reports
Flash note: East Ghazalat asset receives a good price
Independent Resources and Nostra Terra, which are both party to a 50:50 JV with the express purpose to acquire E&P assets in North Africa, have agreed to acquire TransGlobe's East Ghazalat concession in Egypt. TGA holds a 50% working interest in East Ghazalat, for which the JV is to pay $3.5m. This represents a significant premium to our value for the asset of $2m, and hence we see this as a positive deal for TGA. The East Ghazalat concession had gross production of 880b/d in June 2015 (average)...
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 U...
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 second...
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