Transglobe Energy shares gained nearly 12% in trading Tuesday after saying it estimates Q2 production is averaging approximately 15,000 Bopd to date, about 9% above its Q2 guidance.
Recently shares changed hands at $4.09 with a 52-week spread of $2.67 – $7.65. Volume was 229,600 shares. Average daily volume is 246,600 shares.
The increase is primarily due to well performance and improved up time performance in both West Gharib and West Bakr in Egypt. East Ghazalat is below plan due to well performance. Block S-1 in Yemen remains shut in due to continued political and security instability. Yemen Block S-1 production was not included in the 2015 plan. Production is estimated to be in the 13,800 Bopd range for Q3 due to natural well declines and potential increased well servicing during the summer months.
It also said it completed the sale of 544,752 barrels of entitlement oil to a third party buyer for net proceeds of $25.8 million and collected $43.5 mm year-to-date in outstanding receivables from EGPC. It approved the Q2 quarterly dividend of $0.05/share, payable June 30, and repurchased 2.134001 million common shares to June 19 under NCIB.