News

August 20, 2009

TransGlobe Energy Delivers A Solid Performance In Q2 As Egyptian Work Rate Yields Results

TransGlobe Energy Corporation, which operates in Egypt and Yemen, has rightly described its Q2 performance as “solid”, with the Calgary-headquartered firm reporting that production increased, debt was paid down and capex was entirely funded by cash flows. This gives the TSX- and NASDAQ-listed company firm foundations on which to weather the current economic storm and build for the future.

During the three months to June 30, 2009, TransGlobe achieved record production of 9,619 barrels of oil per day, up nine per cent over the first quarter, generating cash flows of US$14 million. This is in line with the company’s guidance for the year, which predicts income of US$43 million in 2009 (up 33 per cent on the guidance provided in Q1 as a result of higher oil prices).  This will offset a five per cent dip in production guidance for the year, from the 9,300-9,700 bpd predicted in...