Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of oil producer TransGlobe Energy (NASDAQ:TGA) rose as much as 13% today, after rumors swirled about licenses in Egypt.
So what: Upstream is reporting that oil companies have picked up 11 of 15 onshore blocks offered in a licensing round in Egypt. According to the report, four blocks went to TransGlobe, which would be a huge win for the company.
Now what: This would greatly expand TransGlobes already sizable presence in Egypt and could add significantly to production. The reports haven't been verified or officially announced yet, so investors are still buying on speculation. I'd like to hear more details before buying the bounce, and would like to know more about reserve and production potential for the company in these new blocks.
Interested in more info on TransGlobe Energy? Add it to your watchlist by clicking here.
Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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