I would not at all be surprised if a company like Apache comes in and take over this small fish for pocket change. They already have a large presence in Egypt and Transglobe is selling for a P/E almost half that of Apache.
I think this is more like a resumption of coverage. Seems like their analyst left and now they've got somebody on it again, if I'm recollecting correctly. I've shorted some $10 and $7.50 Puts today and bought a little stock. With Brent holding around $110, I expect the stock to snug up as tax sellers finish up and no Brent worriers replace them.