Update: EGPC receivables issue resolved
TransGlobe Energy (TGA) has announced a raft of measures aimed at seeing it through the current weak oil price environment, reducing capital investment for 2015 and focusing on costs. From an operational perspective, the focus near term shifts from exploration drilling to high-grading the prospect inventory; processing of the group’s large Egyptian 3D seismic survey is ongoing. The effective resolution of TGA’s EGPC payment issue adds material strength to the balance sheet. Having received US$140m in cash payments from EGPC in the fourth quarter, TGA now holds c US$140m in cash at an opportunistic time to carry out deals.
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