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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.