 - 4 wells and $2.0 million for facility upgrades/inventory/contingency projects.
In Egypt:
-- West Gharib drilling budget has been reduced by $5.3 million mostly due to lower average per well costs which decreased from $1.2 million to $1.1 million. The main reason for the decrease is that the original budget assumed all Upper Nukhul frac'd wells while our actual program includes Lower Nukhul, Hanna West and Hoshia wells which do not require fracs. -- In East Ghazalat the budget is down $8.5 million as there is no new drilling planned compared to 6 wells in the original 2011 budget which are delayed to 2012 and expected facilities spending reduced from $3.5 million to $1.3 million in 2011.
In Yemen:
-- Block S-1 budget down $3.4 million as only 2 wells were completed before the civil unrest started and no further wells are planned for the rest of the year. -- Block 75 budget down $1.9 million as no wells are anticipated in the rest of the year while the original budget included two wells.
Contingent Acquisition Budget
-- The acquisition price of $60.0 million for West Bakr and $3.0 million for South Alamein. -- The West Bakr work program for 2011 is dependent on when closing occurs. The Company has identified approximately $8.0 million of projects for the balance of 2011 which includes approximately $1.0 million for recompletion/workovers, $5.0 million for 3 - 4 wells and $2.0 million for facility upgrades/inventory/contingency projects.