Nov 9 (Reuters) - TransGlobe Energy Corp’s quarterly profit rose nearly three-fold, helped by higher production and strong Brent oil prices, but the Canadian oil and gas company cut its full-year production forecast.
It now expects 2011 production of 12,000-12,300 barrels of oil per day (bopd), down from its prior view of 13,000-13,500 bopd.
The company, which was forced to shut production at Block S-1 in Yemen in October due to attacks on the export pipeline, expects 2011 funds flow of about $120 million, or $1.60 per share. Operations at the block had resumed in July after being shut for the entire second quarter.
For the July-September period, net income rose to $26.1 million, or 35 cents a share, from $9.3 million, or 13 cents a share, a year ago.
Oil revenue jumped 93 percent to $128.3 million.
Total average production was up 32 percent to 13,406 barrels of oil per day (bop/d), resulting in funds flow of $37.5 million, or 50 cents a share, in the quarter.
In the year-ago period, funds flow from operations was $19.1 million, or 28 cents a share. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)