Macro Tsimmis

intelligently hedged investment

Transmeridian (TMY) update #13

Posted by intelledgement on Thu, 10 Jan 08

Transmeridian Exploration (TMY), our wounded Kazakhstan E&P, reported preliminary 4Q07 numbers today after the close, and there was good news and bad news. The good news is [a] the company is pumping oil again after months of being idled over a gas flaring dispute with the government and [b] they actually garnered more revenue in 4Q07 ($11.2M) than a year ago ($8.9MM). The bad news is that production declined from 3,273 BBLS/day in 2006 to 2,425 BBLS/day in 4Q08. The magic formula for more revenue on declining production was the average price per barrel, which was $65.88 in 4Q07 as compared to $32.98 a month ago.

No word on progress with respect to CEO Lorrie Olivier’s attempt to take the company private at $3/share. He has until the end of the month to get the financing in place.

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