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West Gharib Production Boosts TransGlobe To Profit

Stocks in this article: TGA

Once these most recent quarterly results are finalized, they will be run through Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit Ratings Screener.

TransGlobe Energy (TGA) reported on March 12, 2009 that it posted a profit in Q4 FY08, helped by a marginal increase in production at the West Gharib field. Net income from continuing operations, excluding Canadian operations, increased to $7.48 million or $0.12 per share from a loss of $2.31 million or $0.04 per share in Q4 FY07. The most recent consensus estimate was $0.01 per share.

Oil and gas revenue dropped 38.6% to $29.29 million from $47.70 million on lower oil prices. Oil and gas revenue, net of royalties and other, fell 37.7% to $18.27 million from $29.34 million. Average production volume increased to 6,893 barrels of oil equivalent per day (Boepd) from 6,837 Boepd, helped by higher production at West Gharib. Oil and liquids production spiked 20.7% to 6,893 barrels of oil per day (Bopd) from 5,711 Bopd. Average oil and liquids price plunged 44.3% to $46.03 per barrel (bbl) from $82.69 per bbl. Operating expenses increased 8.6% to $5.78 million from $5.33 million. General and administrative expenses rose 9.0% to $3.01 million from $2.76 million.

During Q4 FY08, a new oil pool was discovered at Hana West in the Arab Republic of Egypt. This pool tested at a combined rate of 2,800 Bopd. TransGlobe entered into an agreement with a syndicate of underwriters, under which the members of the syndicate agreed to purchase 5,798,000 common shares for resale.

FY08 net income from continuing operations, excluding Canadian operations, surged 176.5% to $23.17 million or $0.38 per share from $8.38 million or $0.14 per share in FY07. Annual oil and gas revenue increased 70.9% to $233.70 million from $136.71 million on a 29.9% increase in production to 7,342 Boepd.

TransGlobe Energy Corp. expects FY09 production to average between 8,500 Boepd and 9,000 Boepd, representing a 16.0% to 22.0% increase over the fiscal 2008 average of 7,342 Boepd.

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