TIDMTGL
TransGlobe Energy Corporation
01 June 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA,
JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE
UNLAWFUL TO DO SO. THE DISTRIBUTION OF THIS ANNOUNCEMENT IN OTHER
JURISDICTIONS INCLUDING (WITHOUT LIMITATION) JAPAN, AUSTRALIA, OR
THE REPUBLIC OF SOUTH AFRICA (OR TO ANY RESIDENT THEREOF) MAY BE
RESTRICTED BY LAW AND THEREFORE PERSONS INTO WHOSE POSSESSION THIS
ANNOUNCEMENT COMES SHOULD INFORM THEMSELVES OF AND OBSERVE ANY SUCH
RESTRICTIONS. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY
CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH
JURISDICTION.
This announcement is an advertisement and not an admission
document, a document prepared in accordance with the Supplement to
Schedule One of the AIM Rules for Companies or a prospectus. It
does not constitute or form part of, and should not be construed
as, an offer to sell or issue, or a solicitation of any offer to
buy or subscribe for, any securities in the United States of
America or in any other jurisdiction where such offering or
solicitation is prohibited by law, nor should it or any part of it
form the basis of, or be relied on in connection with, any contract
or commitment whatsoever. Investors should not subscribe for or
purchase any securities referred to in this announcement except on
the basis of information in the document prepared in accordance
with the Supplement to Schedule One of the AIM Rules for Companies
(the "Schedule One appendix document") published by TransGlobe
Energy Corporation (the "Company") in connection with the proposed
admission of the common shares in the capital of the Company (the
"Common Shares") to trading on AIM, a market operated by the London
Stock Exchange plc (the "London Stock Exchange") and the public
documents that TransGlobe Energy Corporation has filed with the
various securities commissions or similar authorities in each of
the provinces and territories of Canada on the System for
Electronic Document Analysis and Retrieval ("SEDAR") at
www.sedar.com, and the public documents TransGlobe Energy
Corporation has filed or furnished to the United States Securities
and Exchange Commission (the "SEC") via the SEC's Electronic Data
Gathering and Retrieval ("EDGAR") system web site at www.sec.gov.
Unless specifically incorporated by reference herein, documents
filed or furnished by TransGlobe Energy Corporation on SEDAR or
EDGAR are neither incorporated in nor part of this
announcement.
TRANSGLOBE ENERGY CORPORATION ANNOUNCES
INTENTION TO LIST ON AIM
TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, June 1, 2018 - TransGlobe Energy Corporation
("TransGlobe" or "the Company"), an independent international
upstream oil and gas company with exploration and production
operations in the Arab Republic of Egypt and Canada, confirms its
intention to seek a listing on AIM to enhance liquidity for the
Company's shareholders and provide more direct access to the London
capital markets.
Application has been made for the Company's existing 72,205,369
common shares ("Common Shares") to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings will commence on 29 June 2018.
The Company's Schedule One appendix document can be found at:
www.trans-globe.com.
About TransGlobe
TransGlobe is an independent international upstream oil and gas
company with headquarters in Calgary, Canada, whose main business
activities consist of the exploration, development and production
of crude oil and natural gas liquids. The Company currently has
exploration and production operations in the Arab Republic of Egypt
and Canada. In Egypt, the Company currently holds a 100% interest
in six PSCs: West Gharib, West Bakr, NW Gharib, South Alamein,
South Ghazalat and NW Sitra. Canadian operations are in west
central Alberta, Canada, where the Company owns production and
working interests in certain Cardium light oil and Mannville
liquids-rich gas fields in the Harmattan area. As at 31 December
2017, the Company had total proved plus probable gross reserves of
45.9 MMboe and average production in Q1 2018 was 14,375 boe/d.
Canadian production is weighted approximately 60% light oil and
liquids and 40% natural gas.
The Common Shares have been listed on the TSX under the symbol
"TGL" since 7 November 1997 and on the NASDAQ under the symbol
"TGA" since 18 January 2008. Historical financial information can
be found on the Company's website and at www.sedar.com.
Strategy and Objectives
TransGlobe believes it is well positioned with a producing asset
base and established working relationships within Egypt and cash
flows from both its Egyptian and Canadian business units.
The Company's strategy and objective is to leverage its strong
asset base and balance sheet to build a diversified, profitable and
growth oriented international portfolio of assets capable of
generating cash-flow and building shareholder value over the long
term.
The Company's goal is to grow the Group's annual cash flow
through exploitation, development, exploration and acquisitions.
The Company's acquisition efforts will target opportunities where
the Group can leverage its operational and technical strengths with
a primary geographic focus on Egypt as well as the Middle East,
Africa and Europe.
In 2018, the Company expects to drill 8 development and up to 5
exploration wells in Egypt and 6 development wells in Canada. The
Company's 2018 budgeted capital programme of US$41.3 million
(before capitalised G&A) includes US$29.1 million for Egypt and
US$12.2 million for Canada. This programme is balanced to
anticipated funds flow from operations using a US$55/bbl Brent oil
price forecast.
The Company has set full year average production guidance for
2018 at between 14,200 and 15,600 barrels of oil equivalent per
day.
Key Strengths
The Directors believe that the Company's key strengths
include:
-- an experienced and respected Board and Senior Management team
with a strong track record in development drilling and reservoir
management;
-- a diversified production base;
-- reserve base of 45.9 MMboe of proved plus probable reserves as at 31 December 2017;
-- high working interests and operatorship of oil-focused assets;
-- a work programme for both the Egyptian and Canadian assets; and
-- a capital plan funded from operating cash flows.
Ross Clarkson, CEO of TransGlobe, said:
"A listing on AIM will make it easier for us to introduce the
TransGlobe story to a wider audience of investors in the UK, Europe
and South Africa. The Company will be establishing an executive
office in London this fall in order to increase our exposure to
this investor market and to enhance our business development
efforts.
We believe that our strong balance sheet, material production
base with exploration upside, and 22 years' experience of operating
successfully internationally makes TransGlobe ideally suited to the
London capital markets."
Enquiries:
TransGlobe Energy Via FTI Consulting
Ross Clarkson, Chief www.trans-globe.com
Executive Officer
Randy Neely, President
Eddie Ok, Chief Financial
Officer
Canaccord Genuity (Nomad
& Joint Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor
James Asensio
GMP First Energy (Joint
Broker) +44(0)207 448 0200
Jonathan Wright
FTI Consulting (Financial
PR) +44 (0) 203 727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Emerson Clarke
Mr. Leonard Herchen, Vice President of GLJ Petroleum
Consultants, 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 and approved the technical information
contained in this announcement. Mr Herchen obtained a Bachelor of
Science Degree in Engineering Physics from Queen's University. He
is a Registered Professional Engineer in the province of Alberta
and has in excess of 28 years' experience in engineering studies
relating to oil and gas fields.
The Company's reserves were prepared by GLJ Petroleum
Consultants as independent qualified reserves evaluators, in
accordance with National Instrument 51-101 and the Canadian Oil and
Gas Evaluation Handbook.
Oil & Gas Information
"Proved" reserves are those reserves that can be estimated with
a high degree of certainty to be recoverable. It is likely that the
actual remaining quantities recovered will exceed the estimated
proved reserves.
"Probable" reserves are those additional reserves that are less
certain to be recovered than proved reserves. It is equally likely
that the actual remaining quantities recovered will be greater or
less than the sum of the estimated proved plus probable
reserves.
"MMboe" million of barrels oil equivalent.
The definitions of proved and probable reserves under Canadian
law are different from the definitions of those terms under the
federal securities laws of the United States of America; therefore,
proved and probable reserves disclosed herein in compliance with NI
51-101 may not be comparable to United States standards. The SEC
requires United States oil and gas reporting companies, in their
filings with the SEC, to disclose only proved reserves after the
deduction of royalties and production due to others but permits the
optional disclosure of probable and possible reserves.
Forward-Looking Information Advisory
The information provided in this document may contain
forward-looking statements and forward-looking information about
the Company within the meaning of applicable securities laws. All
statements and information, other than statements of historical
fact, made by the Company that address activities, events, or
developments that the Company expects or anticipates will or may
occur in the future are forward-looking statements and information,
including, but not limited to statements and information preceded
by, followed by, or that include words such as "may", "would",
"could", "will", "likely", "except", "anticipate", "believe",
"intends", "plan", "forecast", "project", "estimate", "outlook", or
the negative of those words or other similar or comparable words.
Forward-looking statements and information involve significant
risks, assumptions, uncertainties and other factors that may cause
actual future results or anticipated events to differ materially
from those expressed or implied in any forward-looking statements
or information and, accordingly, should not be read as guarantees
of future performance or results.
In particular, forward-looking statements contained in this
document include, but are not limited to, statements with respect
to: the Company's intention to seek a listing on AIM to enhance
liquidity for the Company's shareholders and provide more direct
access to the London capital markets; the date that Admission is
expected to become effective and dealings will commence; the
Company's strategy to grow its annual cash flow; expectations
regarding its acquisition efforts; the suitability of the Company
for the London capital markets; and estimated reserves. Statements
relating to "reserves" are deemed to be forward-looking statements,
as they involve the implied assessment, based on certain estimates
and assumptions, that the reserves described exist in the
quantities predicted or estimated, and can be profitably produced
in the future.
In making the forward-looking statements contained in this
document, the Company has made assumptions regarding, but not
limited to: the process and requirements to list on AIM;
assumptions regarding expected liquidity for the Company's
shareholders; access to, and receptivity of, the London capital
markets; the date that Admission is expected to become effective
and dealings will commence; the Company's strategy to grow its
annual cash flow; expectations regarding its acquisition efforts;
the suitability of the Company for the London capital markets; the
magnitude of and ability to recover oil and gas reserves;
recoverability of reserves; that the estimates of the Company's
reserves volumes and the assumptions related thereto (including
commodity prices and development costs) are accurate in all
material respects; that the Company will be able to obtain contract
extensions or fulfil the contractual obligations required to retain
its rights to explore, develop and exploit any of its undeveloped
properties; 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, including
uncertainty in obtaining required approvals from TransGlobe's
nominated advisor; uncertainty in obtaining required approvals from
the London Stock Exchange; failure to achieve the perceived
benefits of the AIM market; failure to establish an executive
office in London on the time anticipated or at all; general
economic and financial conditions of the AIM market; uncertainties
in estimating the Company's reserve base due to the complexities in
estimated future production, costs and timing of expenses and
future capital; and other factors beyond the Company's control.
Actual results, performance or achievement could differ
materially from that expressed in, or implied by any
forward-looking statements or information in this document, and
accordingly, investors should not place undue reliance on any such
forward-looking statements or information. Further, any
forward-looking statement or information speaks only as of the date
on which such statement is made, and the Company undertakes no
obligation to update any forward-looking statements or information
to reflect information, events, results, circumstances or otherwise
after the date on which such statement is made or to reflect the
occurrence of unanticipated events, except as required by law,
including securities laws.
For further information,
please contact:
Investor Relations
Telephone: 403.264.9888
Email: investor.relations@trans-globe.com
Web site: http://www.trans-globe.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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