The Energy Report
Notable Quotes
"With the LOI signed, we urge investors to bolster positions in FCU." (12/22/15) Fission Uranium Corp. - David Sadowski, Raymond James More >
"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine." (12/22/15) Fission Uranium Corp. - Heiko Ihle, Rodman & Renshaw More >
"I am quite excited about POE in 2016." (12/16/15) Pan Orient Energy Corp. - Chen Lin, What Is Chen Buying? What Is Chen Selling? More >
"BKX's Oklahoma asset has significant value." (12/16/15) BNK Petroleum Inc. - Michael Charlton, iA Securities More >
"EFR is one of the few companies in a position to write long-term sales contracts and deliver into them at several times its current production rate." (12/17/15) Energy Fuels Inc. - The Gold Report Interview with Eric Coffin More >
Canaccord Raises Target on TransGlobe
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J. FREDERICK KOZAK, Canaccord Genuity
(01/28/2010)
"On January 28, TransGlobe released its 2009 year-end reserve report. The company saw 40% 2P reserve growth in Egypt while Yemen 2P reserves saw a 5% decline, reflecting the mature nature of these producing assets. Total company 2P reserves increased 22% to 24.2 million barrels and reserve value increased 122% over end of 2008. . . .Our valuation is based on a sum-of-the parts valuation of the company’s fully diluted Proved plus Probable (2P) reserves (See Figure 4), as well as risked potential exploration upside from its Egyptian opportunities (See Figure 5). Our base case valuation has increased to C$5.30/share (from C$3.98/share) while our exploration upside from Egypt could contribute an additional C$2.18 in potential upside. However, the first East Ghazalat results are expected within the month. This concession in Egypt's Western Desert has the potential to be a game-changer for the company. Including the new 2P asset valuation as well as a portion of the exploration upside, we are increasing our target price to C$7.00 from C$6.25." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
More Experts
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