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[Bobwins]

TGA posted earnings. Surprisingly good at .06eps versus .01 last year. Q2 they always have a disadvantage because in q1 they get credit for 1/2 the capex of the previous year and that increases eps. Very long report but better than I was expecting. Company has 30 more wells to drill in 2005. Expects to average 6300bpd for the last six months of 2005 due to recently completed pipeline and 7 wells that are being hooked up in Canada. Also hit their latest horizontal for 2300bpd at An Nagyah. Overall a positive report. Will start drilling in new section 72 in Yemen in late 2006. Same timing for first two exploratory wells in Egypt. Seismics are being ordered for 72 and Egypt now. Done by late 2005, analyzed by mid 2006, drilling to start late 2006. Bobwins

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