GMP Raises Target on TGL

TOBY PIERCE, GMP Securities (03/28/2011)
"TransGlobe has signed a Sale and Purchase Agreement to acquire a 100% working interest and operatorship in the West Bakr Concession, Egypt, from the Egyptian Petroleum Development Co. Ltd. (of Japan) in a $60M all-cash deal. . .the acreage neighbors TGL's West Gharib Concession and current gross oil production is ~4,000 bpd. Management has identified a number of optimization/development projects and drilling opportunities that could increase production and recoverable reserves, which we believe could provide considerable upside for the stock. . .maintaining BUY rating and increasing target price to CAD$18.75 from CAD$18.35."

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