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TransGlobe Still Higher in TSX, U.S. Despite 77% Drop in Profit, Concerns over Yemen

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TransGlobe Energy (TGL.TO) shares are now up by 5% to $12.93 on the Toronto Stock Exchange and are higher by 6% at US$13.42 in the United States despite the company's announcement that it posted a 77% drop in first quarter profit and said the situation in Yemen is still unsettled.

The oil and gas company had a net income in the first quarter that fell to $2.9 million, or 4 cents a share, from $12.6 million, or 19 cents a share, a year ago. The company also said that although it expects the political crisis in Yemen to be resolved and production to resume, it is difficult to predict when.

Companies: TransGlobe Energy Corporation

Price: US$13.42. Price Change: +0.76. Percent Change: +6.0.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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