TIDMTGL
RNS Number : 4811V
TransGlobe Energy Corporation
10 August 2022
The information contained within this Announcement is deemed by
TransGlobe Energy Corporation to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
TRANSGLOBE ENERGY CORPORATION ANNOUNCES SECOND QUARTER 2022
FINANCIAL AND OPERATING RESULTS FOR THE THREE AND SIX MONTHSED JUNE
30, 2022
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, August 10, 2022 - TransGlobe Energy
Corporation ("TransGlobe" or the "Company") is pleased to announce
its financial and operating results for the three and six months
ended June 30, 2022. All dollar values are expressed in United
States dollars unless otherwise stated. TransGlobe's Condensed
Consolidated Financial Statements together with the notes related
thereto, as well as TransGlobe's Management's Discussion and
Analysis for the three and six months ended June 30, 2022 and 2021,
are available on TransGlobe's website at www.trans-globe.com .
FINANCIAL HIGHLIGHTS:
-- Second quarter sales averaged 12,609 boe/d including 104.0
Mbbls sold to EGPC for proceeds of $11.8 million and one cargo
lifting of 451.0 Mbbls of entitlement crude oil sold for proceeds
of $46.3 million;
-- Average realized price for Q2-2022 sales of $95.37/boe;
Q2-2022 average realized price on Egypt sales was $101.29/bbl and
on Canadian sales was $59.65/boe;
-- Funds flow from operations of $42.5 million ($0.58 per share)
in the quarter;
-- Second quarter net earnings of $32.1 million ($0.44 per
share), inclusive of a $0.6 million unrealized derivative gain on
commodity contracts;
-- Ended the second quarter with positive working capital of
$78.6 million, including cash of $61.2 million;
-- Achieved consolidated netbacks of $42.25 per boe during the
second quarter, an increase of 49% from the previous quarter
primarily due to improved commodity prices and the Company's
improved economic interest under the Merged Concession
agreement;
OPERATIONAL HIGHLIGHTS:
-- Second quarter production averaged 12,132 boe/d (Egypt 10,338
bbls/d, Canada 1,794 boe/d), a decrease of 314 boe/d (3%) from the
previous quarter, primarily due to planned maintenance at a
third-party processing facility in Canada. This was partially
offset by an increase in production in the Eastern desert from
Q1-2022 resulting from new development wells drilled in 2022,
partially offset by natural declines.;
-- Production in the month of July averaged 11,458 boe/d (Egypt
9,257 bbls/d, Canada 2,201 boe/d), a decrease of 6% from Q2-2022
primarily due to Egypt production being affected by higher than
expected natural declines and low initial well performance from the
secondary Q2 drilling campaign targets, partially offset by an
increase in production in Canada after completion of the planned
third-party facility turnaround in the second quarter;
-- Ended the quarter with nil entitlement crude oil inventory, a
decrease of 43.4 Mbbls from Q1-2022. This decrease is due to sales
outpacing production in the period primarily driven by increased
sales volumes from the Q2-2022 cargo lifting and direct sales to
EGPC in June ;
-- Drilled and cased five development wells in the Eastern
Desert of Egypt;
-- Drilled three 100% working interest horizontal Cardium
reservoir development wells (two 2-mile, and one 1-mile) in the
South Harmattan area in Canada. Another 1-mile 100% working
interest horizontal Cardium reservoir development well was spud in
June with rig release in early July. Stimulation and equipping of
these wells commenced in July 2022, with first production
anticipated in September 2022;
-- Increased capital budget by $4.4 million to $74.9 million
(before capitalized G&A) for the year, due to increased tie-in
costs in Canada and the drilling of one additional well and
performance of two additional recompletions in the Eastern Desert
in Egypt;
CORPORATE HIGHLIGHTS:
-- As announced on January 20, 2022, the Company executed its
agreement (the "Merged Concession agreement" or "Merged
Concession") with the Egyptian General Petroleum Corporation
("EGPC") to merge its three existing Eastern Desert concessions
with a 15-year primary term and improved Company economics;
-- On March 16, 2022 the Company declared a dividend of $0.10
per share, which was paid on May 12, 2022 to shareholders of record
on April 29, 2022. The ex-dividend date was April 28, 2022; and
-- On July 14 2022 TransGlobe and VAALCO Energy, Inc. announced
that they have entered into a definitive arrangement agreement
pursuant to which VAALCO will acquire all of the outstanding common
shares of TransGlobe in a stock-for-stock strategic business
combination transaction.
FINANCIAL AND OPERATING RESULTS
Additional financial information is provided in the Company's
Condensed Consolidated Financial Statements together with the notes
related thereto, as well as TransGlobe's Management's Discussion
and Analysis for the three months ended June 30, 2022 and 2021.
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, 2021,
filed on EDGAR at www.sec.gov .
(US$000s, except per share, price, volume amounts and %
change)
Three Months Ended June 30 Six Months Ended June 30
Financial 2022 2021 % Change 2022 2021 % Change
------------------------- ---------- --------- -------- --------- -------- --------
Petroleum and natural
gas sales 109,427 85,018 29 190,937 127,295 50
Petroleum and natural
gas sales, net of
royalties 74,690 50,595 48 127,644 68,647 86
Realized derivative
loss on commodity
contracts 717 3,646 (80) 767 5,191 (85)
Unrealized derivative
(gain) loss on
commodity contracts (569) 1,248 (146) 787 4,218 (81)
Production and
operating expense 14,830 19,722 (25) 28,109 29,171 (4)
Selling costs 2,010 1,671 20 2,493 1,705 46
General and
administrative
expense 8,077 3,670 120 14,942 8,707 72
Depletion,
depreciation and
amortization expense 7,299 6,959 5 14,169 11,774 20
Income tax expense 9,381 5,605 67 17,939 10,265 75
Cash flow generated
by operating
activities 42,170 23,832 77 18,388 19,892 (8)
Funds flow from
operations(1) 42,465 17,100 148 69,596 17,181 305
Basic per share(2) 0.58 0.24 0.95 0.24
Diluted per
share(2) 0.57 0.24 0.94 0.24
Net earnings (loss) 32,133 7,722 316 80,943 (3,302) (2,551)
Basic per share 0.44 0.11 1.11 (0.05)
Diluted per share 0.44 0.11 1.09 (0.05)
Capital
expenditures(3) 15,736 3,597 337 24,585 6,504 278
Working capital(6) 78,642 17,136 359 78,642 17,136 359
Long-term debt,
including current
portion 3,102 16,951 (82) 3,102 16,951 (82)
Common shares
outstanding
Basic (weighted
average) 73,241 72,542 1 73,009 72,542 1
Diluted (weighted
average) 73,517 72,922 1 74,337 72,954 2
Total assets 354,836 208,479 70 354,836 208,479 70
------------------------- ---------- --------- -------- --------- -------- --------
Operating
------------------------- ---------- --------- -------- --------- -------- --------
Average production
volumes (boe/d) 12,132 13,077 (7) 12,288 12,652 (3)
Average sales volumes
(boe/d) 12,609 16,542 (24) 12,288 13,135 (6)
Inventory (Mbbls) - 140.3 (100) - 140.3 (100)
Average realized
sales price
($/boe)(4) 95.37 56.48 69 85.85 53.54 60
Production and
operating expenses
($/boe)(5) 12.92 13.10 (1) 12.64 12.27 3
------------------------- ---------- --------- -------- --------- -------- --------
(1) Non-GAAP financial measure that does not have any
standardized meaning under IFRS and therefore may not be comparable
to similar measures presented by other companies. The most directly
comparable GAAP measure for funds flow from operations is cash flow
generated by operating activities. Refer to "Non-GAAP and Other
Financial Measures" contained within the Q2-2022 MD&A.
(2) Non-GAAP ratio that does not have any standardized meaning
under IFRS and therefore may not be comparable to similar measures
presented by other companies. Includes a non-GAAP financial measure
component of funds flow from operations. Refer to "Non-GAAP and
Other Financial Measures" contained within the Q2-2022
MD&A.
(3) Non-GAAP financial measure that does not have any
standardized meaning under IFRS and therefore may not be comparable
to similar measures presented by other companies. The most directly
comparable GAAP measure for capital expenditures is cash flow used
in investing activities. Refer to "Non-GAAP and Other Financial
Measures" contained within the Q2-2022 MD&A.
(4) Supplementary financial measure that is comprised of
petroleum and natural gas sales, as determined in accordance with
IFRS, divided by the Company's average daily production
volumes.
(5) Supplementary financial measure that is comprised of
production and operating expenses, as determined in accordance with
IFRS, divided by the Company's average daily production
volumes.
(6) Supplementary financial measure that is comprised of current
assets less current liabilities, as determined in accordance with
IFRS.
2022 2021
---------------------------------------------- ---------------
Average reference prices and exchange rates Q-2 Q-1 Q-4 Q-3 Q-2
---------------------------------------------- ------- ------ ----- ----- -----
Crude oil
Dated Brent average oil price ($/bbl) 113.54 100.30 79.59 73.47 68.83
Edmonton Sweet index ($/bbl) 106.68 92.64 73.19 66.61 63.07
Natural gas
AECO ($/MMBtu) 5.42 3.68 3.89 2.97 2.48
US/Canadian Dollar average exchange rate 1.28 1.27 1.26 1.26 1.23
------------------------------------------------ ------ ------ ----- ----- -----
CORPORATE SUMMARY
TransGlobe Energy Corporation ("TransGlobe" or the "Company")
produced an average of 12,132 barrels of oil equivalent per day
("boe/d") during the second quarter of 2022. Egypt production was
10,338 barrels of oil per day ("bbls/d") and Canada production was
1,794 boe/d. Production for the quarter was below full year 2022
guidance of 12,400 to 13,400 boe/d and 3% lower than the previous
quarter. The decrease was primarily due to planned maintenance at a
third-party processing facility in Canada, partially offset by an
increase in production in the Eastern desert from the ongoing
drilling program. It is expected that annual production will be
within full-year 2022 production guidance.
TransGlobe's Egyptian crude oil is sold at a quality discount to
Dated Brent. The Company received an average price of $101.29 per
barrel in Egypt during the quarter. In Canada, the Company received
an average of $106.67 per barrel of oil, $44.38 per barrel of NGLs
and $5.14 per thousand cubic feet ("Mcf") of natural gas during the
quarter.
During Q2-2022, the Company had funds flow from operations of
$42.5 million and ended the quarter with positive working capital
of $78.6 million, including cash of $61.2 million. The Company had
net earnings in the quarter of $32.1 million, inclusive of a $0.6
million unrealized derivative gain on commodity contracts which
represents a fair value adjustment on the Company's hedging
contracts at June 30, 2022.
In Egypt, the Company sold one cargo lifting of 451.0 Mbbls of
entitlement crude oil during the quarter for proceeds of $46.3
million, which were collected in May and June 2022. TransGlobe also
sold 104.0 Mbbls of inventoried entitlement crude oil to the
Egyptian General Petroleum Company ("EGPC") for proceeds of $11.8
million during Q2-2022. All Canadian production was sold during the
quarter.
As announced on January 20, 2022, the agreement with the
Egyptian General Petroleum Corporation to merge the Company's three
existing Eastern Desert concessions was executed. In advance of the
Minister of Petroleum and Mineral Resources of the Arab Republic of
Egypt (the "Minister") executing the Merged Concession agreement
with TransGlobe, the Company paid the first modernization payment
($15.0 million) and signature bonus ($1.0 million) as part of the
conditions precedent to the official signing ceremony on January
19, 2022. Upon finalization of the agreement, TransGlobe recognized
the amounts due from the effective date to closing of $67.5 million
based on historical pricing at the time of production. This amount
is still under discussions with the EGPC and is expected to be
received through normal EGPC receivables collections. On February
1, 2022, the Company paid the second modernization payment ($10.0
million). In accordance with the Merged Concession agreement,
TransGlobe will make a further four annual equalization payments of
$10.0 million each beginning February 1, 2023 until February 1,
2026. The Company also has 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.
The results achieved in the six months ended June 30, 2022 are
inclusive of the impact of the Merged Concession.
In Egypt, during the quarter, the Company drilled and cased five
development oil wells in the Eastern Desert. The K-78 development
well was drilled to a total depth of 1,422 meters. The well was
fully logged and evaluated with an internally estimated 21.8 meters
of net oil pay in the Asl-A reservoir and 10.2 meters of net oil
pay in the Asl-B. The second well, K-75, was drilled to a total
depth of 1,396 meters and was fully logged and evaluated. The well
encountered 4.9 meters of net oil pay in the Asl-A reservoir. The
third well, K-74, was drilled to a total depth of 1,404 meters and
was fully logged and evaluated. The well encountered 9.6 meters of
net oil pay in the Asl-A Reservoir. TransGlobe drilled a fourth
development oil well, K-73, to a total depth of 1,406 meters,
encountering an internally estimated 20.6 meters of net oil pay in
Asl-A reservoir and 1.9 meters in the Asl-B reservoir. An
additional well, K-77 in K-field, was drilled to 1,410 meters. The
well was fully logged and evaluated. The well encountered an
internally estimated 19.4 meters of net oil pay in the Asl-A
reservoir and 3.4 meters of net oil pay in the Asl-B reservoir.
In Canada, during the quarter, TransGlobe successfully drilled
three 100% working interest horizontal Cardium reservoir
development wells (two 2-mile, and one 1-mile) in the South
Harmattan area. Another 1-mile 100% working interest horizontal
Cardium reservoir development well was spud in June with rig
release in early July. Stimulation and equipping of these wells
commenced in July 2022, with first production anticipated in
September 2022.
The Company is projecting an additional capital increase of $4.4
million for 2022 to $74.9 million (before capitalized G&A) . In
Canada, the increase is primarily the result of increased tie-in
costs ($3.2 million). In Egypt, the increase is due to the drilling
of one additional well and performing two additional recompletions
in the Eastern Desert.
On July 14 2022 TransGlobe and VAALCO Energy, Inc. announced
that they have entered into a definitive arrangement agreement (the
"Arrangement Agreement") pursuant to which VAALCO will acquire all
of the outstanding common shares of TransGlobe in a stock-for-stock
strategic business combination transaction (the "Transaction").
Under the terms of the Arrangement Agreement, VAALCO will acquire
each TransGlobe share for 0.6727 of a VAALCO share of common stock,
which represented a 24.9 per cent premium per TransGlobe common
share based on the companies' respective 30-day volume weighted
average share prices as of market close on July 13, 2022. The
Transaction will result in VAALCO stockholders owning approximately
54.5 percent and TransGlobe shareholders owning approximately 45.5
percent of the combined company.
OPERATIONS UPDATE
ARAB REPUBLIC OF EGYPT
EASTERN DESERT
(100% working interest, operated)
Operations and Exploration
The Company continued to use the EDC-64 rig in its Eastern
Desert drilling campaign, managing to drill and case five
additional development wells in the K-Field during the quarter.
The K-71 well was put on production from the Asl-B reservoir
only and is currently producing at 480 bbls/d (heavy crude, field
estimate) and 20% water cut. The Asl-A reservoir was not perforated
and was internally estimated to have 19 m of net oil pay. The Asl-A
is a potential future recompletion.
The K-78 well was drilled to a total depth of 1,422 meters. The
well was fully logged and evaluated with an internally estimated
21.8 meters of net oil pay in the primary Asl-A reservoir and 10.2
meters of net oil pay in the secondary Asl-B reservoir. The Asl-B
was perforated to appraise its oil productivity and put on
production however, the production from this zone was with a high
water cut. The Asl-B zones are currently being isolated and tested
individually to assess further potential for oil production. If
insufficient production results, the primary Asl-A reservoir target
will be recompleted in the near future.
The K-75 well was drilled to a total depth of 1,396 meters. The
well was fully logged and evaluated. The well encountered 4.9
meters of net oil pay in the Asl-A. Subsequent to the quarter, the
Asl-A was perforated and the well was recently put on production at
41 bbl/d (heavy crude, field estimate) and 90% water cut.
The K-74 well was drilled to a total depth of 1,404 meters. The
well was fully logged and evaluated. The well encountered 9.6
meters of net oil pay in the Asl-A reservoir. Subsequent to the
quarter, the Asl-A was perforated and the well put on production.
It is currently producing 88 bbls/d (heavy crude, field estimate)
at 60% water cut.
The K-73 well was drilled to a total depth of 1,406 meters. The
well was fully logged and evaluated with an internally estimated
20.6 meters of net oil pay in the Asl-A reservoir and 1.9 meters in
the Asl-B reservoir. The well was perforated in the Asl-A reservoir
subsequent to the quarter and put on production with a current rate
of 126 bbls/d (heavy crude, field estimate) and 79% water cut.
The K-77 well in K-Field was drilled to 1,410 meters. The well
was fully logged and evaluated. The well encountered an internally
estimated 19.4 meters of net oil pay in the Asl-A reservoir and 3.4
meters of net oil pay in the Asl-B reservoir. The well was
perforated in the Asl-B reservoir and is currently producing 31
bbls/d at 96% water cut. The well is scheduled for a recompletion
in the Asl-A.
The Arta-76 and NWG-1E vertical wells have been stimulated.
These wells confirmed the presence of oil in the Nukhul, were cored
to provide data to update the reservoir models, and have
successfully delineated the reservoir for optimal targeting of the
forthcoming horizontal wells. Both wells are expected to be used
for micro-seismic monitoring of the multi-stage stimulation of the
horizontal wells, and this data will be used to calibrate our
stimulation model for optimization of the future horizontal well
development program. Meanwhile, the two wells have been put on
production. Arta-76 is producing intermittently in the 20-30 bbl/d
range and water cut ranging from 20-30% (heavy crude, field
estimate). NWG-1E is currently producing at 14 bbls/d with a 62%
water cut (heavy crude, field estimate).
The Company continues working to proactively mitigate potential
supply chain issues by engaging alternative materials suppliers. In
the short term, materials shortages causing tie-in delays to some
recently drilled wells are being addressed.
Production
Production averaged 10,256 bbls/d during the quarter, an
increase of 2% (218 bbls/d) from the previous quarter. The increase
was primarily due to the new development wells drilled in 2022,
partially offset by natural declines.
Production for the month of July 2022 averaged 9,257 bbls/d.
Production was lower due to higher than expected natural declines
and low initial well performance from the secondary Q2 drilling
campaign targets. A well testing campaign is in progress to
identify impacted wells and plan potential remedial
interventions.
Sales
The Company sold 101.1 Mbbls of entitlement crude oil to EGPC
and sold one cargo lifting of 451.0 Mbbls of entitlement crude oil
during the quarter.
Quarterly Eastern Desert Production (bbls/d) 2022 2021
-------------------------------------------------- ---------------
Q-2 Q-1 Q-4 Q-3
-------------------------------------------------- ------- ------ ----- ------
Gross production rate(1) 10,256 10,038 9,771 10,653
TransGlobe production sold (inventoried) 477 (482) - 1,525
--------------------------------------------------- ------ ------ ----- ------
Total sales 10,733 9,556 9,771 12,178
--------------------------------------------------- ------ ------ ----- ------
Government share (royalties and tax) 4,648 4,440 5,549 6,050
TransGlobe sales (after royalties and tax)(2) 6,085 5,116 4,222 6,128
--------------------------------------------------- ------ ------ ----- ------
Total sales 10,733 9,556 9,771 12,178
--------------------------------------------------- ------ ------ ----- ------
(1) Quarterly production by concession (bbls/d):
Eastern Desert - 10,733 (Q2-2022) and 10,038 (Q1-2022)
West Gharib - 2,648 (Q4- 2021), and 2,932 (Q3- 2021)
West Bakr - 6,804 (Q4- 2021), and 7,257 (Q3-2021))
North West Gharib - 319 (Q4- 2021), and 464 (Q3-2021)
(2) Under the terms of the Production Sharing Concession
Agreements, royalties and taxes are paid out of the government's
share of production sharing oil.
WESTERN DESERT
South Ghazalat (100% working interest, operated)
Operations and Exploration
A problem with the rigless artificial lift system deployed on
SGZ-6X well at South Ghazalat is under investigation. On artificial
lift, the lower Bahariya reservoir at SGZ-6X was producing 93
bbls/d of light crude oil with an 83% watercut (field estimate)
prior to well shut-in.
Production
Production averaged 82 bbls/d during the quarter, an increase of
58% (30 bbls/d) from the previous quarter. The increase was
primarily due to the optimization of the artificial lift system,
partially offset by higher water cuts than anticipated and natural
declines.
There was no production in July 2022 at South Ghazalat due to
the SGZ-6X shut-in.
Sales
The Company sold 2,823 bbls of entitlement crude oil to EGPC
during the quarter.
Quarterly Western Desert Production (bbls/d) 2022 2021
-------------------------------------------------- ---------
Q-2 Q-1 Q-4 Q-3
-------------------------------------------------- ---- --- --- ---
Gross production rate 82 52 294 623
Total sales 82 52 294 623
--------------------------------------------------- --- --- --- ---
Government share (royalties and tax) 51 32 183 388
TransGlobe sales (after royalties and tax)(1) 31 20 111 235
--------------------------------------------------- --- --- --- ---
Total sales 82 52 294 623
--------------------------------------------------- --- --- --- ---
(1) Under the terms of the Production Sharing Concession
Agreements, royalties and taxes are paid out of the government's
share of production sharing oil.
CANADA
Operations and Exploration
During the quarter, three 100% working interest Harmattan
horizontal Cardium reservoir wells (two 2-mile, and one 1-mile)
were drilled in the South Harmattan area. Another 1-mile 100%
working interest horizontal Cardium reservoir development well was
spud in June with rig release in early July. Stimulation and
equipping of these wells commenced in July 2022, with first
production anticipated in September 2022.
The Company has spudded a 100% working interest 1-mile Harmattan
horizontal Cardium reservoir well, the start of a three horizontal
well Harmattan Cardium reservoir summer drill program.
Production
In Canada, production averaged 1,794 boe/d during the quarter, a
decrease of 562 boe/d (24%) from the previous quarter and below
full year 2022 guidance of 2,400 to 2,600 boe/d. The decrease in
production from the previous quarter is primarily due to planned
maintenance at a third-party processing facility .
Production in July 2022 averaged 2,201 boe/d with 682 bbls/d of
oil. The increase from Q2-2022 is due to wells being back on stream
following completion of the planned third-party facility turnaround
in the second quarter.
Quarterly Canada Production 2022 2021
------------------------------- -------------
Q-2 Q-1 Q-4 Q-3
------------------------------- ------ ----- ----- -----
Canada crude oil (bbls/d) 570 821 1,176 601
Canada NGLs (bbls/d) 624 768 716 677
Canada natural gas (Mcf/d) 3,600 4,598 4,832 4,734
-------------------------------- ----- ----- ----- -----
Total production (boe/d) 1,794 2,356 2,698 2,066
-------------------------------- ----- ----- ----- -----
Condensed Consolidated Interim Statements of Earnings (Loss) and
Comprehensive Income (Loss)
(Unaudited - Expressed in thousands of U.S. Dollars, except per
share amounts)
Three Months Ended June 30 Six Months Ended June 30
2022 2021 2022 2021
------------------------- ------------ ------------ ------------- ----------
REVENUE
Petroleum and natural gas
sales, net of royalties 74,690 50,595 127,644 68,647
Finance revenue 3 3 3 6
Other revenue 1 33 1 33
--------------------------- ------------ ------------ ------------- ----------
74,694 50,631 127,648 68,686
------------------------- ------------ ------------ ------------- ----------
EXPENSES
Production and operating 14,830 19,722 28,109 29,171
Selling costs 2,010 1,671 2,493 1,705
General and administrative 8,077 3,670 14,942 8,707
Foreign exchange loss 13 10 5 43
Finance costs 717 333 1,271 803
Depletion, depreciation and
amortization 7,299 6,959 14,169 11,774
Asset retirement obligation
accretion 86 45 159 111
Gain on concession merger - - (7,953) -
Loss on financial
instruments 148 4,894 1,554 9,409
Impairment reversal - - (25,983) -
--------------------------- ------------ ------------ ------------- ----------
33,180 37,304 28,766 61,723
------------------------- ------------ ------------ ------------- ----------
Earnings before income
taxes 41,514 13,327 98,882 6,963
Income tax expense -
current 9,381 5,605 17,939 10,265
-------------------------- ------------ ------------ ------------- ----------
NET EARNINGS (LOSS) 32,133 7,722 80,943 (3,302)
-------------------------- ------------ ------------ ------------- ----------
OTHER COMPREHENSIVE (LOSS)
INCOME
Currency translation
adjustments (1,815) 772 (1,083) 1,166
--------------------------- ------------ ------------ ------------- ----------
COMPREHENSIVE INCOME
(LOSS) 30,318 8,494 79,860 (2,136)
-------------------------- ------------ ------------ ------------- ----------
Net earnings (loss) per
share
Basic 0.44 0.11 1.11 (0.05)
Diluted 0.44 0.11 1.09 (0.05)
--------------------------- ------------ ------------ ------------- ----------
Condensed Consolidated Interim Balance Sheets
(Unaudited - Expressed in thousands of U.S. Dollars)
As at As at
June 30, 2022 December 31, 2021
--------------------------------------------- -------------- -----------------
ASSETS
Current
Cash 61,175 37,929
Accounts receivable 74,790 12,217
Prepaids and other 5,328 4,024
------------------------------------------------ ------------- -----------------
141,293 54,170
Non-Current
Intangible exploration and evaluation assets 2,737 2,673
Property and equipment
Petroleum and natural gas assets 208,510 173,804
Other 2,296 2,202
Deferred taxes - 6,246
------------------------------------------------ ------------- -----------------
354,836 239,095
---------------------------------------------- ------------- -----------------
LIABILITIES
Current
Accounts payable and accrued liabilities 42,707 26,112
Share-based compensation liabilities 8,286 6,174
Modernization payment liabilities 9,555 -
Derivative commodity contracts 858 88
Lease obligations 1,245 764
------------------------------------------------ ------------- -----------------
62,651 33,138
Non-Current
Long-term debt 3,102 3,040
Asset retirement obligations 11,335 14,102
Share-based compensation liabilities 1,892 3,959
Modernization payment liabilities 24,620 -
Lease obligations 1,005 36
Deferred taxes - 6,246
------------------------------------------------ ------------- -----------------
104,605 60,521
---------------------------------------------- ------------- -----------------
SHAREHOLDERS' EQUITY
Share capital 153,118 153,021
Accumulated other comprehensive income 755 1,838
Contributed surplus 23,905 24,896
Retained earnings (deficit) 72,453 (1,181)
------------------------------------------------ ------------- -----------------
250,231 178,574
---------------------------------------------- ------------- -----------------
354,836 239,095
---------------------------------------------- ------------- -----------------
Condensed Consolidated Interim Statements of Changes in
Shareholders' Equity
(Unaudited - Expressed in thousands of U.S. Dollars)
Six Months Ended June 30
2022 2021
--------------------------------------------------------- ------------- -----------
Share Capital
Balance, beginning of period 153,021 152,805
Stock options exercised (990) -
Transfer from contributed surplus on exercise of options 1,087 -
------------------------------------------------------------ ------------ -----------
Balance, end of period 153,118 152,805
------------------------------------------------------------ ------------ -----------
Accumulated Other Comprehensive Income
Balance, beginning of period 1,838 1,900
Currency translation adjustment (1,083) 1,166
------------------------------------------------------------ ------------ -----------
Balance, end of period 755 3,066
------------------------------------------------------------ ------------ -----------
Contributed Surplus
Balance, beginning of period 24,896 25,109
Share-based compensation expense 96 194
Transfer to share capital on exercise of options (1,087) -
------------------------------------------------------------ ------------ -----------
Balance, end of period 23,905 25,303
------------------------------------------------------------ ------------ -----------
Retained Earnings (Deficit)
Balance, beginning of period (1,181) (41,519)
Net earnings (loss) 80,943 (3,302)
Dividends (7,309) -
------------------------------------------------------------ ------------ -----------
Balance, end of period 72,453 (44,821)
------------------------------------------------------------ ------------ -----------
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited - Expressed in thousands of US Dollars)
Three Months Ended June 30 Six Months Ended June 30
2022 2021 2022 2021
--------------------- -------------- ----------- ------------- ----------
OPERATING
Net earnings (loss) 32,133 7,722 80,943 (3,302)
Adjustments for:
Depletion, depreciation
and amortization 7,299 6,959 14,169 11,774
Asset retirement
obligation accretion 86 45 159 111
Impairment reversal - - (25,983) -
Share-based
compensation 2,801 816 6,231 3,587
Finance costs 717 333 1,271 803
Unrealized (gain) loss
on financial
instruments (569) 1,248 787 4,218
Unrealized loss on
foreign currency
translation 19 8 92 12
Gain on concession
merger - - (7,953) -
Asset retirement
obligations settled (21) (31) (120) (22)
Changes in working
capital (295) 6,732 (51,208) 2,711
---------------------- -------------- ----------- ------------- ----------
Net cash generated by
operating activities 42,170 23,832 18,388 19,892
----------------------- -------------- ----------- ------------- ----------
INVESTING
Additions to
intangible
exploration and
evaluation assets (40) (15) (64) (578)
Additions to petroleum
and natural gas
assets (15,662) (3,557) (24,293) (5,887)
Additions to other
assets (34) (25) (228) (39)
Changes in working
capital 5,874 522 5,904 2,347
---------------------- -------------- ----------- ------------- ----------
Net cash used in
investing activities (9,862) (3,075) (18,681) (4,157)
----------------------- -------------- ----------- ------------- ----------
FINANCING
Issue of common shares (325) - (989) -
Interest paid (42) (291) (78) (584)
Increase in long-term
debt 55 146 110 225
Payments on lease
obligations (508) (479) (997) (1,071)
Repayments of
long-term debt - (5,000) - (5,000)
Dividends paid (7,309) - (7,309) -
Increase in
modernization payment
liabilities - - 59,027 -
Payments on
modernization payment
liabilities - - (26,000) -
Changes in working
capital (49) (8) (17) (9)
---------------------- -------------- ----------- ------------- ----------
Net cash (used in)
generated by financing
activities (8,178) (5,632) 23,747 (6,439)
----------------------- -------------- ----------- ------------- ----------
Currency translation
differences relating
to cash (200) (155) (208) (167)
----------------------- -------------- ----------- ------------- ----------
NET INCREASE IN CASH 23,930 14,970 23,246 9,129
CASH, BEGINNING OF
PERIOD 37,245 28,669 37,929 34,510
----------------------- -------------- ----------- ------------- ----------
CASH, OF PERIOD 61,175 43,639 61,175 43,639
----------------------- -------------- ----------- ------------- ----------
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 estimated 2022 capital spending
in Egypt and Canada, including the capital spending to be allocated
to each well; the Company's anticipated 2022 capital budget; the
Company's anticipated 2022 production, including the allocation of
such production between development and exploration wells and other
spending; the Company's anticipated exit production rates; the
Company's expectations that it will increase investments and growth
in Egypt and Canada; the Company's , strategy and focus in 2022,
including the drilling of wells and growing production; the
Company's plans to maximize free cash flow, to increase the
Company's production base and return to shareholder distributions;
the number of and location of wells to be drilled by the Company in
2022 and the anticipated timing thereof; the focus of the Egypt
2022 capital program; the ability of the Company's long-lead
capital items to provide continuity into 2023; and other
matters.
Forward-looking information and statements contained in this
news release include the payment of dividends, including the timing
and amount thereof, and the Company's intention to declare and pay
dividends in the future under its current dividend policy. Without
limitation of the foregoing, future dividend payments, if any, and
the level thereof is uncertain, as the Company's dividend policy
and the funds available for the payment of dividends from time to
time will be dependent upon, among other things, free cash flow,
financial requirements for the Company's operations and the
execution of its strategy, ongoing production maintenance, growth
through acquisitions, fluctuations in working capital and the
timing and amount of capital expenditures and anticipated business
development capital, payment irregularity in Egypt, debt service
requirements and other factors beyond the Company's control.
Further, the ability of the Company to pay dividends will be
subject to applicable laws (including the satisfaction of the
liquidity and solvency tests contained in applicable corporate
legislation) and contractual restrictions contained in the
instruments governing its indebtedness.
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; the ability to obtain shareholder,
court and regulatory approvals (if any) of the proposed
arrangement; the ability to complete the proposed arrangement on
the anticipated terms and timetable; the possibility that various
closing conditions for the arrangement may not be satisfied or
waived; risks relating to any unforeseen liabilities of VAALCO;
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; the Company's estimated 2022 capital spending
and production will be as anticipated and allocated in the manner
described herein 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; the Company's 2022 production in Egypt
and Canada will be less than anticipated; the Company's exit
production rates will be less than anticipated; the Company will
not increase investments and growth in Egypt and Canada; the
Company will successfully drill less than the number of wells that
it anticipates; the Company will be unable to maximize free cash
flow and increase the Company's production base; the Company does
not pay dividends in the future; the amount and allocation of 2022
capital spending disclosed herein will be different than
anticipated; the Company's drilling plans and the
anticipated timing thereof will be different than as disclosed
herein; the Company's long-lead capital items will not provide
continuity into 2023; the netback generated by the Company's
Eastern Desert acreage will be less than anticipated; the netback
generated in Canada is less than anticipated; 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.
This news release contains a number of oil and gas metrics which
do not have standardized meanings or standard methods of
calculation and therefore such measures may not be comparable to
similar measures used by other companies and should not be used to
make comparisons. Such metrics have been included herein to provide
readers with additional measures to evaluate TransGlobe's operating
results; however, such measures are not reliable indicators of the
future performance of TransGlobe and future performance may not
compare to the performance in previous periods and therefore such
metrics should not be unduly relied upon. Management of TransGlobe
uses these oil and gas metrics for its own performance measurements
and to provide securityholders with measures to compare
TransGlobe's operations over time. Readers are cautioned that the
information provided by these metrics, or that can be derived from
the metrics presented in this news release, should not be relied
upon for investment or other purposes.
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.
The following abbreviations used in this press release have the
meanings set forth below:
bbl barrels
bbls/d barrels per day
Mbbls/d thousand barrels per day
Mbbls thousand barrels
boe barrel of oil equivalent
boe/d barrels of oil equivalent per day
Mboe/d thousand barrels of oil equivalent per day
MMbtu One million British thermal units
Mcf thousand cubic feet
Mcf/d thousand cubic feet per day
NGL Natural Gas Liquids
Financial Measures Advisories
TransGlobe's Condensed Consolidated Financial Statements and
notes thereto (the "financial statements") and Management's
Discussion and Analysis ("MD&A") as at and for the three and
six months ended June 30, 2022, are available on TransGlobe's
website at www.trans-globe.com and under the Company's SEDAR
profile at www.sedar.com. The disclosure under the section
"Non-GAAP and Other Financial Measures" in TransGlobe's MD&A as
at and for the three and six months ended June 30, 2022 is
incorporated by reference into this news release.
NON-GAAP AND OTHER FINANCIAL MEASURES
Throughout the MD&A and in other materials disclosed by the
Company, TransGlobe employs certain measures to analyze financial
performance, financial position, and cash flow. These non-GAAP and
other financial measures do not have any standardized meaning
prescribed under IFRS and therefore may not be comparable to
similar measures presented by other entities. The non-GAAP and
other financial measures should not be considered to be more
meaningful than GAAP measures which are determined in accordance
with IFRS, such as net earnings (loss), cash flow from operating
activities, and cash flow used in investing activities, as
indicators of the Company's performance.
Non-GAAP financial measures
Capital Expenditures
TransGlobe uses capital expenditures to measure its capital
investments compared to the Company's annual capital budgeted
expenditures. The Company's capital budget excludes the accounting
impact of any accrual changes. The most directly comparable measure
under IFRS is cash flow used in investing activities. The table
below details the composition of capital expenditures and its
reconciliation to cash flow used in investing activities.
Three Months Ended June 30 Six Months Ended June 30
($000s) 2022 2021 2022 2021
---------------------------------- ---------------- ------------- --------------- ------------
Net cash used in investing
activities (9,862) (3,075) (18,681) (4,157)
Changes in non-cash working
capital (5,874) (522) (5,904) (2,347)
---------------------------------- -------------- ----------- ------------- ----------
Capital expenditures (15,736) (3,597) (24,585) (6,504)
---------------------------------- -------------- ----------- ------------- ----------
2022 2021 2020
------------------------ ------------------ --------------------------------------------- ----------------
($000s) Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 Q-3
------------------------ ---- ---- ---- ----- --- --- --- ---
Net cash used
in investing
activities (9,862) (8,819) (9,082) (5,982) (3,075) (1,082) (1,254) (2,320)
Changes in
non-cash
working
capital (5,874) (30) 388 (5,642) (522) (1,825) 1,000 1,883
---------------- ------- ------ ------ --------- ------ ------ ------ ------
Capital
expenditures (15,736) (8,849) (8,694) (11,624) (3,597) (2,907) (254) (437)
---------------- ------- ------ ------ --------- ------ ------ ------ ------
Funds flow from operations
TransGlobe uses funds flow from operations to measure the
Company's ability to generate the necessary funds to maintain
production at current levels, enable future growth through capital
investment and repay debt. Management believes that such a measure
provides an insightful assessment of TransGlobe's operations on a
continuing basis by eliminating certain non-cash charges. The most
directly comparable measure under IFRS is cash flow generated by
operating activities. The tables below details the composition of
funds flow from operations and its reconciliation to cash flow
generated by operating activities.
Three Months Ended June 30 Six Months Ended June 30
($000s) 2022 2021 2022 2021
---------------------------------- --------------- --------------- -------------- --------------
Net cash generated by operating
activities 42,170 23,832 18,388 19,892
Changes in non-cash working
capital 295 (6,732) 51,208 (2,711)
---------------------------------- ------------- ------------- ------------ ------------
Funds flow from operations(1) 42,465 17,100 69,596 17,181
---------------------------------- ------------- ------------- ------------ ------------
1 Funds flow from operations does not include interest costs.
Interest expense is included in financing costs on the Condensed
Consolidated Interim Statements of Earnings (Loss) and
Comprehensive Income (Loss). Cash interest paid is reported as a
financing activity on the Condensed Consolidated Interim Statements
of Cash Flows.
2022 2021 2020
------------------------ ------------------ -------------------------------------------- ----------------
($000s) Q-2 Q-1 Q-4 Q-3 Q-2 Q-1 Q-4 Q-3
------------------------ ---- ---- ---- ---- --- --- --- ---
Net cash
generated by
(used in)
operating
activities 42,170 (23,782) (1,956) 27,026 23,832 (3,940) 14,180 (3,349)
Changes in
non-cash
working
capital 295 50,913 17,225 (14,645) (6,732) 4,021 (6,978) 3,672
----------------- ------ ------- ------ ------- ------ ------ ------ ------
Funds flow from
operations(1) 42,465 27,131 15,269 12,381 17,100 81 7,202 323
----------------- ------ ------- ------ ------- ------ ------ ------ ------
1 Funds flow from operations does not include interest costs.
Interest expense is included in financing costs on the Condensed
Consolidated Interim Statements of Earnings (Loss) and
Comprehensive Income (Loss). Cash interest paid is reported as a
financing activity on the Condensed Consolidated Interim Statements
of Cash Flows.
Netback is a measure of operating results and is computed as
petroleum and natural gas sales, net of royalties (all government
interests, net of income taxes), production and operating expenses,
current taxes and selling costs. The Company's netbacks include
sales and associated costs of production from inventoried crude oil
sold during the period. Royalties and taxes associated with
inventoried crude oil are recognized in the financial statements at
the time of production. As a result, netbacks fluctuate depending
on the timing of entitlement crude oil sales. Management believes
that netback is a useful supplemental measure to analyze operating
performance and provide an indication of the results generated by
the Company's principal business activities prior to the
consideration of other income and expenses. Netback does not have
any standardized meaning under IFRS and therefore may not be
comparable to similar measures used by other companies.
Refer to the "Netback" section of the Q2-2022 MD&A which
includes the most directly comparable GAAP measure, petroleum and
natural gas sales.
Non-GAAP financial ratios
Netback per boe
TransGlobe calculates netback per boe as netback divided by
average daily production. Netback is a non-GAAP financial measure
component of netback per boe. Management believes that netback per
boe is a key industry performance measure of operational efficiency
and one that provides investors with information that is also
commonly presented by other crude oil and natural gas producers.
The Company's netback per boe is disclosed in the "Netback" section
within the MD&A.
Funds flow from operations per share
TransGlobe presents funds flow from operations per share by
dividing funds flow from operations by the Company's diluted or
basic weighted average common shares outstanding. Funds flow from
operations is a non-GAAP financial measure. Management believes
that funds flow per share provides investors an indicator of funds
generated from the business that could be allocated to each
shareholder's equity position.
Supplementary Financial Measures
"Average realized sales price" is comprised of total petroleum
and natural gas sales, divided by the Company's average daily
production volumes.
"DD&A expense per boe" is comprised of DD&A expense, as
determined in accordance with IFRS, divided by the Company's
average daily production volumes.
"G&A expense per boe" is comprised of G&A expense, as
determined in accordance with IFRS, divided by the Company's
average daily production volumes.
"Production and operating expenses per boe" is comprised of
production and operating expenses, as determined in accordance with
IFRS, divided by the Company's average daily production
volumes.
"Royalties and taxes as a percentage of revenue" is comprised of
royalties and current taxes, as determined in accordance with IFRS,
divided by the Company's petroleum and natural gas sales.
"Royalties and taxes per boe" is comprised of royalties and
current taxes, as determined in accordance with IFRS, divided by
the Company's average daily production volumes.
"Selling costs per bbl" is comprised of selling costs, as
determined in accordance with IFRS, divided by the Company's
average daily production volumes.
"Working capital" is a supplementary financial measure that is
comprised of current assets less current liabilities, as determined
in accordance with IFRS.
Production Disclosure
Production Summary (WI before royalties and taxes):
July Q2 - Q1 - Q4 - Q3 - Q2 -
- 22 22 22 21 21 21
------- ------- ------- ------- ------- -------
Egypt (bbls/d) 9,257 10,338 10,090 10,065 11,276 10,727
------- ------- ------- ------- ------- -------
Eastern Desert of Egypt
(bbls/d) 9,257 10,256 10,038 9,770 10,653 9,917
------- ------- ------- ------- ------- -------
Heavy Crude (bbls/d) 8,690 9,628 9,404 9,225 10,014 9,736
------- ------- ------- ------- ------- -------
Light and Medium Crude
(bbls/d) 567 628 634 545 639 181
------- ------- ------- ------- ------- -------
Western Desert of Egypt
(bbls/d) - 82 52 295 623 810
------- ------- ------- ------- ------- -------
Light and Medium Crude
(bbls/d) - 82 52 295 623 810
------- ------- ------- ------- ------- -------
Canada (boe/d) 2,201 1,794 2,356 2,698 2,066 2,350
------- ------- ------- ------- ------- -------
Light and Medium Crude
(bbls/d) 682 570 821 1,176 601 687
------- ------- ------- ------- ------- -------
Natural Gas (Mcf/d) 4,346 3,600 4,598 4,832 4,734 4,834
------- ------- ------- ------- ------- -------
Associated Natural Gas
Liquids (bbls/d) 795 624 768 716 677 857
------- ------- ------- ------- ------- -------
Total (boe/d) 11,458 12,132 12,446 12,763 13,342 13,077
------- ------- ------- ------- ------- -------
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 Corporation +1 403 264 9888
Randy Neely, President and CEO investor.relations@trans-globe.com
Eddie Ok, CFO http://www.trans-globe.com
or via Tailwind Associates
Tailwind Associates (Investor Relations) +1 403 618 8035
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
Canaccord Genuity (Nomad & Joint-Broker)
Henry Fitzgerald-O'Connor
James Asensio +44(0) 20 7523 8000
Shore Capital (Joint Broker)
John More
Toby Gibbs +44(0) 20 7408 4090
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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