Initiation: Egyptian focus, asset-backed plus growth
We see TransGlobe Energy (TGA) as developing a strong production hub in Egypt, with processing and export facilities in place, surrounded by highly prospective exploration acreage on all sides. Within this acreage we expect positive newsflow from an 18-well exploration programme currently underway, in addition to the identification of further prospects from the company’s ongoing 3D seismic programmes covering the area. At the corporate level, TGA’s well-funded status and transferrable secondary recovery skill set is supportive for M&A, which, if selective, could see the group replicate its Egyptian success. We value TGA at US$7.5/share, with producing assets, cash and receivables representing US$6.8 of this total.
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