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TransGlobe Energy Corporation (TGA)

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Market Cap104.534M
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  • 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

  • GlobeNewswire

    TransGlobe Energy Corporation Announces Its 2021 Capital Budget

    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, Jan. 28, 2021 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces its 2021 capital budget and production guidance. All dollar values are expressed in US dollars unless otherwise stated. 2021 BUDGET HIGHLIGHTS 2021 capital budget of $27.2MM (before capitalized G&A); Egypt $16.6MMCanada $10.6MM With a significant portion of investment scheduled in the second half of the year, 2021 average production guidance is set at 12.0 to 13.0 MBoepd with a midpoint of 12.5 MBoepd: Egypt 9.7 – 10.5 MBopd;Canada 2.3 – 2.5 MBoepd;With the drilling program back-end loaded the Company expects exit production to be in the range of 13.5 to 14.0 MBoepd; The 2021 drilling program includes 12 Egypt wells and 3 Canadian Cardium wells in South Harmattan. Randy Neely, Chief Executive Officer of TransGlobe, said: “With the approval of the agreement to merge our Eastern Desert concessions behind us and recent commodity price improvements, the Company is rapidly moving forward to re-start investment in Egypt and Canada to support our growth plans in both countries. In Egypt, the focus will be chiefly on growing production in the Eastern Desert while we work to mature our contingent resource portfolio and restart our evaluation of the South Ghazalat acreage. In Canada, the focus will be on developing South Harmattan with a specific goal of decreasing the uncertainty across the northern land holdings. Our 2021 budget underlines the confidence we have in the potential of the TransGlobe portfolio and paves the way to resume dividend distributions in 2022.” 2021 CAPITAL GUIDANCE The Company’s 2021 capital program of $27.2MM (before capitalized G&A) includes $16.6MM for Egypt and $10.6MM 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. Egypt 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 parallel with ratification. The $16.6MM Egypt program is entirely allocated to development. 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 the Arta Nukhul reservoir in West Gharib, two recompletions in West Bakr, 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 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 MBopd for the year and an exit rate of 10.4 to 10.7 MBopd. Canada The $10.6MM Canada program consists of drilling three (three net) horizontal wells and completing one (one net) standing well, all targeting the Cardium light oil resource at Harmattan, with additional maintenance/development capital. The Cardium drilling program in 2021 consists of one 2-mile and two 1-mile development wells in South Harmattan. The one 2-mile horizontal well drilled, but not completed, in South Harmattan in 2020 will also be stimulated, equipped and brought into production. Canada production is expected to average between 2.3 and 2.5 MBoepd for the year and an exit rate of 3.1 to 3.3 MBoepd. Detailed Capital Plan The approved 2021 capital program is summarized in the following table: TransGlobe Net Capital (US$MM) Gross Well CountConcessionDevelopmentExplorationTotalCapex2New DrillsTotal Wells WellsOther1Wells DevExpl West Gharib1.12.0-3.12-2West Bakr9.30.5-9.89-9NW Gharib0.9--0.91-1South Ghazalat-0.3-0.3---Development/ maintenance-2.5-2.5---Egypt11.35.3-16.612-12Canada9.01.6-10.63 3Total20.36.9-27.215-15 Other includes completions, workovers, recompletions and equipping, and HSE capital.Table may not total due to rounding. 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 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 dayBpdbarrels per day BOEbarrel of oil equivalentMBopdthousand barrels of oil per dayBoepdbarrels of oil equivalent per dayMBoepdthousand barrels of oil equivalent per dayMBblthousand barrelsMCFDthousand cubid feet per dayMMCFDmillion cubic feet per dayWIworking interest PRODUCTION DISCLOSURE Light and Medium CrudeHeavy CrudeNatural GasNatural Gas LiquidsTotal BpdBpdMCFDBpdBoepd 2021 Guidance Corporate High1,6569,6785,00083313,000 Mid Point1,5919,3094,80080012,500 Low1,5268,9404,60076712,0002021 Guidance Egypt High8229,678 10,500 Mid Point7919,309 10,100 Low7608,940 9,7002021 Guidance Canada High833 5,0008332,500 Mid Point800 4,8008002,400 Low767 4,6007672,3002021 Exit Rate Corporate High1,9279,9006,5171,08614,000 Low1,8599,5476,2841,04713,500 2021 Exit Rate Egypt High8419,900 10,742 Low8119,547 10,358 2021 Exit Rate Canada High1,086 6,5171,0863,258 Low1,047 6,2841,0473,142

  • 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, Jan. 21, 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.UPDATES Production averaged 12.4 MBoepd in Q4, 2020 and 13.5 MBoepd for the year ended 2020, meeting updated guidance of 13.3 to 13.8 MBoepd provided on August 11, 2020;Following the Egyptian General Petroleum Company’s approval of the amendment, extension and merger of the Company’s Eastern Desert concession agreements in December, 2020, the Company expects ratification by Egypt’s Parliament in Q2, 2021;A 2021 work program and budget is being prepared for implementation in parallel with the ratification process that accelerates exploitation of the Eastern Desert merged concession with the aim of increasing oil production;Work has begun to expand the early production facility at South Ghazalat in order to facilitate a planned Q2, 2021 recompletion of the SGZ-6X well to the deeper, more prospective lower Bahariya reservoir;Preparations are underway to stimulate and equip, in Q1, 2021, the 2-mile horizontal South Harmattan well drilled, but uncompleted, in Q1, 2020. Further development activity targeting the exciting South Harmattan oil resource is also anticipated in 2021;Collected ~$32.3 million in receivables in Q4, 2020. PRODUCTIONProduction Summary (WI before royalties and taxes): (Boepd)Q3 2020Oct 2020Nov 2020Dec 2020 2020 AverageEgypt9,81210,30310,04510,44811,178Canada2,2321,9212,1952,2342,283Total12,04412,22412,24012,68213,461 Company production met the lower end of production guidance for 2020 of 13.3 to 13.8 MBoepd. This is principally due to delayed Egypt well maintenance, reflecting the weak economics of the fiscal terms of the pre-consolidation concession agreements, and was in line with the Company’s focus on maintaining the Company’s balance sheet strength in 2020. Canadian production met expectations. OPERATIONS UPDATE Arab Republic of Egypt Eastern Desert (100% WI) During the quarter oil prices remained weak, with well repair and maintenance activities focused only on those that generated positive cash flow while negotiations to amend, extend and consolidate the Company’s Eastern Desert concession agreements continued. As previously disclosed, the Company announced a merged concession agreement with a 15-year primary term and improved Company economics in early December, 2020. 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 Company is in the process of finalizing an enhanced 2021 work program and budget that reflects this breakthrough, accelerating production and cash flow in 2021 through an invigorated well maintenance program and development activities on the contingent resource projects previously disclosed. At this time, the joint venture operating organization in Egypt is sourcing a drilling rig and the necessary equipment in support of this program. Western Desert – South Ghazalat (100% WI) Work to expand the production handling capacity at South Ghazalat has begun, in advance of a planned Q2, 2021 SGZ-6X recompletion to the deeper, more prospective lower Bahariya reservoir. The Company announced on November 19, 2018 that a 42 foot perforated interval in the Lower Bahariya had flowed 2,437 Bopd of light oil, 21 Bpd of water and 1.4 MMCFD of natural gas on a 40/64" choke. Reservoir and surface facility management practices are expected to constrain production from this interval following the expected recompletion. Canada Preparations have commenced to stimulate and equip, during Q1, 2021, the 2-mile horizontal well drilled but not completed, as part of the Company’s 2020 Cardium drilling program in South Harmattan. This well offsets the successful 2-mile horizontal oil well 2-20, previously disclosed by the Company on January 30, 2020. The 2-20 well has been producing continuously since original tie-in in late November of 2019, other than for maintenance conducted on third-party facilities. This long-term production performance has further strengthened our confidence in the potential of South Harmattan. Further development activity is anticipated in South Harmattan in 2021. The Company holds 22.5 sections of land in the South Harmattan area. CORPORATE The Company repaid $5 million on the $75 million Mercuria prepayment facility agreement in Q4, 2020, leaving $15 million drawn and outstanding on the facility. TransGlobe is actively engaged with Mercuria on an amendment and extension to the facility currently maturing in September, 2021. TransGlobe collected $32.3 million of receivables in Q4, 2020 and ended the year with over $30 million of cash and no net debt. The material increase in recent oil prices and subsequent positive impact to the forward strip have positively impacted TransGlobe’s 2021 budget planning and the Company has entered into the following hedges to support a material 2021 capital program: Financial Brent crude oil contracts Period HedgedContractContractedVolumes (bbls)MonthlyVolume (bbls)Bought PutUS$/bblSold CallUS$/bblSold PutUS$/bblJan 2021 - Jun 20213-Way Collar300,00050,00048.0053.2540.00Feb 2021 - Dec 20213-Way Collar550,00050,00050.0060.0040.00 Financial AECO natural gas contracts Period HedgedContractContracted Volumes (GJs)DailyVolume(GJs)SwapC$/GJJan 2021 - Dec 2021Swap1,387,0003,8002.76 Business continuity plans remain effective across our locations in response to COVID-19 with no health or safety impacts, or production disruption due to illness. CEO’s Statement“With the announcement of the consolidation, amendment and extension of our Eastern Desert PSCs now behind us and with oil prices firming up in the $50-$55 / Bbl range, we are working diligently on high grading opportunities as we finalize a work program that reflects both the significant resource potential and the greatly improved cash flow generating capacity of our assets. We are excited about the investment alternatives now available to the Company in 2021 to grow production, cash flow, and reserves in both Egypt and Canada.” About TransGlobeTransGlobe 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 Corporation+1 403 264 9888Randy Neely, President and CEOinvestor.relations@trans-globe.comEddie Ok, CFOhttp://www.trans-globe.com or via Tailwind Associates or FTI Consulting Tailwind Associates (Investor Relations)+1 403 618 8035Darren Engelsdarren@tailwindassociates.ca http://www.tailwindassociates.ca FTI Consulting (Financial PR)+44(0) 20 3727 1000Ben Brewertontransglobeenergy@fticonsulting.comGenevieve Ryan Canaccord Genuity (Nomad & Joint-Broker)+44(0) 20 7523 8000Henry Fitzgerald-O’Connor James Asensio Shore Capital (Joint Broker)+44(0) 20 7408 4090Jerry Keen Toby Gibbs 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 BOE barrel of oil equivalentMBopd thousand barrels of oil per dayBoepd barrels of oil equivalent per dayMBoepdthousand barrels of oil equivalent per dayMBbl thousand barrelsMMCFD million cubic feet per dayWI working interest Light and Medium CrudeHeavy CrudeNatural GasNatural Gas LiquidsTotal bbl/dbbl/dMcf/dbbl/dboe/dQ3 2020 Egypt7469,066 9,812 Canada661 4,6337982,232 Total1,4079,0664,63379812,044Oct 2020 Egypt7339,570 10,303 Canada638 3,8526401,921 Total1,3729,5703,85264012,224Nov 2020 Egypt7659,280 10,045 Canada596 4,7768032,195 Total1,3609,2804,77680312,240Dec 2020 Egypt8149,634 10,448 Canada621 4,7448222,234 Total1,4359,6344,74482212,6822020 Average Egypt87510,303 11,178 Canada711 4,7227852,283 Total1,58610,3034,72278513,461