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TransGlobe Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Earnings for the first six months of the year were $41.1 million. On a diluted basis the company posted a second quarter and six months earnings per share of $0.25 and $0.50 respectively. The average price received for all our sales in Q2 is $95.84 a barrel, that’s down 9% from Q2 2011 and the average price received for oil sales in the first six months was $100.28 which is essentially unchanged from the same period in 2011 which is $101.46. As a percentage of Brent, the oil prices fees was approximately 88% thus far in 2012 versus 90% in 2011. This is principally due to a lower price being received for West Bakr crude and lower Yemen production which received near Brent pricing. We continue to achieve very strong after tax operating netbacks of $26.49 in the quarter and $27.02 for the first six months ended June 30 th. These figures are down fromQ2 2011 at $31.82 and for the first six months of 2011 at $30.32. This is chiefly as a result of 80% of our traction [ph] growth in Egypt coming from West Bakr which achieved a lower price and has a lower sharing profit oil than the West Gharib PSC and also due to the fact that S-1 production was shut in for the entire first half of 2012.

During the quarter we collected $41.4 million in accounts receivable bringing our year, our first six months total to $56.9 million, $29.5 million of that amount was collected through a half tanker listing which was done in March and collected in April. We now have a full tanker listing schedule for the fourth quarter and subsequent to the end of the second quarter we’ve collected an additional $12.2 million. During the quarter we spent $37.5 million on capital expenditures which include the acquisitions of the subsidiary holding companies that own the interest in the South Alamein and South Mariut PSCs.

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