TGL: Great Results Keep Coming

J. FREDERICK KOZAK, Canaccord Genuity (09/14/2010)
"We reiterate our BUY rating and CAD$10 target price. TransGlobe has no external funding requirements, a strong balance sheet and extensive resource upside potential in Egypt both through the application of fracture stimulating techniques at the company's Arta Field and the expanding boundaries of the overall Nukhul Formation.

Investment highlights: Record monthly production of 10,204 bbl/d in August. . .currently producing at 500–600 bbl/d. We have slightly increased our production estimates for 2010 and 2011 [based on] excellent results in the Nukhul Formation at West Gharib; and continuous news flow expected for the remainder of 2010, with five rigs active across Egypt and Yemen."

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