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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.
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