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Sunday, 12 November 2017

TransGlobe increases production, records 3Q2017 loss

TransGlobe Energy announced 3Q2017 production increased by 27% y-o-y to 14.9k boepd on increased volumes in Egypt and an acquisition in Canada, according to the company’s earnings release. TransGlobe recorded a net loss of USD 6.9 mn during the quarter and attributes it to a USD 10.3 mn impairment loss and a USD 3.2 mn unrealized loss on derivatives. The company spent USD 10.1 mn in exploration and development in 3Q2017, of which USD 6.0 mn was spent in Egypt. The company says it “continues to investigate methods to increase its liquidity and general market support, including alternative listings.”

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