Exploration & Production | Seismic | Capital Markets | Capital Expenditure | Drilling Program
Transglobe Lowers Spending, Focuses on Egypt
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TransGlobe Energy Corporation has provided 2015 capital guidance, Q1-2015 production and funds flow guidance and Q4-2014 operational and financial highlights. All dollar values are expressed in United States dollars unless otherwise stated.
TransGlobe's 2015 capital program is significantly lower than the previous year, reflecting the dramatic drop in oil prices over the past six months. The Company expects to spend $37.5 million on exploration and development projects in 2015.
The Company will fund these expenditures through cash generated from operating activities and working capital. TransGlobe is well positioned to weather the storm in the oil markets with significant cash on hand (~$140 million) and no short term debt. The capital budget can be adjusted should…
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