|
|
|
|
||
wrt recent report by Canaccord GenuityThanks to crawl from the $PEAK board. L. ------------------------------------- Energy Summary - 21stEnergy Summary for April 21, 2017 2017-04-21 19:29 ET - Market Summary by Stockwatch Business Reporter (...) The Egypt- and Alberta-focused TransGlobe Energy Corp. (TGL) lost one cent to $2.05 on 284,100 shares, giving back a bit of the six cents it added yesterday. The stock got a lovely mention late Wednesday from Canaccord Genuity analyst Jenny Xenos. She published a 27-page initial report on TransGlobe with the bullish title, "New chapter of growth and profitability." Ms. Xenos likes the company's assets in Egypt, which span 1.2 million acres, of which only about 3 per cent has been developed. Political and economic struggles in Egypt since the Arab Spring have weighed on TransGlobe's stock, but Ms. Sexnos says the situation has stabilized now. This in turn has allowed TransGlobe to pick up the pace of activity. Current Egyptian production is about 14,000 barrels of oil equivalent a day, up from around 11,700 barrels a day in the third quarter of 2016. In the fourth quarter, TransGlobe decided to expand beyond Egypt and acquire a 3,000-barrel-a-day set of assets in Alberta from Bellatrix Exploration Ltd. (BXE: $1.01). A four- to eight-well drill program targeting Cardium light oil is expected to begin in June or July, says Ms. Xenos. All in all, though, she seems more interested in the Egyptian assets, which she says provide both "low-hanging fruit" (for development) and "optionality value" (through exploration). Egypt features in three of her six reasons to "like the TransGlobe story." She has given the stock a "speculative buy" rating and a price target of $3.50. (...) |
return to message board, top of board |