TransGlobe Energy Gets OK to Start Work at South Alamein; Board OKs Proposed Buyback of Debentures (TSE:TGL)


TransGlobe Energy (TGL.TO) said it has received military access approvals to commence work on the South Alamein Concession. The concession had been placed in suspense due to military access restrictions and has approximately 20 months remaining on the final exploration phase.

The company will begin making preparations to appraise and develop the Boraq 2x discovery. Meanwhile, the board approved plans to redeem its outstanding debentures. Holders will be asked to approve an extraordinary resolution authorizing the company to amend the terms of the outstanding debentures to allow the redemption of the debentures. The stock rose about 1% on Thursday, in a 52-week range of $1.45 – $4.06.

About 51,469 shares traded hands. TransGlobe Energy Corporation (TSE:TGL) has risen 58.96% since February 5, 2016 and is uptrending. It has outperformed by 42.47% the S&P500.

TransGlobe Energy Corporation is an oil exploration and production company. The company has a market cap of $182.43 million. The Company’s activities are concentrated in the Arab Republic of Egypt . It currently has negative earnings. The Firm conducts its activities through the Arab Republic of Egypt segment.

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