FirstEnergy Initiates Coverage on TGL

GERRY DONNELLY, FirstEnergy Capital (06/17/2010)
"We are initiating coverage on TransGlobe with a Market Perform recommendation and a target price of C$8.70 per share, in line with our risked NAV, representing an 11% premium over its current trading price.

The company has experienced a rebound in the share price since March 2010, which may be correlated to the run of success on its secondary development projects on the West Gharib concession boosting average daily production 17% to 6,848 Bbl/d."

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