TransGlobe Energy Lifts Q2 Production Outlook

(RTTNews) - TransGlobe Energy Corp. (TGL.TO, TGA) announced Wednesday that it has increased guidance for second-quarter production to 11,400 barrels of oil per day or Bopd, from previous guidance of 10,800 Bopd.

The company said it has lifted and sold 516,901 Barrels in May for net proceeds of $16.9 million.

Eastern desert production, combining West Gharib and West Bakr, averaged 11,355 Bopd in April, 11,164 Bopd in May and 11,900 Bopd to date in June. The 2016 production recovery plan is targeting to increase production to 13,000 - 14,000 Bopd by year-end.

Further, the company said it has finalized 2016 production recovery plan and second drilling rig, which is expected to start in August to expand the 2016 program.