(Alliance News) - TransGlobe Energy Corp on Monday said its production improved in the month of October following a fall in the third quarter of 2020.
The company said production in October averaged 12,162 barrels of oil equivalent a day, an increase of 1% from the third quarter of 2020, and below revised budget expectations primarily due to deferred well interventions in Egypt and repairs on a third-party pipeline in Canada that required the company to shut-in some wells for two weeks in October.
Third quarter production averaged 12,044 barrels of oil equivalent a day, a decrease of 16% from the previous quarter primarily due to deferred well interventions in Egypt during low oil prices and natural declines.
Sales averaged 10,680 barrels of oil equivalent a day, down 24% on the prior year, for net proceeds of USD10.2 million in the third quarter of 2020. Average realised price for the third quarter was USD33.63 per barrel of oil equivalent.
TransGlobe said third quarter net loss was USD6.0 million, inclusive of a USD300,000 unrealized loss on derivative commodity contracts, compared to USD3.0 million earnings a year prior.
Going forward, TransGlobe said it continues to actively evaluate mergers & acquisitions opportunities, with a view to not only better position the company to weather the current downturn but also rebound strongly once commodity prices begin to strengthen.
AIM-listed TransGlobe shares were trading 5.7% higher in London on Monday at 37.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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