December 13, 2010 / 10:53 PM / in 8 years

UPDATE 1-TransGlobe says to exceed targeted exit rate for 2010

* Says to exceed exit rate target of 11,000 bopd

* Backs 2011 production, capex outlook

* Says output for first 12 days of Dec at 11,600 bopd

Dec 13 (Reuters) - TransGlobe Energy Corp (TGL.TO) (TGA.O) said it would exceed the targeted exit rate of 11,000 barrels of oil per day (bopd), driven by higher production in Egypt and Yemen in the quarter.

Output for the first 12 days of December was 11,600 bopd, up 6 percent from production in November, the Canadian oil and gas producer said.

TransGlobe said new production at West Gharib in Egypt and new wells at An Nagyah and Godah in Yemen helped its good show in the quarter.

The company also backed its 2011 production outlook of 13,000-13,500 bopd, and capital program of $90 million. [ID:nSGE6AS0D3]

Shares of TransGlobe have gained about 5 percent since it said it expects 33 percent higher production on Nov. 29.

They closed at C$17.06 on Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Don Sebastian)

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