CALGARY, ALBERTA--(Marketwired - Mar 5, 2014) - TransGlobe Energy Corporation ("TransGlobe" or the "Company") ( TGL.TO )( TGA ) is pleased to announce its financial and operating results for the three months and year ended December 31, 2013. All dollar values are expressed in United States dollars unless otherwise stated.
- Production increased to 18,284 barrels of oil per day ("Bopd") from an average 17,432 Bopd in 2012, a growth rate of 5%;
- Funds flow from operations of $139.1 million ($1.70/share diluted) based on average Brent oil pricing of $108.64 in 2013;
- Net earnings of $58.5 million ($0.65/share diluted), which includes $30.1 million in impairment losses;
- Signed four new 100% WI concession agreements in Egypt that were won in the 2011/2012 EGPC bid round;
- Year-end 2013 Proved plus Probable ("2P") reserves decreased 7% to 45.3 MMBbl, representing a production replacement for the year of 48%;
- Three-year weighted average finding and development costs of $10.02/Bbl (2P) with a recycle ratio of 2.21;
- Three-year weighted average finding, development and acquisition costs of $10.23/Bbl (2P) with a recycle ratio of 2.17;
- Collected $275.2 million in Egyptian receivables during the year (including $127.4 million in Q4) reducing the total receivables outstanding at year end to $148.3 million from $221.0 million in 2012; and
- Ended the year with $122.1 million in cash and cash equivalents; positive working capital of $242.0 million or $154.4 million net of debt (including convertible debentures).
- Production guidance of 20,000 to 21,000 Bopd, a 12% increase over 2013 using the mid-point of 20,500 Bopd;
- Funds Flow guidance of $146.0 million, based on an average Dated Brent oil price of $100.0/Bbl and using the mid-point production of 20,500 Bopd;
- January production 18,932 Bopd; February production 18,000 Bopd;
- Development lease for North Dabaa gas/condensate discovery (East Ghazalat) approved February 18, 2014;
- Expect to introduce a quarterly dividend ($0.05/share) in 2014 (subject to lender and regulatory approvals).
A conference call to discuss TransGlobe's 2013 fourth quarter and year-end results presented in this news release will be held Wednesday, March 5, 2014 at 9:00 AM Mountain Time (11:00 AM Eastern Time) and is accessible to all interested parties by dialing 416-340-8527 or toll free at 800-446-4472 (see also Tra...