Canadian oil and gas company TransGlobe Energy Corp said it expects 2011 production to be about 33 percent more than the estimated current year volumes, and set a higher capital budget for next year.
The company, which has oil interests in Egypt, expects to produce 13,000-13,500 barrels of oil per day (bopd) in 2011, up from its estimated production of 10,000 bopd for 2010.
The company said the outlook excludes production from the East Ghazalat project, where it discovered oil early this year, as the project has not yet received approval from the Egyptian government.
TransGlobe set its initial 2011 capital budget at $90 million, 28 percent above the current year.
A majority of the budget is dedicated to the Arta/East Arta development project, the company said in a statement.
In Egypt, TransGlobe has working interest in West Gharib, East Ghazalat and Nuqra.
Calgary, Alberta-based TransGlobe’s shares, which have gained more than a fourth in value since the company posted a second quarter profit, closed at C$16.92 on Friday on the Toronto Stock Exchange.
