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TransGlobe Energy Corporation (TGA)

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Previous Close1.5000
Open1.4800
Bid1.4400 x 2200
Ask1.5600 x 900
Day's Range1.4450 - 1.5061
52 Week Range0.3700 - 1.9400
Volume182,940
Avg. Volume488,533
Market Cap105.95M
Beta (5Y Monthly)2.96
PE Ratio (TTM)N/A
EPS (TTM)-1.0700
Earnings DateApr 08, 2021 - Apr 11, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateAug 29, 2019
1y Target Est2.17
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  • TransGlobe Energy Corporation Announces an Operations Update
    GlobeNewswire

    TransGlobe Energy Corporation Announces an Operations Update

    AIM & TSX: “TGL” & NASDAQ: “TGA” This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta, March 24, 2021 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces an operations update. All dollar values are expressed in US dollars unless otherwise stated. OPERATIONS UPDATE Arab Republic of Egypt Western Desert – South Ghazalat (100% WI) The recompletion of SGZ-6X well to the deeper, more prospective lower Bahariya reservoir has been concluded. The well commenced production on March 21, 2021 at a field-estimated production rate of ~3,600 Bopd of light oil on a 32/64-inch choke with 0% watercut. As planned, on March 22, 2021 the well was restricted to a field-estimated ~1,000 Bopd of light-oil on a reduced choke to facilitate reservoir data gathering and the preparation of an effective reservoir management plan for the lower Bahariya at this location. The Company will provide a further update on South Ghazalat once this plan has been developed. Work to expand the early production facility at South Ghazalat has been completed. Eastern Desert (100% WI) The EDC-64 rig has now rigged down at SGZ-6X and is mobilizing to the Company’s Eastern Desert concessions where operations on the budgeted twelve well 2021 drilling program are expected to commence in April 2021. CEO’s Statement “We are excited to announce the successful recompletion of SGZ-6X into the lower Bahariya reservoir at our South Ghazalat concession. Prudent reservoir management in the short-term will ensure optimal resource development and maximize future value for shareholders. This approach will allow us to maximize future economic off-take from SGZ-6X, firm up the appraisal of this pool with SGZ-6A and optimize our exploration plans on the SGZ-7B prospect. At this time these operations are still planned for 2022, but may be revisited mid-year, depending on oil prices and other corporate priorities including direct shareholder returns. With the rig now moving to the Eastern Desert drilling program, we are on target to grow production in Egypt in line with our previous guidance.” About TransGlobe TransGlobe Energy Corporation is a cash flow-focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA. For further information, please contact: TransGlobe Energy CorporationRandy Neely, President and CEOEddie Ok, CFO+1 403 264 9888investor.relations@trans-globe.comhttp://www.trans-globe.comor via Tailwind Associates or FTI ConsultingTailwind Associates (Investor Relations)Darren Engels+1 403 618 8035darren@tailwindassociates.cahttp://www.tailwindassociates.caFTI Consulting (Financial PR)Ben BrewertonGenevieve Ryan+44(0) 20 3727 1000transglobeenergy@fticonsulting.comCanaccord Genuity (Nomad & Joint-Broker)Henry Fitzgerald-O’ConnorJames Asensio+44(0) 20 7523 8000Shore Capital (Joint Broker)Jerry KeenToby Gibbs+44(0) 20 7408 4090 Advisory on Forward-Looking Information and Statements Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as "anticipate", “strengthened”, “confidence”, "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar words suggesting future outcomes or statements regarding an outlook. In particular, forward-looking information and statements contained in this document include, but are not limited to, the Company's strategy to grow its annual cash flow; anticipated drilling, completion and testing plans, including, the anticipated timing thereof, prospects being targeted by the Company, and rig mobilization plans; expected future production from certain of the Company's drilling locations; TransGlobe's plans to drill additional wells, including the types of wells, anticipated number of locations and the timing of drilling thereof; the timing of rig movement and mobilization and drilling activity; the Company's plans to file development lease applications for certain of its discoveries, including the expected timing of filing of such applications and the expected timing of receipt of regulatory approvals; anticipated production and ultimate recoveries from wells; to negotiate future military access (including the expected timing thereof), including the anticipated timing of wells on production; TransGlobe's plans to continue exploration, development and completion programs in respect of various discoveries; future requirements necessary to determine well performance and estimated recoveries; the ratification of the amendment, extension, and consolidation of the Company’s Eastern Desert Concessions; and other matters. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Many factors could cause TransGlobe's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransGlobe. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, anticipated production volumes; the timing of drilling wells and mobilizing drilling rigs; the number of wells to be drilled; the Company's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company's capital programs; geological and engineering estimates in respect of the Company's reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities; current commodity prices and royalty regimes; availability of skilled labour; future exchange rates; the price of oil; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future operating costs; uninterrupted access to areas of TransGlobe's operations and infrastructure; recoverability of reserves and future production rates; that TransGlobe will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that TransGlobe's conduct and results of operations will be consistent with its expectations; that TransGlobe will have the ability to develop its properties in the manner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of TransGlobe's reserves and resource volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; and other matters. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward-looking statements or information include, among other things, operating and/or drilling costs are higher than anticipated; unforeseen changes in the rate of production from TransGlobe's oil and gas properties; changes in price of crude oil and natural gas; adverse technical factors associated with exploration, development, production or transportation of TransGlobe's crude oil reserves; changes or disruptions in the political or fiscal regimes in TransGlobe's areas of activity; changes in tax, energy or other laws or regulations; changes in significant capital expenditures; delays or disruptions in production due to shortages of skilled manpower equipment or materials; economic fluctuations; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; ability to access sufficient capital from internal and external sources; failure to negotiate the terms of contracts with counterparties; failure of counterparties to perform under the terms of their contracts; and other factors beyond the Company's control. Readers are cautioned that the foregoing list of factors is not exhaustive. Please consult TransGlobe’s public filings at www.sedar.com and www.sec.goedgar.shtml for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement. Oil and Gas Advisories Mr. Ron Hornseth, B.Sc., General Manager – Canada for TransGlobe Energy Corporation, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed the technical information contained in this report. Mr. Hornseth is a professional engineer who obtained a Bachelor of Science in Mechanical Engineering from the University of Alberta. He is a member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”) and the Society of Petroleum Engineers (“SPE”) and has over 20 years’ experience in oil and gas. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 MCF: 1 Bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. References in this press release to production test rates, are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for TransGlobe. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the production test results should be considered to be preliminary. The following abbreviations used in this press release have the meanings set forth below: Bopd barrels of oil per dayBpd barrels per day

  • TransGlobe Energy Corporation Announces Year End 2020 Financial and Operating Results
    GlobeNewswire

    TransGlobe Energy Corporation Announces Year End 2020 Financial and Operating Results

    AIM & TSX: “TGL” & NASDAQ: “TGA” This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta, March 12, 2021 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) is pleased to announce its financial and operating results for the three months and year ended December 31, 2020. All dollar values are expressed in United States dollars unless otherwise stated. TransGlobe's Condensed Consolidated Interim Financial Statements together with the notes related thereto, as well as TransGlobe's Management's Discussion and Analysis for the years ended December 31, 2020 and 2019, are available on TransGlobe's website at www.trans-globe.com. 2020 HIGHLIGHTS: 2020 production averaged 13,425 boe/d (Egypt 11,147 bbls/d, Canada 2,278 boe/d), a decrease of 16% from 2019 primarily due to deferred well interventions in Egypt during low oil prices, the curtailed 2020 capital program and natural declines;Sales averaged 15,437 boe/d in 2020 with an average realized price of $33.41/boe; 2020 average realized price on Egyptian sales of $35.94/bbl and Canadian sales of $18.82/boe;Inventoried entitlement crude oil in Egypt decreased to 227.9 Mbbls as at December 31, 2020 from 964.5 Mbbls as at December 31, 2019;Ended the year with 38.9 MMboe of 2P reserves, down 14% from 2019 year end of 45.3 MMboe;Funds flow from operations of $30.4 million ($0.42 per share) in 2020;2020 net loss of $77.4 million ($1.07 per share), is inclusive of a $73.5 million non-cash impairment loss and a $0.2 million unrealized loss on derivative commodity contracts;The Company ended the year with positive working capital of $15.3 million, including cash and cash equivalents of $34.5 million;Drilled and completed one development oil well and performed four recompletions in Egypt during 2020;Drilled one horizontal Cardium oil well in Canada during 2020;Business continuity plans remain effective across our locations in response to COVID-19 with minimal health and safety impacts or disruption to production; andThe Company announced a merged concession agreement with a 15-year primary term and improved Company economics on December 3, 2020. The agreement is currently awaiting ratification by the Egyptian Parliament but will have a Feb, 2020 effective date upon ratification. 2021 (TO DATE) HIGHLIGHTS: January 2021 average production of 12,480 boe/d, February 2021 average production of 12,007 boe/d;Completed monthly sales to EGPC of 167.0 Mbbl for proceeds of $8.6 million;Stimulated and equipped the 2-mile horizontal South Harmattan well drilled, but uncompleted, in Q1-2020;Began work to expand the production handling capacity at South Ghazalat; andWork has begun on the SGZ-6X recompletion to the deeper, more prospective lower Bahariya reservoir. FINANCIAL AND OPERATING RESULTS Additional financial information is provided in the Company's audited Consolidated Financial Statements together with the notes related thereto, as well as TransGlobe's Management's Discussion and Analysis for the years ended December 31, 2020 and 2019. These documents, along with other documents affecting the rights of securityholders and other information relating to the Company, may be found on SEDAR at www.sedar.com and in the Company's Annual Report on Form 40-F for the fiscal year ended December 31, 2020, filed on EDGAR at www.sec.gov. (US$000s, except per share, price, volume amounts and % change) Three Months Ended December 31Years Ended December 31Financial2020 2019 % Change2020 2019 % ChangePetroleum and natural gas sales50,989 64,201 (21)188,771 278,929 (32)Petroleum and natural gas sales, net of royalties33,309 28,473 17 114,675 140,096 (18)Realized derivative loss gain on commodity contracts(6)(218)97 6,801 (1,259)640 Unrealized derivative loss on commodity contracts(941)(1,201)(22)(180)(1,586)89 Production and operating expense19,326 15,119 28 64,462 50,626 27 Selling costs1,008 638 58 2,111 1,287 64 General and administrative expense3,593 3,868 (7)11,990 16,611 (28)Depletion, depreciation and amortization expense7,647 8,764 (13)31,049 34,948 (11)Income tax expense3,408 6,003 (43)13,530 26,098 (48)Cash flow generated by operating activities14,180 23,740 (40)31,709 44,836 (29)Funds flow from operations17,202 3,171 127 30,443 46,871 (35)Basic per share0.10 0.04 0.42 0.65 Diluted per share0.10 0.04 0.42 0.65 Net loss(2,855)(8,202)(65)(77,397)(3,995)1,837 Basic per share(0.04)(0.11) (1.07)(0.06) Diluted per share(0.04)(0.11) (1.07)(0.06) Capital expenditures255 10,996 (98)7,498 36,932 (80)Dividends declared- - - - 5,078 (100)Dividends declared per share- - - 0.07 Working capital15,349 32,194 (52)15,349 32,194 (52)Long-term debt, including current portion21,464 37,041 (42)21,464 37,041 (42)Common shares outstanding Basic (weighted average)72,542 72,542 - 72,542 72,514 - Diluted (weighted average)72,542 72,542 - 72,542 72,514 - Total assets201,147 308,325 (35)201,147 308,325 (35) Operating Average production volumes (boe/d)12,384 15,362 (19)13,425 16,041 (16)Average sales volumes (boe/d)15,712 14,688 7 15,437 14,954 3 Inventory (Mbbls)227.9 964.5 (76)227.9 964.5 (76)Average realized sales price ($/boe)35.27 47.51 (26)33.41 51.10 (35)Production and operating expenses ($/boe)13.37 11.19 19 11.41 9.28 23 1Funds flow from operations is a measure that represents cash generated from operating activities before changes in non-cash working capital and may not be comparable to measures used by other companies. SELECTED ANNUAL INFORMATION ($000s, except per share amounts, price and volumes)2020 % Change2019 % Change2018Operations Average production volumes Crude oil (bbls/d)11,858 (18)14,527 14 12,708NGLs (bbls/d)785 35 582 (25)780Natural gas (Mcf/d)4,686 (16)5,594 (2)5,707Total (boe/d)13,425 (16)16,041 11 14,439Average sales volumes Crude oil (bbls/d)13,871 3 13,441 1 13,282NGLs (bbls/d)785 35 582 (25)780Natural gas (Mcf/d)4,686 (16)5,594 (2)5,707Total (boe/d)15,437 3 14,954 - 15,013Average realized sales prices Crude oil ($/bbl)35.80 (35)55.31 (7)59.57NGLs ($/bbl)14.59 (36)22.93 (16)27.17Natural gas ($/mcf)1.64 24 1.32 5 1.26Total oil equivalent ($/boe)33.41 (35)51.10 (6)54.59Inventory (Mbbls)227.9 (76)964.5 70 568.1Petroleum and natural gas sales188,771 (32)278,929 (7)299,144Petroleum and natural gas sales, net of royalties114,675 (18)140,096 (21)176,227Cash flow generated by operating activities31,709 (29)44,836 (35)69,192Funds flow from operations130,443 (35)46,871 (26)63,282Funds flow from operations per share: Basic0.42 0.65 0.87Diluted0.42 0.65 0.86Net (loss) earnings(77,397)1,837 (3,995)(125)15,677Net (loss) earnings per share: Basic(1.07) (0.06) 0.22Diluted(1.07) (0.06) 0.22Capital expenditures7,498 (80)36,932 (9)40,706Dividends declared- - 5,078 101 2,527Dividends declared per share- - 0.070 100 0.035Total assets201,147 (35)308,325 (3)318,296Cash and cash equivalents34,510 4 33,251 (36)51,705Working capital15,349 (52)32,194 (37)50,987Total long-term debt, including current portion21,464 (42)37,041 (29)52,355Net debt-to-funds flow from operations ratio20.20 0.10 0.02Reserves Total proved (MMboe)322.8 (10)25.4 (6)26.9Total proved plus probable (MMboe)338.9 (14)45.3 3 44.1 1Funds flow from operations (before finance costs) is a measure that represents cash generated from operating activities before changes in non-cash working capital and may not be comparable to measures used by other companies. 2Net debt-to-funds flow from operations ratio is a measure that represents total long-term debt (including the current portion) net of working capital, over funds flow from operations for the trailing 12 months and may not be comparable to measures used by other companies. 3As determined by the Company's 2020, 2019 & 2018 independent reserves evaluator, GLJ Ltd. (“GLJ”), in their reports dated February 9, 2021, February 4, 2020 and January 22, 2019 with effective dates of December 31, 2020, December 31, 2019 and December 31, 2018. The reports of GLJ have been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook prepared jointly by The Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society), as amended from time to time and National Instrument 51-101. In 2020 compared with 2019, TransGlobe: Reported a 16% decrease in production volumes compared to 2019. In Egypt, the decrease was primarily attributable to the curtailed 2020 capital program, deferred well interventions and natural declines.Ended 2020 with the inventoried crude oil of 227.9 Mbbls, a decrease of 736.6 Mbbls over inventoried crude oil levels at December 31, 2020, primarily due to annual sales volumes exceeding production volumes.Reported positive funds flow from operations of $30.4 million (2019 - $46.9 million). The decrease in funds flow from operations from 2019 is primarily due lower production and lower commodity prices;Petroleum and natural gas sales decreased by 32%, primarily due to a 35% decrease in average realized sales prices;Reported a net loss of $77.4 million (2019 - net loss of $4.0 million) inclusive of a $0.2 million unrealized derivative loss on commodity contracts and a combined $73.5 million non-cash impairment loss on the Company’s petroleum and natural gas (“PNG”) and exploration and evaluation (“E&E”) assets;Ended the year with positive working capital of $15.3 million, including $34.5 million in cash and cash equivalents as at December 31, 2020;Spent $7.5 million on capital expenditures, funded entirely from cash flow from operations and cash on hand;Repaid $16.5 million of long-term debt with cash on hand. OPERATING RESULTS AND NETBACK Daily Volumes, Working Interest before Royalties Production Volumes 20202019Egypt crude oil (bbls/d)11,14713,713Canada crude oil (bbls/d)711814Canada NGLs (bbls/d)785582Canada natural gas (Mcf/d)4,6865,594Total Company (boe/d)13,42516,041 Sales Volumes (excludes volumes held as inventory) 20202019Egypt crude oil (bbls/d)13,16012,627Canada crude oil (bbls/d)711814Canada NGLs (bbls/d)785582Canada natural gas (Mcf/d)4,6865,594Total Company (boe/d)15,43714,954 Netback Consolidated netback 20202019($000s, except per boe amounts)$$/boe$$/boePetroleum and natural gas sales188,77133.41278,92951.10Royalties274,09613.11138,83325.44Current taxes213,5302.3926,0984.78Production and operating expenses64,46211.4150,6269.28Selling costs2,1110.371,2870.24Netback134,5726.1362,08511.36 1The Company achieved the netbacks above on sold barrels of oil equivalent for the year ended December 31, 2020 and December 31, 2019 (these figures do not include TransGlobe's Egypt entitlement crude oil held as inventory at December 31, 2020).2 Royalties and taxes are settled at the time of production. Fluctuations in royalty and tax costs per bbl are due to timing differences between the production and sale of the Company's entitlement crude oil. Egypt 20202019($000s, except per boe amounts)$$/boe$$/boeOil sales173,08635.94256,19355.59Royalties271,74114.89136,61629.64Current taxes213,5302.8126,0985.66Production and operating expenses58,30512.1143,2529.38Selling costs2,1110.441,2870.28Netback127,3995.6948,94010.63 1The Company achieved the netbacks above on sold barrels of oil equivalent for the year ended December 31, 2020 and December 31, 2019 (these figures do not include TransGlobe's Egypt entitlement crude oil held as inventory at December 31, 2020).2Royalties and taxes are settled at the time of production. Fluctuations in royalty and tax costs per bbl are due to timing differences between the production and sale of the Company's entitlement crude oil. Netback per barrel in Egypt decreased by 46% in 2020 compared to 2019. The decrease was due to a 35% lower realized oil price, 57% higher selling costs and 29% higher production and operating expenses. Royalties and taxes as a percentage of revenue were 49% in 2020 (2019 - 64%). Royalties and taxes are settled on a production basis, therefore, the correlation of royalties and taxes to oil sales fluctuates depending on the timing of entitlement oil sales. If sales volumes had been equal to production volumes during the year, royalties and taxes as a percentage of revenue would have been 58% (2019 - 58%). In periods when the Company sells less than its entitlement production, royalties and taxes as a percentage of revenue will be higher than the terms set out in the PSCs. In periods when the Company sells more than its entitlement production, royalties and taxes as a percentage of revenue will be lower than the terms set out in the PSCs. The relative decrease, from 64% in 2019 to 49% in 2020, was due to sales outpacing production in 2020, partially offset by Q1-2020 excess cost oil in the West Bakr concession. Excess cost oil occurs when the current costs and historic cost amortization, permissible within the PSC, are less than the proportion of cost oil value. In the case of West Bakr, 100% of excess cost oil belongs to EGPC, which effectively increases the royalty burden. In Egypt, the average selling price for the year ended December 31, 2020 was $35.94/bbl (2019 - $55.59/bbl), which was $5.82/bbl lower (2019 - $8.77/bbl lower) than the average Dated Brent oil price of $41.76/bbl for 2020 (2019 - $64.36/bbl). The difference between the average selling price and Dated Brent is due to a gravity/quality adjustment and is also impacted by the specific timing of direct sales. In Egypt, production and operating expenses fluctuate periodically due to changes in inventory volumes as a portion of costs are capitalized and expensed when sold. Production and operating expenses increased by 35% ($15.1 million) in 2020 compared with 2019. The increase was primarily related to a decrease in crude oil inventory through sales to both EGPC and Mercuria, where operating costs previously capitalized to inventory were expensed in the period of sale ($14.0 million). The increase was also caused by higher manpower costs as well as operating expenses related to the South Ghazalat concession which began operating in 2020, partially offset by a decrease in workovers and production handling fees. The increase in production and operating expenses per barrel from $9.38/bbl in 2019 to $12.11/bbl in 2020 was due to a 19% decrease in production primarily attributed to the curtailed 2020 capital program, deferred well interventions and natural declines. Canada 20202019($000s, except per boe amounts)$$/boe$$/boeCrude oil sales8,67933.3615,15951.02Natural gas sales2,8159.852,7057.95NGL sales4,19114.594,87222.93Total sales15,68518.8222,73626.75Royalties2,3552.832,2172.61Production and operating expenses6,1577.397,3748.68Netback7,1738.6013,14515.46 Netbacks per boe in Canada decreased by 44% in 2020 compared with 2019. The decrease is mainly due to a 30% lower realized sales price and an 8% increase in royalties, partially offset by a 15% decrease in production and operating expenses. In 2020, the Company's Canadian operations incurred $0.1 million higher royalty costs than in 2019. The increase in royalties was primarily due to an increase in mineral taxes. Mineral taxes are an annual tax on PNG productive mineral rights on freehold properties payable to the Crown. A further increase in royalties was caused by a decrease in Gas Cost Allowance (“GCA”) rebates received in 2020 compared to 2019. Royalties amounted to 15% of petroleum and natural gas sales revenue during 2020 compared to 10% during the prior year. TransGlobe pays royalties to the Alberta provincial government and landowners in accordance with an established royalty regime. In Alberta, Crown royalty rates are based on reference commodity prices, production levels and well depths, and are offset by certain incentive programs in place to promote drilling activity by reducing overall royalty expense. Production and operating expenses decreased by 15% compared with 2019. The decrease was primarily due to a decrease in transportation costs. Consolidated Statements of Loss and Comprehensive Loss (Expressed in thousands of U.S. Dollars, except per share amounts) Years Ended December 31 2020 2019 REVENUE Petroleum and natural gas sales, net of royalties114,675 140,096 Finance revenue106 471 Other revenue641 - 115,422 140,567 EXPENSES Production and operating64,462 50,626 Selling costs2,111 1,287 General and administrative11,990 16,611 Foreign exchange loss (gain)24 (147) Finance costs2,520 4,256 Depletion, depreciation and amortization31,049 34,948 Asset retirement obligation accretion259 215 (Gain) loss on financial instruments(6,621)2,845 Impairment loss73,495 7,937 Gain on disposition of assets- (114) 179,289 118,464 (Loss) earnings before income taxes(63,867)22,103 Income tax expense - current13,530 26,098 NET LOSS(77,397)(3,995) OTHER COMPREHENSIVE INCOME Currency translation adjustments766 2,073 COMPREHENSIVE LOSS(76,631)(1,922) Net loss per share Basic(1.07)(0.06) Diluted(1.07)(0.06) Consolidated Balance Sheets (Expressed in thousands of U.S. Dollars) As atAs at December 31, 2020December 31, 2019 ASSETS Current Cash and cash equivalents34,510 33,251 Accounts receivable9,996 10,681 Prepaids and other3,530 4,338 Product inventory5,828 17,516 53,864 65,786 Non-Current Intangible exploration and evaluation assets584 33,706 Property and equipment Petroleum and natural gas assets140,059 196,150 Other2,917 4,296 Deferred taxes3,723 8,387 201,147 308,325 LIABILITIES Current Accounts payable and accrued liabilities21,667 32,156 Derivative commodity contracts398 217 Current portion of lease obligations1,553 1,219 Current portion of long-term debt14,897 - 38,515 33,592 Non-Current Long-term debt6,567 37,041 Asset retirement obligations13,042 13,612 Other long-term liabilities544 614 Lease obligations461 589 Deferred taxes3,723 8,387 62,852 93,835 SHAREHOLDERS’ EQUITY Share capital152,805 152,805 Accumulated other comprehensive income1,900 1,134 Contributed surplus25,109 24,673 (Deficit) Retained earnings(41,519)35,878 138,295 214,490 201,147 308,325 Consolidated Statements of Changes in Shareholders’ Equity (Expressed in thousands of U.S. Dollars) Years Ended December 31 2020 2019 Share Capital Balance, beginning of year152,805 152,084 Stock options exercised- 547 Transfer from contributed surplus on exercise of options- 174 Balance, end of year152,805 152,805 Accumulated Other Comprehensive Income Balance, beginning of year1,134 (939) Currency translation adjustment766 2,073 Balance, end of year1,900 1,134 Contributed Surplus Balance, beginning of year24,673 24,195 Share-based compensation expense436 652 Transfer to share capital on exercise of options- (174) Balance, end of year25,109 24,673 (Deficit) Retained Earnings Balance, beginning of year35,878 44,951 Net loss(77,397)(3,995) Dividends- (5,078) Balance, end of year(41,519)35,878 Consolidated Statements of Cash Flows (Expressed in thousands of U.S. Dollars) Years Ended December 31 2020 2019 OPERATING Net loss(77,397)(3,995) Adjustments for: Depletion, depreciation and amortization31,049 34,948 Asset retirement obligation accretion259 215 Impairment loss73,495 7,937 Share-based compensation857 2,237 Finance costs2,520 4,256 Unrealized loss on financial instruments180 1,586 Unrealized (gain) on foreign currency translation(62)(153) Gain on asset disposition- (114 Asset retirement obligations settled(458)(46) Changes in non-cash working capital1,266 (2,035) Net cash generated by operating activities31,709 44,836 INVESTING Additions to intangible exploration and evaluation assets(337)(5,377) Additions to petroleum and natural gas assets(6,726)(30,626) Additions to other assets(435)(929) Proceeds from asset dispositions- 114 Changes in non-cash working capital(3,544)(291) Net cash used in investing activities(11,042)(37,109) FINANCING Issue of common shares for cash- 547 Interest paid(1,918)(3,664) Increase in long-term debt406 476 Payments on lease obligations(1,703)(1,945) Repayments of long-term debt(16,504)(16,523) Dividends paid- (5,078) Changes in non-cash working capital161 (200) Net cash used in financing activities(19,558)(26,387) Currency translation differences relating to cash and cash equivalents150 206 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS1,259 (18,454) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR33,251 51,705 CASH AND CASH EQUIVALENTS, END OF YEAR34,510 33,251 LIQUIDITY AND CAPITAL RESOURCES Liquidity describes a company’s ability to access cash. Companies operating in the upstream oil and gas industry require sufficient cash in order to fund capital programs that maintain and increase production and reserves, to acquire strategic oil and gas assets, to repay current liabilities and debt and ultimately to provide a return to shareholders. TransGlobe’s capital programs are funded by existing working capital and cash provided from operating activities. The Company's cash flow from operations varies significantly from quarter to quarter, depending on the timing of oil sales from cargoes lifted in Egypt, and these fluctuations in cash flow impact the Company's liquidity. TransGlobe's management will continue to steward capital and focus on cost reductions in order to maintain balance sheet strength through the current volatile oil price environment. Funding for the Company’s capital expenditures is provided by cash flows from operations and cash on hand. The Company expects to fund its 2021 exploration and development program through the use of working capital and cash flow from operations. Fluctuations in commodity prices, product demand, foreign exchange rates, interest rates and various other risks may impact capital resources and capital expenditures. Working capital is the amount by which current assets exceed current liabilities. As at December 31, 2020, the Company had a working capital surplus of $15.3 million (December 31, 2019 - $32.2 million). The decrease in working capital is primarily due to the $15.0 million outstanding balance of the Mercuria prepayment agreement being reclassified as current during the year, a decrease in cash resulting from repayments on long-term debt, payments on accounts payable during the year, a decrease in crude oil inventory due to increased sales to EGPC in 2020, partially offset by a decrease in accounts payable. As at December 31, 2020, the Company's cash equivalents balance consisted of short-term deposits with an original term to maturity at purchase of one month or less. All of the Company's cash and cash equivalents are on deposit with high credit-quality financial institutions. Over the past 10 years, the Company experienced delays in the collection of accounts receivable from EGPC. The length of delay peaked in 2013, returned to historical delays of up to six months in 2017, and has since fluctuated within an acceptable range. As at December 31, 2020, amounts owing from EGPC were $6.0 million. The Company considers there to be minimal credit risk associated with amounts receivable from EGPC. In Egypt, the Company completed a second crude oil sale in Q4-2020 for total proceeds of $16.2 million, which were collected in December 2020. The Company incurs a 30-day collection cycle on sales to third-party international buyers. Depending on the Company's assessment of the credit of crude oil purchasers, they may be required to post irrevocable letters of credit to support the sales prior to the cargo lifting. As at December 31, 2020, the Company held 227.9 Mbbls of entitlement oil as inventory. As at December 31, 2020, the Company had $86.0 million of revolving credit facilities with $21.5 million drawn and $64.5 million available. The Company has a prepayment agreement with Mercuria that allows for a revolving balance of up to $75.0 million, of which $15.0 million was drawn and outstanding as at December 31, 2020. During 2020, the Company repaid $15.0 million of this prepayment agreement. The Company also has a revolving Canadian reserves-based lending facility with ATB that was renewed and reduced as at June 30, 2020 from C$25.0 million ($19.2 million) to C$15.0 million ($11.0 million). The reduction in the ATB facility is a result of lower forecasted commodity prices and the associated impact on asset value. During 2020, the Company repaid C$2.0 million ($1.5 million) and had drawings of $C0.5 million ($0.4 million) on this facility, leaving C$8.3 million ($6.6 million) drawn and outstanding. The Company actively monitors its liquidity to ensure that cash flows, credit facilities and working capital are adequate to support these financial liabilities, as well as the Company’s capital programs. To date, the Company has experienced no difficulties with transferring funds abroad. MANAGEMENT STRATEGY AND OUTLOOK The 2021 outlook provides information as to management’s expectation for results of operations for 2021. Readers are cautioned that the 2021 outlook may not be appropriate for other purposes. The Company’s expected results are sensitive to fluctuations in the business environment in the jurisdictions that the Company operates in, and may vary accordingly. This outlook contains forward-looking statements that should be read in conjunction with the Company’s disclosure under “Advisory on Forward-Looking Information and Statements” within this announcement. 2021 Outlook The 2021 production outlook for the Company is provided as a range to reflect timing and performance contingencies. Global reaction to the spread of COVID-19 and the related economic fallout has created significant volatility, uncertainty, and turmoil in the oil and gas industry. Oil demand significantly deteriorated as a result of the pandemic and corresponding preventative measures taken globally to mitigate the spread of the virus. While market conditions have recently improved, The Company may record lower per boe results in 2021 due to these events which may continue to negatively affect TransGlobe’s business. TransGlobe maintains a strong balance sheet with modest debt and is the operator across all of its producing assets, which gives the Company significant capital flexibility and a high degree of discretion in its forward investment program. The Company intends to use all available tools to minimize balance sheet risk and position itself for future success. With $15.0 million owed to Mercuria Energy Trading SA (“Mercuria”) and $6.6 million owed to ATB Financial (“ATB”), TransGlobe is in compliance with its debt covenants. During 2020, the Company repaid $15.0 million on the prepayment facility with Mercuria and $1.5 million to ATB. The Company exited 2020 with $34.5 million cash on hand. TransGlobe is actively engaged with Mercuria on an amendment and extension to the facility currently maturing in September, 2021. As announced in early December, 2020, the Company reached an agreement with the Egyptian General Petroleum Company (“EGPC”) to merge its three existing Eastern Desert concessions with a 15-year primary term and improved Company economics. Ratification of the concession is anticipated in Q2-2021, and the February 1, 2020 effective date for the improved concession terms supports increased investment in advance of ratification. Subject to ratification, the Company will pay EGPC a signature bonus and an equalization payment in installments. An initial equalization payment of $15.0 million and signature bonus of $1.0 million are due on ratification, with five further annual equalization payments of $10.0 million each being made over five years (beginning February 1, 2022 until February 1, 2026). The Company will also have minimum financial work commitments of $50.0 million per each five-year period of the primary development term, commencing on the February 1, 2020 effective date. With the approval of the agreement to merge the Eastern Desert concessions and recent commodity price improvements, the Company has moved forward to re-start investment in Egypt and also in Canada to support growth plans in both countries. The Company’s recently announced 2021 capital program of $27.2 million (before capitalized G&A) includes $16.6 million for Egypt and $10.6 million for Canada. The 2021 plan was prepared to focus on value accretive projects within its portfolio, maximize free cash flow to direct at future value growth opportunities and to increase the Company’s production base. Total corporate production is expected to range between 12.0 and 13.0 Mboe/d (mid-point of 12.5 Mboe/d) for 2021 with a 93% weighting to oil and liquids. Egypt oil production is expected to range between 9.7 and 10.5 Mbbls/d (mid-point of 10.1 Mbbls/d) in 2021. Canadian production is expected to range between 2.3 and 2.5 Mboe/d (mid-point of 2.4 Mboe/d) in 2021. The 2021 mid-point production guidance broken out by product type is summarized below: Mid-point production guidanceEgyptCanadaTotalLight and medium crude oil (bbls/d)7918001,591Heavy crude oil (bbls/d)9,309-9,309Conventional natural gas (Mcf/d)-4,8004,800Associated natural gas liquids (bbls/d)-800800Total (boe/d)10,1002,40012,500 The Company has and will continue to monitor its economic thresholds for shutting-in production in Canada. In Egypt, the Company continues to carry out economic reviews to determine whether offline production should be brought back on or if well interventions should be carried out. If oil prices return to the lows in Q2 of 2020, the Company may choose to shut-in uneconomic production and 2021 production guidance could be negatively impacted. Funds flow from operations in any given period is dependent upon the timing and market price of crude oil sales in Egypt. Because these factors are difficult to accurately predict, the Company has not provided funds flow from operations guidance for 2021. Funds flow from operations and inventory levels in Egypt may fluctuate significantly from quarter to quarter due to the timing of crude oil sales. The below chart provides a comparison of well netbacks in the Company’s Egyptian and Canadian assets under multiple price sensitivities. The Egyptian netbacks reflect the existing PSC terms in the Eastern Desert and do not reflect the potential netbacks once ratification occurs to merge the Eastern Desert PSCs. A typical Cardium well produces both oil and natural gas/NGLs. The price of each commodity varies significantly, therefore the below chart presents the netback of each revenue stream separately. Netback sensitivity Benchmark crude oil price ($/bbl)130.00 40.00 50.0060.0070.00Benchmark natural gas price ($/Mcf)21.97 2.05 2.132.202.28Netback ($/boe) Egypt - crude oil3(4.80)(0.70)3.407.209.50Canada - crude oil413.80 22.40 30.2037.6045.10Canada - natural gas and NGLs42.40 4.50 6.408.2010.00 1Benchmark Egypt crude oil price is Dated Brent; benchmark Canada crude oil price is WTI.2Benchmark natural gas price is AECO.3Egypt assumptions: using anticipated 2021 Egypt production profile, Gharib Blend price differential estimate of $5.00/bbl applied consistently at all price points, concession differentials of 4%, 5% and 5% applied to WG/WB/NWG, respectively, operating costs estimated at ~$15.20/bbl, pre-concession merger ratification terms, and maximum cost recovery resulting from accumulated cost pools.4Canada assumptions: using anticipated 2020 Canada production profile, Edmonton Light price differential estimate of C$5.00/bbl, Edmonton Light to Harmattan discount of C$2.50/bbl, operating costs estimated at ~C$7.00/boe, NGL mixture price at 45% of Edmonton Light, and takes into consideration Canadian tax pools. 2021 Capital Budget The Company’s 2021 capital program of $27.2 million (before capitalized G&A) includes $16.6 million for Egypt and $10.6 million for Canada. The 2021 plan was prepared to focus on value accretive projects within its portfolio, maximize free cash flow to direct at future growth opportunities and to increase the Company’s production base. The 2021 drilling program includes 12 Egypt wells and 3 Canadian Cardium wells in South Harmattan. Egypt As announced in early December, 2020, the Company reached an agreement with the Egyptian General Petroleum Company (“EGPC”) to merge its three existing concessions with a 15-year primary term and improved Company economics. Ratification of the concession is anticipated in Q2, 2021 and the February 1, 2020 effective date for the improved concession terms supports increased investment in parallel with ratification. The $16.6 million Egypt program is entirely allocated to development activities. The primary focus of the 2021 Egypt plan is to accelerate the exploitation of the Company’s Eastern Desert acreage with the aim of increasing oil production, while evaluating and increasing production from the more prospective lower Bahariya reservoir on the South Ghazalat development lease in the Western Desert. The 2021 development program is principally focused on the Eastern Desert and includes: nine development wells in West Bakr (three in H and six in K pools), one Red Bed appraisal well in the NW Gharib 3X pool, two development wells targeting Arta Nukhul reservoir in West Gharib, two recompletions in West Bark, two recompletions in West Gharib, three conversions to water injectors in West Gharib, and development & maintenance projects in the Eastern Desert (West Bakr, NW Gharib and West Gharib). A recompletion of the SGZ-6X well to the more prospective lower Bahariya reservoir is also planned. Egypt production is expected to average between 9.7 and 10.5 Mboe/d for the year and achieve an exit rate in the range of 10.4 to 10.7 Mboe/d. Canada The $10.6 million Canada program consists of drilling three (three net) horizontal wells and completing one (one net) standing well, all targeting the Cardium light oil resource at Harmattan, with additional maintenance/ development capital. The Cardium drilling program in 2021 consists of one 2-mile and two 1-mile development wells in South Harmattan. The one 2-mile horizontal well drilled, but not completed, in South Harmattan in 2020 will also be stimulated, equipped, and brought into production. Canada production is expected to average between 2.3 and 2.5 Mboe/d for the year and achieve an exit rate in the range of 3.1 to 3.3 Mboe/d. The approved 2021 capital program is summarized in the following table: TransGlobe 2021 Capital ($MM)Gross Well Count DevelopmentExploration DrillingConcessionWellsOther1WellsTotal2DevelopmentExplorationTotalWest Gharib1.12.0-3.12-2West Bakr9.30.5-9.89-9NW Gharib0.9--0.91-1South Ghazalat-0.3-0.3---Egypt11.35.3-16.612-12Canada9.01.6-10.63-32021 Total20.36.9-27.215-15Splits (%)100%0%100%100%0%100% 1Other includes completions, workovers, recompletions and equipping Advisory on Forward-Looking Information and Statements Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as "anticipate", “strengthened”, “confidence”, "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar words suggesting future outcomes or statements regarding an outlook. In particular, forward-looking information and statements contained in this document include, but are not limited to, the Company's strategy to grow its annual cash flow; anticipated drilling, completion and testing plans, including, the anticipated timing thereof, prospects being targeted by the Company, and rig mobilization plans; expected future production from certain of the Company's drilling locations; TransGlobe's plans to drill additional wells, including the types of wells, anticipated number of locations and the timing of drilling thereof; the timing of rig movement and mobilization and drilling activity; the Company's plans to file development lease applications for certain of its discoveries, including the expected timing of filing of such applications and the expected timing of receipt of regulatory approvals; anticipated production and ultimate recoveries from wells; to negotiate future military access (including the expected timing thereof), including the anticipated timing of wells on production; TransGlobe's plans to continue exploration, development and completion programs in respect of various discoveries; future requirements necessary to determine well performance and estimated recoveries; the ratification of the amendment, extension, and consolidation of the Company’s Eastern Desert Concessions; and other matters. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Many factors could cause TransGlobe's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransGlobe. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, anticipated production volumes; the timing of drilling wells and mobilizing drilling rigs; the number of wells to be drilled; the Company's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company's capital programs; geological and engineering estimates in respect of the Company's reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities; current commodity prices and royalty regimes; availability of skilled labour; future exchange rates; the price of oil; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future operating costs; uninterrupted access to areas of TransGlobe's operations and infrastructure; recoverability of reserves and future production rates; that TransGlobe will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that TransGlobe's conduct and results of operations will be consistent with its expectations; that TransGlobe will have the ability to develop its properties in the manner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of TransGlobe's reserves and resource volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; and other matters. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward-looking statements or information include, among other things, operating and/or drilling costs are higher than anticipated; unforeseen changes in the rate of production from TransGlobe's oil and gas properties; changes in price of crude oil and natural gas; adverse technical factors associated with exploration, development, production or transportation of TransGlobe's crude oil reserves; changes or disruptions in the political or fiscal regimes in TransGlobe's areas of activity; changes in tax, energy or other laws or regulations; changes in significant capital expenditures; delays or disruptions in production due to shortages of skilled manpower equipment or materials; economic fluctuations; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; ability to access sufficient capital from internal and external sources; failure to negotiate the terms of contracts with counterparties; failure of counterparties to perform under the terms of their contracts; and other factors beyond the Company's control. Readers are cautioned that the foregoing list of factors is not exhaustive. Please consult TransGlobe’s public filings at www.sedar.com and www.sec.goedgar.shtml for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement. Oil and Gas Advisories Mr. Ron Hornseth, B.Sc., General Manager – Canada for TransGlobe Energy Corporation, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed the technical information contained in this report. Mr. Hornseth is a professional engineer who obtained a Bachelor of Science in Mechanical Engineering from the University of Alberta. He is a member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”) and the Society of Petroleum Engineers (“SPE”) and has over 20 years’ experience in oil and gas. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 MCF: 1 Bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. References in this press release to production test rates, are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for TransGlobe. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the production test results should be considered to be preliminary. The following abbreviations used in this press release have the meanings set forth below: bblbarrelsbbls/dbarrels per dayMbbls/dthousand barrels per dayMbblsthousand barrelsboebarrel of oil equivalentboe/dbarrels of oil equivalent per dayMboe/dthousand barrels of oil equivalent per dayMMbtuOne million British thermal unitsMcfthousand cubic feetMcf/dthousand cubic feet per dayNGLNatural Gas Liquids Production Disclosure Production Summary (WI before royalties and taxes): Feb - 21Jan - 21Q4 - 20Q3 - 20Q2 - 20Q1 - 20Q4 - 19Egypt (bbls/d)9,97510,37210,2689,81211,99012,54412,831 Eastern Desert of Egypt (bbls/d)9,87410,25710,1329,63511,75712,34312,831Heavy Crude (bbls/d)9,0849,4369,4909,066 11,001 11,548 11,984Light and Medium Crude (bbls/d)790821642569756795847 Western Desert of Egypt (bbls/d)101115136177233201-Light and Medium Crude (bbls/d)101115136177233201-Canada (boe/d)2,0322,1082,1162,2322,3102,4532,531Light and Medium Crude (bbls/d)576607618661706860908Natural Gas (Mcf/d)4,2624,5404,4544,6334,6654,9965,334Associated Natural Gas Liquids (bbls/d)746744755798826761735Total (boe/d)12,00712,48012,38412,04414,30014,99715,362 Production Guidance LowHighMid-PointEgypt (bbls/d)9,70010,50010,100Heavy Crude (bbls/d)8,9409,6789,309Light and Medium Crude (bbls/d)760822791Canada (boe/d)2,3002,5002,400Light and Medium Crude (bbls/d)767833800Natural Gas (Mcf/d)4,6005,0004,800Associated Natural Gas Liquids (bbls/d)767833800Total (boe/d)12,00013,00012,500 About TransGlobe TransGlobe Energy Corporation is a cash flow-focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA. For further information, please contact: TransGlobe Energy CorporationRandy Neely, President and CEOEddie Ok, CFO+1 403 264 9888investor.relations@trans-globe.comhttp://www.trans-globe.comor via Tailwind Associates or FTI ConsultingTailwind Associates (Investor Relations)Darren Engels+1 403 618 8035darren@tailwindassociates.cahttp://www.tailwindassociates.caFTI Consulting (Financial PR)Ben BrewertonGenevieve Ryan+44(0) 20 3727 1000transglobeenergy@fticonsulting.comCanaccord Genuity (Nomad & Joint-Broker)Henry Fitzgerald-O’ConnorJames Asensio+44(0) 20 7523 8000Shore Capital (Joint Broker)Jerry KeenToby Gibbs+44(0) 20 7408 4090

  • TransGlobe Energy Corporation Announces an Update to Its Significant Shareholders
    GlobeNewswire

    TransGlobe Energy Corporation Announces an Update to Its Significant Shareholders

    AIM & TSX: “TGL” & NASDAQ: “TGA” CALGARY, Alberta, Feb. 19, 2021 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation ("TransGlobe" or the “Company”) understands that as of December 31, 2020, Invesco Ltd., through various funds, individuals and/or institutional clients of the foregoing, beneficially own an aggregate interest in 6,502,037 common shares of the Company, which represents approximately 9.0% of the issued and outstanding common shares of the Company. The above information is based on the Company’s understanding of Invesco Ltd.’s most recent 13G Securities and Exchange Commission filing, dated 12 February 2021. TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer) 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:TransGlobe Energy Corporation1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)Non-UK issuerx2. Reason for the notification (please mark the appropriate box or boxes with an “X”)An acquisition or disposal of voting rightsxAn acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): Total number of voting rights of issuer changed as a result of completion of tender offer. 3. Details of person subject to the notification obligationNameInvesco Ltd.City and country of registered office (if applicable)Bermuda4. Full name of shareholder(s) (if different from 3.)Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or reached:31 December 20206. Date on which issuer notified (DD/MM/YYYY):17 February 20217. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuer Resulting situation on the date on which threshold was crossed or reached9.0%0%9.0%72,542,071 Position of previous notification (if applicable)8.8% 8.8% 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedA: Voting rights attached to sharesClass/type ofsharesISIN code (if possible)Number of voting rights% of voting rightsDirect(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)CA8936621066-6,502,037- 9.0% SUBTOTAL 8. A6,502,0379.0% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))Type of financial instrumentExpirationdateExercise/ Conversion PeriodNumber of voting rights that may be acquired if the instrument is exercised/converted.% of voting rights SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))Type of financial instrumentExpirationdateExercise/ Conversion PeriodPhysical or cash settlementNumber of voting rights % of voting rights SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)XName% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable thresholdInvesco Ltd.9.0% 9.0% 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional information Place ofcompletion1555 Peachtree Street NE, Suite 1800, Atlanta, GA, USADate ofcompletion12 February 2021 The Company understands that as of December 31, 2020, BLR Partners LP, through various funds, individuals and/or institutional clients of the foregoing, beneficially own an aggregate interest in 750,002 common shares of the Company, which represents approximately 1.0% of the issued and outstanding common shares of the Company. The above information is based on the Company’s understanding of BLR Partners LP’s most recent 13F Securities and Exchange Commission filing, dated 16 February 2021. TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer) 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:TransGlobe Energy Corporation1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)Non-UK issuerx2. Reason for the notification (please mark the appropriate box or boxes with an “X”)An acquisition or disposal of voting rightsxAn acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): Total number of voting rights of issuer changed as a result of completion of tender offer. 3. Details of person subject to the notification obligationNameBLR Partners LPCity and country of registered office (if applicable)Houston, Texas, USA4. Full name of shareholder(s) (if different from 3.)Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or reached:31 December 20206. Date on which issuer notified (DD/MM/YYYY):17 February 20217. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuer Resulting situation on the date on which threshold was crossed or reached1.0% 1.0%72,542,071 Position of previous notification (if applicable)5.0% 5.0% 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedA: Voting rights attached to sharesClass/type ofsharesISIN code (if possible)Number of voting rights% of voting rightsDirect(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)CA8936621066750,002 1.0%SUBTOTAL 8. A B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))Type of financial instrumentExpirationdateExercise/ Conversion PeriodNumber of voting rights that may be acquired if the instrument is exercised/converted% of voting rights SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))Type of financial instrumentExpirationdateExercise/ Conversion PeriodPhysical or cash settlementNumber of voting rights % of voting rights SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)XName% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable thresholdBradley L. Radoff1.0% 1.0%BLR Partners LP BLRPart, LP BLRGP Inc. Fondren Management, LP FMLP Inc. The Radoff Family Foundation 10. In case of proxy voting, please identify:Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional information Place ofcompletionHouston, Texas, USADate ofcompletion16 February 2021 About TransGlobe TransGlobe Energy Corporation is a cash flow-focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA. For further information, please contact: TransGlobe Energy CorporationRandy Neely, President and CEOEddie Ok, CFO+1 403 264 9888investor.relations@trans-globe.comhttp://www.trans-globe.comor via Tailwind Associates or FTI Consulting Tailwind Associates (Investor Relations)Darren Engels+1 403 618 8035darren@tailwindassociates.cahttp://www.tailwindassociates.ca FTI Consulting (Financial PR)Ben BrewertonGenevieve Ryan+44(0) 20 3727 1000transglobeenergy@fticonsulting.com Canaccord Genuity (Nomad & Joint-Broker)Henry Fitzgerald-O’ConnorJames Asensio+44(0) 20 7523 8000 Shore Capital (Joint Broker)Jerry KeenToby Gibbs+44(0) 20 7408 4090