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 TGL
|
J. FREDERICK KOZAK, Canaccord Genuity
(05/07/2010)
". . .The company continues to have success on the Arta field on the Egyptian West Gharib concession as it delineates what is now looking to be a large areal play in the Nukhul Formation Strong Start to 2010 The company saw total oil production in the quarter of 9,694 bbl/d, up 12.0% over the previous quarter and essentially in line with our 9,650 bbUd estimate. The company beat our cash flow estimate by 4.5% due to continued production strength and higher sales pricing in Egypt and Yemen. TransGlobe's net production from West Gharib averaged 6,848 bbl/d in Q1/10, which was up 18% from Q4/09 volumes due predominantly to successful drilling at Hana and Hoshia as well as strong incremental additions from Arta Field fracture stimulations. In April, production averaged 6,577 bbl/d and has since increased to 7,400 bbl/d in the first week of May following a number of pump changes. Our valuation is based on a sum-of-the parts valuation of the company's fully diluted Proved plus Probable plus Possible (3P) reserves, as well as risked potential exploration upside from its Egyptian opportunities (See Figure 10). Our base case valuation is C$6.40/share while our exploration upside from Egypt could contribute an additional C$2.46 in potential upside. We are maintaining our BUY rating and are increasing our target to C$8.75 from C$7.00." |
PRINT THIS PAGE
EMAIL THIS PAGE
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
"FCU's deal with CGN helps to financially and technically derisk PLS." (12/21/15) Fission Uranium Corp. - David Talbot, More >
"NXE is our top pick across all commodities." (12/22/15) NexGen Energy Ltd. - The Energy Report Interview with Rob Chang More >
"FCU will continue to explore and add pounds to what is already a world-class project." (12/22/15) Fission Uranium Corp. - The Energy Report Interview with Rob Chang More >
"EFR is well positioned to benefit from higher uranium prices." (12/22/15) Energy Fuels Inc. - The Energy Report Interview with Rob Chang More >
"FCU intends to sell $82M or 19.9% of the company to CGN Mining." (12/22/15) Fission Uranium Corp. - Jeb Handwerger, Gold Stock Trades More >