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Scotia commentGavin Wylie at Scotia seems pleased with the new data, though he is below consensus with Q3 CFPS estimate. "With our updated Q3/16E production estimate of 11,721 bbl/d we see CFPS for Q3/16E coming in at $0.02 compared to consensus of $0.10." (if he's right, the results release dip might provide a buying opportunity) "Growing Potential from the Red Bed OUR TAKE: TransGlobe’s mid-year reserve update highlighted the better-than-expected reservoir performance from the Red Bed pool at both the Arta (plus reservoir simulation study) and Hana fields that contributed to an overall 6% increase in 2P reserves. The mid-year update does not include any success at NW Gharib where 2 successful wells (plus 1 well with oil shows) have been drilled / tested subsequent to June 30. We estimate the success of the NWG drilling program, with discoveries at NWG 27 & 38, could add another 2-4 mmbbl based on previous management indications that the 7 Red Bed prospects represented 4-12 mmbbl of prospective resources. With an additional 8 wells to be drilled prior to year-end, we see the potential for additional upside, but note that exploration risk remains high." |
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Msg # | Subject | Author | Recs | Date Posted |
1440 | Re: Scotia comment | delt1970 | 0 | 11/8/2016 12:13:27 PM |