TIDMTGL
RNS Number : 0145C
TransGlobe Energy Corporation
05 February 2020
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.
TRANSGLOBE ENERGY CORPORATION ANNOUNCES ITS
2020 CAPITAL BUDGET AND 2019 YEAR- RESERVES
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, February 5, 2020 - TransGlobe Energy
Corporation ("TransGlobe" or the "Company") today announces its
2020 capital budget, 2020 production guidance, and 2019 year-end
reserves. All dollar values are expressed in US dollars unless
otherwise stated.
TransGlobe will be holding a conference call and webcast at 0900
am MT/1600 pm GMT, Thursday, February 6 to provide a review of the
2020 Budget, the 2019 year-end reserves and South Harmattan
opportunity in more detail.
TransGlobe Energy Corporation Canadian Operations and 2020
Budget Webcast
Participant Toll Free Dial-In Number: +1 (866) 209-9443
Participant International Dial-In Number: +1 (825) 312-2294
Conference ID: 7166918
Webcast
https://event.on24.com/wcc/r/2187843/F8237D382E4376D943A77E2F2C63AAF0
2020 BUDGET HIGHLIGHTS
-- TransGlobe has set its 2020 capital budget at $37.1 MM (before capitalized G&A);
o Egypt $23.7 MM
o Canada $13.4 MM
-- 2020 average production guidance is set at 14.5 to 15.5
Mboepd with a midpoint of 15.0 Mboepd;
The Company is taking a cautious approach to guidance with a
significant portion of investment scheduled for the second half of
the year following 2019 where production increases exceeded
expectations
o Egypt 11.9 - 12.7 Mbopd
o Canada 2.6 - 2.8 Mboepd
-- The 2020 drilling program includes 16 Egypt wells (12
development and 4 exploration) and 4 Canadian horizontal Cardium
wells (4 development) at South Harmattan.
OPERATIONAL UPDATE
-- Production averaged 15.3 MBoepd in December 2019 and 16.0
Mboepd for the year ended 2019 versus the most recently updated
2019 guidance of 15.5 to 16.0 MBoepd provided on October 30,
2019;
-- South Ghazalat-6X's upper Bahariya reservoir was brought on
stream on December 24, 2019 at a field estimated initial rate of
800 - 1,000 Bopd light and medium crude, as planned. However, the
well rate has been restricted to a field estimated 250 - 350 Bopd
light and medium crude to evaluate the well, manage the reservoir
and optimize the separation of oil, gas and water;
-- The SHAMS-2 rig, contracted in Egypt to drill HW-2A (Eastern
Desert appraisal well to HW-2X) followed by SGZ-6A (Western Desert
appraisal well on upper and lower Bahariya to SGZ-6X), has
mobilized to location at HW-2A and is undergoing inspection prior
to the commencement of drilling;
-- NWG-38D-1 has been stimulated and is cleaning up;
-- Negotiations continue with the Egyptian government to amend,
extend and consolidate the Company's Eastern Desert concession
agreements;
-- In Canada, as previously announced, the 2-mile well in South
Harmattan has achieved a calculated IP30 estimated at 417 Boepd and
a calculated estimated IP60 is 341 Boepd both calculated on a
productive day basis. Although the production history is relatively
short and not necessarily indicative of long-term performance or
ultimate recovery, due to the nature and extent of the undeveloped
area targeted by the well, the Company is very encouraged about the
resource potential of the 18.5 undeveloped 100% working interest
sections of land that it holds in the South Harmattan area.
Please see the table entitled "Production Disclosure" at the end
of this news release for the detailed constituent product types and
their respective quantities measured at the first point of sale for
all production amounts disclosed in this news release on a Bopd and
Boepd basis.
2019 RESERVES SUMMARY
-- Total gross proved reserves ("1P") of 25.4 MMboe decreased
1.5 MMboe or 5% from year-end 2018 (YE 2018: 26.9 MMboe) primarily
due to annual production of 5.8 MMboe, that was substantially
offset by 2.8 MMboe of positive net revisions and 2.0 MMboe of
drilling additions.
-- Total gross proved plus probable reserves ("2P") of 45.3
MMboe increased 1.2 MMboe or 3% from year-end 2018 (YE 2018: 44.1
MMboe) resulting primarily from 4.4 MMboe of positive net revisions
and 3.4 MMboe of drilling additions offset by 5.8 MMboe of annual
production.
- 2P reserves were comprised of 59% Egypt (medium/heavy oil) and
41% Canada (14% conventional natural gas, 13% natural gas liquids
and 14% light crude oil).
-- Replaced 82% and 135% of 2019 production (5.8 MMboe) on a
respective 1P and 2P gross reserves basis (excluding economic
factors).
-- Total proved plus probable plus possible ("3P") gross
reserves of 63.3 MMboe (YE 2018: 61.8 MMboe) representing a 1.5
MMboe or 2% increase.
Egypt
- 2P drilling additions of 3.4 MMbbl resulted from the
successful extension of H field with the HW-2X well, infill
drilling at K field with K-63 and the conversion of undeveloped
reserves at Northwest Gharib and M and H fields.
- Positive 2P technical revisions of 3.8 MMbbl occurred at West
Bakr due to better performance resulting from production
optimization projects. Optimization projects also resulted in
positive technical revisions of 0.6 MMbbl at West Gharib and other
concessions revisions were essentially neutral.
Canada
- 2P drilling additions of 2.0 MMboe resulted from the extension
at Harmattan with the successful drilling of the 2-mile horizontal
outpost well in South Harmattan.
- Minor 2P negative technical revisions of 0.2 MMboe resulted
from reduced Wabamun gas locations and performance. 2P Economic
factors yielded a negative revision of 0.8 MMboe due to lower
commodity price forecasts, primarily from natural gas.
-- Net present value of future net revenues of $288 MM after tax
(2P reserves discounted at 10%, forecast pricing), 11% lower
compared to year-end 2018.
- Canadian net present value of future net revenues in USD (2P
reserves discounted at 10%, forecast pricing after tax) of $102 MM
is 13% lower compared to 2018 primarily due to reduced gas
locations and commodity pricing.
- Egyptian net present value of future net revenues in USD (2P
reserves discounted at 10%, forecast pricing after tax) decreased
11% year over year to $185 MM primarily due to higher royalties at
West Bakr.
Randy Neely, Chief Executive Officer of TransGlobe, said:
"We are pleased with the results of the 2019 drilling program
and we aim to build upon this success in 2020. The 2020 plan is
focused on the most value accretive projects within the portfolio
to maximize free cash flow to fund future value growth
opportunities and bolster the current production base.
In Egypt, the focus is on growing production in the Eastern
Desert while we continue to evaluate the potential of the South
Ghazalat acreage. In Canada, the focus is on developing South
Harmattan where we have made a potentially significant discovery of
resources in a new, effectively undrilled area, where we already
have a significant footprint.
Our 2020 budget underlines the confidence we have in the
potential of the TransGlobe portfolio."
2020 CAPITAL GUIDANCE
The Company's 2020 capital program of $37.1 MM (before
capitalized G&A) includes $23.7 MM for Egypt and $13.4 MM for
Canada. The 2020 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 maintain the Company's
production base.
Egypt
The $23.7 MM Egypt program has $5.4 MM (23%) allocated to
exploration and $18.3 MM (77%) to development. The primary focus of
the 2020 Egypt plan is to sustain Eastern Desert production and to
evaluate the South Ghazalat development lease in the Western Desert
while we await finalization of the consolidation of our Eastern
Desert PSCs. South Ghazalat production has been forecast at a rate
constrained by reservoir management considerations on the upper
Bahariya reservoir, with additional production forecasted from the
lower Bahariya.
The $5.4 MM 2020 exploration program in Egypt includes three
exploration wells in the Eastern Desert (one well in West Bakr, two
wells in NW Gharib), and one exploration well in South Ghazalat in
the Western Desert. The West Bakr exploration well is in H block
targeting the Yusr reservoir in an adjacent fault block to the
HW-2X discovery placed on production during 2019. The NW Gharib
exploration wells are targeting undrilled faults block north and
west of the NWG 38A pool. The South Ghazalat exploration well
targets a prospect to the east of the SGZ-6X discovery placed on
production during 2019.
The 2020 development program is principally focused on the
Eastern Desert and includes: four development wells in West Bakr
(two each in H and K pools), one Red Bed appraisal well in the NW
Gharib 3X pool, six development wells targeting the Arta Nukul
reservoir in West Gharib and NW Gharib, ten recompletions in West
Bakr, four recompletions in West Gharib, water handling expansion
at West Bakr and development/ maintenance projects in the Eastern
Desert (West Bakr, NW Gharib and West Gharib). A single development
well is planned in the SGZ-6X pool, targeting the prolific lower
Bahariya reservoir, in the Western Desert.
Canada
The $13.4 MM Canada program consists of four (4 net) horizontal
(multi-stage stimulated) wells targeting the Cardium light oil
resource at Harmattan and additional maintenance/development
capital. The Cardium drilling program in 2020 consists of three
2-mile and one 1-mile development wells in South Harmattan.
The approved 2020 capital program is summarized in the following
table:
TransGlobe Net Capital Gross Well Count
(US$MM)
Concession Development Exploration Total New Drills Total
Capex(2) Wells
----------------- ------------ ---------- ------------- -------
Wells Other(1) Wells Dev Expl
------ --------- ------------ ---------- ----- ------ -------
West Gharib 4.9 0.7 0.0 5.6 4 0 4
------ --------- ------------ ---------- ----- ------ -------
West Bakr 6.2 1.8 1.2 9.2 4 1 5
------ --------- ------------ ---------- ----- ------ -------
NW Gharib 3.1 0.1 2.4 5.6 3 2 5
------ --------- ------------ ---------- ----- ------ -------
South Ghazalat 1.5 0.1 1.8 3.3 1 1 2
------ --------- ------------ ---------- ----- ------ -------
Egypt 15.7 2.7 5.4 23.7 12 4 16
------ --------- ------------ ---------- ----- ------ -------
Canada 11.4 2.0 0.0 13.4 4 0 4
------ --------- ------------ ---------- ----- ------ -------
Total 27.1 4.7 5.4 37.1 16 4 20
------ --------- ------------ ---------- ----- ------ -------
1 Other includes completions, workovers, recompletions and equipping.
2 Table may not total due to rounding.
2020 PRODUCTION OUTLOOK
The 2020 production outlook for the Company is provided as a
range to reflect timing and performance contingencies.
Total corporate production is expected to range between 14.5
Mboepd and 15.5 Mboepd for 2020 (mid-point of 15.0 Mboepd) with a
93% weighting to oil and liquids. Egypt oil production is expected
to range between 11.9 and 12.7 Mbopd in 2020. Canadian production
is expected to range between 2.6 and 2.8 Mboepd in 2020.
OPERATIONS UPDATE
ARAB REPUBLIC OF EGYPT
Western Desert - South Ghazalat (100% WI)
Production was initiated at South Ghazalat on December 24, 2019
from the SGZ-6X well following the installation of production
facilities at site. Initial oil production was in the range of a
field estimated 800 - 1,000 Bopd light and medium crude, however,
the gas oil ratio rapidly increased to a level that interfered with
the ability to separate oil from water in the facilities. This,
combined with prudent management practices on the upper Bahariya
reservoir completed in this well, has led to the well now being
produced at a restricted field estimated 250 - 350 Bopd of light
and medium crude. The lower Bahariya reservoir also tested oil in
this well and remains a future recompletion target.
The SHAMS-2 rig, contracted in Egypt to drill HW-2A (Eastern
Desert appraisal well to HW-2X) followed by SGZ-6A (Western Desert
appraisal well on upper and lower Bahariya to SGZ-6X), has
mobilized to location at HW-2A and is undergoing inspection during
rig up prior to the commencement of drilling.
Eastern Desert (100% WI)
As noted above, the SHAMS-2 rig has mobilized to the HW-2A
location in West Bakr, where it will shortly drill a Yusr reservoir
appraisal well to the successful HW-2X exploration well which
continues to produce in excess of a field estimated 700 Bopd of
heavy crude.
Stimulation of NWG 38 D-1 has been completed and the well put on
production. The well is currently cleaning up.
PSC Consolidation
Constructive negotiations with Egyptian General Petroleum
Corporation ("EGPC") to amend, extend and consolidate the Company's
Eastern Desert concession agreements continue in line with previous
disclosure, with the anticipated successful conclusion of
negotiations likely to lead to a revised agreement in the second
half of 2020.
CANADA
As a result of the initial success of the 2-mile
appraisal/outpost well in South Harmattan (details previously
released on January 30, 2020), the Company has focused additional
capital into Canada for 2020 as part of its continual focus on
growing cash flow and value across the asset portfolio.
RESERVES
The Company's 2019 year-end reserves were prepared by GLJ
Petroleum Consultants ("GLJ"), a Calgary-based independent
qualified reserves evaluator, in accordance with National
Instrument 51-101 and the Canadian Oil and Gas Evaluation
Handbook.
The following is a summary of GLJ's evaluation for the year
ended December 31, 2019 dated February 4, 2020 (the "GLJ Report").
The recovery and reserve estimates of crude oil, natural gas
liquids ("NGLs") and conventional natural gas reserves provided in
this news release are estimates only, and there is no guarantee
that the estimated reserves will be recovered. Actual crude oil,
NGL and conventional natural gas reserves may be greater than, or
less than, the estimates provided herein. All 2019 year end
reserves presented are based on GLJ's forecast pricing, effective
January 1, 2020.
The following tables may not total due to rounding.
Table 1: Oil and Gas Reserves - Based on Forecast Prices and
Costs(1)
Effective Light Crude Conventional
December 31, Oil & Medium Natural Natural Gas
2019 Crude Oil Heavy Oil Gas Liquids BOE
-------------
Gross Net(2) Gross Net(2) Gross Net(2) Gross Net(2) Gross Net(2)
------------- -------- ----------
(MMbbl) (MMbbl) (MMbbl) (MMbbl) (Bcf) (Bcf) (MMbbl) (MMbbl) (MMboe) (MMboe)
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- ----------
Proved
Developed
Producing
Canada 1.8 1.6 - - 14.2 11.8 2.3 1.7 6.5 5.3
Egypt 0.8 0.5 11.2 5.5 - - - - 12.1 6.0
Non
Producing
Canada 0.1 0.1 - - 0.3 0.3 0.0 0.0 0.2 0.1
Egypt 0.2 0.1 1.7 0.8 - - - - 1.9 0.9
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- --------
Total Proved
Developed 3.0 2.4 12.9 6.3 14.5 12.1 2.3 1.8 20.6 12.4
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- --------
Proved
Undeveloped
Canada 1.6 1.4 - - 4.7 4.3 0.8 0.7 3.2 2.8
Egypt 0.3 0.2 1.3 0.6 - - - - 1.6 0.8
Total Proved
Undeveloped 1.9 1.6 1.3 0.6 4.7 4.3 0.8 0.7 4.8 3.6
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- --------
Proved
Canada 3.5 3.1 - - 19.2 16.4 3.1 2.5 9.9 8.3
Egypt 1.3 0.9 14.2 6.8 - - - - 15.6 7.7
Total Proved 4.9 4.0 14.2 6.8 19.2 16.4 3.1 2.5 25.4 16.0
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- --------
Probable
Canada 2.6 2.2 - - 18.9 17.2 3.0 2.6 8.7 7.7
Egypt 1.8 1.1 9.4 4.2 - - - - 11.2 5.2
Total
Probable 4.4 3.3 9.4 4.2 18.9 17.2 3.0 2.6 19.9 12.9
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- --------
Proved Plus
Probable
Canada 6.1 5.3 - - 38.1 33.6 6.1 5.1 18.6 16.0
Egypt 3.1 2.0 23.6 11.0 - - - - 26.7 12.9
Total Proved
Plus
Probable 9.3 7.3 23.6 11.0 38.1 33.6 6.1 5.1 45.3 28.9
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- --------
Possible(3)
Canada 1.6 1.3 - - 13.3 11.6 2.2 1.8 6.0 5.0
Egypt 2.4 1.4 9.6 4.3 - - - - 12.0 5.7
Total
Possible(3) 3.9 2.6 9.6 4.3 13.3 11.6 2.2 1.8 18.0 10.7
-------------
Total Proved
Plus
Probable
Plus
Possible(3) 13.2 9.9 33.2 15.3 51.4 45.2 8.3 6.9 63.3 39.6
------------- -------- -------- -------- -------- ------- ------- -------- -------- -------- --------
Note:
1. The pricing assumptions used in the GLJ report with respect
to the net present value of future net revenue (forecast) as well
as the inflation rates used for operating and capital costs are set
forth below. See "Forecast Prices used in Estimates".
2. Net reserves are the Company's working interest share after
the deduction of royalties. Net reserves in Egypt include the
Company's share of future cost recovery and production sharing oil
after the Government's royalty based interest but before reserves
relating to income taxes payable. Under this method, a portion of
the reported reserves will increase as oil prices decrease (and
vice versa) as the barrels necessary to achieve cost recovery
change with prevailing oil prices.
3. Possible reserves are those additional reserves that are less
certain to be recovered than probable reserves. There is a 10%
probability that the quantities actually recovered will equal or
exceed the sum of proved plus probable plus possible reserves.
2019 Reserve Changes
Reserves at 2019 year-end were higher (gross 2P reserves basis)
compared to 2018 year-end due to drilling additions in both Egypt
and Canada as well as positive technical revisions resulting from
better performance due to production optimization projects.
Drilling additions of 3.4 MMboe (2.4 MMboe from Canada and 1.0
MMboe from Egypt) and positive technical revisions of 4.4 MMboe
(primarily from Egypt) more than offset annual production of 5.8
MMboe. There were some minor negative revisions due to economic
factors (-0.8 MMboe) in Canada primarily due to a reduction in
commodity price forecasts and the elimination of Wabamun gas
locations.
Egypt
In Egypt, the Company replaced 121% of 2019 production on a 2P
gross reserves basis (5.0 MMbbl) and replaced 93% of 2019
production on a 1P gross reserves basis. 2P drilling additions of
3.4 MMboe resulted from the successful extension of H field with
the HW-2X well, infill drilling at K field with K-63 and the
conversion of undeveloped reserves at Northwest Gharib and M and H
fields.
Positive 2P technical revisions of 3.8 MMboe occurred at West
Bakr due to better performance resulting from production
optimization projects. Optimization projects also resulted in
positive technical revisions of 0.6 MMboe at West Gharib and other
concessions' revisions were essentially neutral.
Canada
In Canada, the Company replaced 2019 production by 124% on a 2P
gross reserves basis (0.8 MMboe) but was unable to replace 2019
production on a 1P gross reserves basis. The Company drilled four
gross (four net) Cardium formation oil wells. Three 1-mile
horizontal wells were drilled in the Harmattan area representing
undeveloped reserves conversions and one 2-mile horizontal well in
the South Harmattan area representing new drilling additions.
There were some negative technical revisions resulting from
lower type curves, lower GOR trends and two sour gas Wabamum
locations were removed due to economics. Lower commodity price
forecasts resulted in negative economic factors as well.
Conventional natural gas reserves represent approximately 14% of
the Company's total 2P reserves assignment (boe basis) as of
December 31, 2019.
Estimated Future Net Revenues
The estimated future net revenues for the years December 31,
2019 and December 31, 2018 presented below in millions of U.S.
dollars ($MM), are calculated using GLJ's price forecasts at
January 1, 2020 and January 1, 2019 respectively.
All evaluations and reviews of future net revenues are stated
prior to any provision for interest costs or general and
administrative costs, and after the deduction of estimated future
capital expenditures for wells to which reserves have been
assigned. It should not be assumed that the estimated future net
revenues shown below are representative of the fair market value of
the Company's properties. There is no assurance that such price and
cost assumptions will be attained, and variances could be material.
The recovery and reserve estimates of crude oil, NGL and natural
gas reserves provided herein are estimates only, and there is no
guarantee that the estimated reserves will be recovered.
All dollar amounts set forth in the tables below are in USD.
Table 2: Present Value of Future Net Reserves, After Tax ($MM)
Independent Evaluator's Price Forecast
Present Value by Category December 31, 2019 Discounted December 31, 2018 Discounted
at at
---------------------------
0% 5% 10% 15% 20% 0% 5% 10% 15% 20%
--------------------------- ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
Proved $298 $237 $198 $171 $152 $328 $268 $227 $197 $175
Proved plus Probable $513 $368 $288 $237 $203 $533 $402 $323 $271 $235
Proved plus Probable
plus Possible $738 $498 $376 $303 $255 $756 $541 $421 $346 $295
--------------------------- ------ ------ ------ ------ ------ ------ ------ ------ ------ -----
The following tables provide a breakdown of future net revenue
by component and production group as at December 31, 2019 forecast
prices and costs.
Table 3: Present Value of Future Net Revenue - Based on Forecast
Prices and Costs(1)
Before Deducting Future After Deducting Future Income
Income Taxes(2) Discounted Taxes(2) Discounted At
At
Effective December
31, 2019 0% 5% 10% 15% 20% 0% 5% 10% 15% 20%
(MM$)
-------------------- ------ ------ ------ ----- ------ ------ ------ ------ --------
Proved Developed
Producing
Canada 86.0 67.3 54.9 46.4 40.2 86.0 67.3 54.9 46.4 40.2
Egypt 128.8 116.3 106.3 98.0 91.2 128.8 116.3 106.3 98.0 91.2
Non Producing
Canada 3.0 2.5 2.1 1.8 1.5 3.0 2.5 2.1 1.8 1.5
Egypt 14.8 12.4 10.6 9.2 8.0 14.8 12.4 10.6 9.2 8.0
Total Proved
Developed 232.7 198.5 173.8 155.3 140.9 232.7 198.5 173.8 155.3 140.9
-------------------- ------ ------ ------ ----- ----- ------ ------ ------ ------ ------
Proved Undeveloped
Canada 61.6 32.6 18.1 10.2 5.7 52.8 28.5 16.0 9.1 5.1
Egypt 12.2 10.0 8.3 7.0 6.0 12.2 10.0 8.3 7.0 6.0
Total Proved
Undeveloped 73.8 42.7 26.4 17.2 11.7 65.0 38.5 24.3 16.1 11.1
-------------------- ------ ------ ------ ----- ----- ------ ------ ------ ------ ------
Proved
Canada 150.6 102.4 75.1 58.3 47.5 141.8 98.3 73.0 57.2 46.9
Egypt 155.9 138.8 125.2 114.2 105.1 155.9 138.8 125.2 114.2 105.1
Total Proved 306.4 241.2 200.3 172.5 152.6 297.7 237.0 198.2 171.4 151.9
-------------------- ------ ------ ------ ----- ----- ------ ------ ------ ------ ------
Probable
Canada 146.9 70.1 38.0 22.8 14.9 113.0 53.9 29.4 17.8 11.7
Egypt 102.0 77.0 60.0 48.1 39.5 102.0 77.0 60.0 48.1 39.5
------
Total Probable 248.9 147.0 98.0 70.9 54.3 215.0 130.9 89.4 65.9 51.2
-------------------- ------ ------ ------ ----- ----- ------ ------ ------ ------ ------
Proved Plus
Probable
Canada 297.5 172.4 113.1 81.2 62.3 254.8 152.2 102.3 75.0 58.6
Egypt 257.9 215.7 185.2 162.3 144.6 257.9 215.7 185.2 162.3 144.6
Total Proved Plus
Probable 555.3 388.2 298.3 243.5 206.9 512.6 367.9 287.6 237.3 203.1
-------------------- ------ ------ ------ ----- ----- ------ ------ ------ ------ ------
Possible
Canada 126.6 52.3 27.2 16.7 11.5 97.6 40.5 21.3 13.3 9.4
Egypt 128.3 89.8 67.1 52.6 42.9 128.3 89.8 67.1 52.6 42.9
Total Possible 254.9 142.1 94.2 69.4 54.5 225.8 130.2 88.3 66.0 52.3
Total Proved Plus
Probable Plus
Possible 810.2 530.2 392.5 312.8 261.3 738.4 498.2 375.9 303.3 255.5
-------------------- ------ ------ ------ ----- ----- ------ ------ ------ ------ ------
Note:
1. The pricing assumptions used in the GLJ report with respect
to the net present values of future net revenue (forecast) as well
as inflation rates used for operating and capital costs are set
forth herein. See "Forecast Prices used in Estimates".
2. In Egypt, under the terms of the PSC's, income tax is current
and assessed on all production sharing oil; therefore all Egypt
future net revenues are after income tax.
Table 4: Future Net Revenue by Production Group Based on
Forecast Prices and Costs(3,4)
Before Income
Effective December 31, 2019 Taxes Unit Value
(Disc. at 10%
(MM$) Per Year) Disc. @10% ($/boe)
Proved Developed Producing
--------------------------------------- -------------- --------------------
Light Crude Oil & Medium Crude Oil(1) 61.1 16.63
Heavy Oil(1) 96.7 17.65
Conventional Natural Gas(2) 3.4 1.56
--------------------------------------- -------------- ------------------
Total Proved Developed Producing 161.2 14.23
--------------------------------------- -------------- ------------------
Proved
--------------------------------------- -------------- --------------------
Light Crude Oil & Medium Crude Oil(1) 87.3 12.51
Heavy Oil(1) 109.8 16.08
Conventional Natural Gas(2) 3.2 1.45
--------------------------------------- -------------- ------------------
Total Proved 200.3 12.52
--------------------------------------- -------------- ------------------
Proved Plus Probable
--------------------------------------- -------------- --------------------
Light Crude Oil & Medium Crude Oil(1) 134.2 10.81
Heavy Oil(1) 156.2 14.23
Conventional Natural Gas(2) 7.9 1.43
Total Proved Plus Probable 298.3 10.32
--------------------------------------- -------------- ------------------
Proved Plus Probable Plus Possible
--------------------------------------- -------------- --------------------
Light Crude Oil & Medium Crude Oil(1) 176.3 10.96
Heavy Oil(1) 202.7 13.24
Conventional Natural Gas(2) 13.5 1.65
Total Proved Plus Probable Plus
Possible 392.5 9.91
--------------------------------------- -------------- ------------------
Notes
1. Including solution gas and other by-products.
2. Including by-products but excluding solution gas.
3. Other company revenue and costs not related to a specific
production group have been allocated proportionately to production
groups. Unit values are based on Company Net Reserves.
4. In Egypt, under the terms of the PSC's, income tax is current
and assessed on all production sharing oil; therefore all Egypt
future net revenues are after income tax.
Pricing used in the year-end report effective December 31, 2019
is set forth in the tables below.
Table 5: Forecast Prices used in Estimates effective January 1,
2020
Light Crude Oil Conventional
and Medium Crude Natural Natural Gas Liquids Inflation Exchange
Oil Gas - Edmonton Rate Rate
-------- -------------------- --------- ------------- ---------- ----------
WTI Edmonton
Cushing Par Price AECO Gas Propane Butane Pentane
Oklahoma 40oAPI Brent Price (CAD/ Ethane (CAD/ (CAD/ (CAD/ % Per (USD/
Year (USD/bbl) (CAD/bbl) (USD/bbl) MMBtu) (CAD/bbl) bbl) bbl) bbl) Year CAD)
-------- --------- --------- --------- ------------- ------------ ------- ------ ------- ---------- ----------
2020 61.00 71.71 67.00 2.08 6.42 28.68 28.68 48.76 77.80 0.0 0.760
2021 63.00 74.03 68.00 2.35 7.36 31.09 31.09 51.82 79.22 2.0 0.770
2022 66.00 76.92 71.00 2.55 8.05 34.62 34.62 54.62 83.33 2.0 0.780
2023 68.00 80.13 73.00 2.65 8.39 36.06 36.06 56.89 86.54 2.0 0.780
2024 70.00 82.69 75.00 2.75 8.73 37.21 37.21 58.71 89.10 2.0 0.780
2025 72.00 85.26 76.00 2.85 9.08 38.37 38.37 60.53 91.67 2.0 0.780
2026 74.00 87.82 78.00 2.91 9.29 39.52 39.52 62.35 94.23 2.0 0.780
2027 75.81 90.14 79.81 2.97 9.48 40.56 40.56 64.00 96.55 2.0 0.780
2028 77.33 92.09 81.33 3.03 9.69 41.44 41.44 65.38 98.50 2.0 0.780
2029 78.88 94.08 82.88 3.09 9.91 42.33 42.33 66.79 100.49 2.0 0.780
Escalate oil, gas and product prices at 2.0% per
2030+ year thereafter 2.0 0.780
-------- -------------------------------------------------------------------------------------- ---------- ---------
The following table summarizes GLJ's reference price forecast
used to estimate future net revenues for Egypt effective December
31, 2019 and December 31, 2018.
Table 6: Reconciliation of Brent Price Forecast
Brent Forecast Pricing
(USD/bbl) 2020 2021 2022 2023 2024
------------------------ ----- ----- ----- ----- -----
Year-end 2019 67.00 68.00 71.00 73.00 75.00
Year-end 2018 68.50 71.25 73.00 75.50 78.00
Table 7: Reconciliations of Changes in Reserves
The following tables detail reconciliation of the changes in
TransGlobe's gross light and medium crude oil, heavy oil,
associated and non-associated (combined) conventional natural gas
and NGL reserves as at December 31, 2019 compared to such reserves
as at December 31, 2018.
Light Crude Oil & Conventional Natural
TOTAL COMPANY Medium Crude Oil Heavy Oil Gas
Proved Proved
+ + Proved
Proved Probable Probable Proved Probable Probable Proved Probable + Probable
Factors (MMbbl) (MMbbl) (MMbbl) (MMbbl) (MMbbl) (MMbbl) (Bcf) (Bcf) (Bcf)
-------------- ------- -------- -------- -------- -------- -------- -------- -------- ----------
At December
31,
2018 5.8 3.8 9.6 14.0 8.0 22.1 21.6 16.5 38.1
Discoveries - - - - - - - - -
Extensions &
Improved
Recovery 0.5 0.6 1.0 1.1 0.3 1.4 1.5 1.6 3.1
Technical
Revisions -0.6 -0.2 -0.8 3.7 1.1 4.8 -0.6 1.8 1.2
Acquisitions - - - - - - - - -
Dispositions - - - - - - - - -
-0.2
Economic
Factors .2 0.2 - - -0.1 - -1.2 -1.0 -2.2
Production -0.6 - -0.6 -4.7 - -4.7 -2.1 - -2.1
At December
31,
2019 4.9 4.4 9.3 14.2 9.4 23.6 19.2 18.9 38.1
Natural Gas Liquids BOE
-----------------------
Proved + Proved +
Probable Probable Probable Probable
Factors Proved (MMbbl) (MMbbl) (MMbbl) Proved (MMboe) (MMboe) (MMboe)
----------------------- -------------- -------- --------- -------------- -------- -----------
At December 31,
2018 3.4 2.6 6.0 26.9 17.2 44.1
Discoveries - - - - - -
Extensions & Improved
Recovery 0.2 0.2 0.4 2.0 1.4 3.4
Technical Revisions -0.2 0.4 0.2 2.8 1.7 4.4
Acquisitions - - - - - -
Dispositions - - - - - -
Economic Factors - 0.1 -0.3 -0.4 -0.4 -0.3 -0.8
Production -0.2 - -0.2 -5.8 - -5.8
----------------------- -------------- -------- --------- -------------- -------- ---------
At December 31,
2019 3.1 3.0 6.1 25.4 19.9 45.3
----------------------- -------------- -------- --------- -------------- -------- ---------
Light Crude Oil & Conventional Natural
CANADA Medium Crude Oil Heavy Oil Gas
Proved Proved
+ + Proved
Proved Probable Probable Proved Probable Probable Proved Probable + Probable
Factors (MMbbl) (MMbbl) (MMbbl) (MMbbl) (MMbbl) (MMbbl) (Bcf) (Bcf) (Bcf)
-------------- ------- -------- -------- -------- -------- -------- -------- -------- ----------
At December
31, 2018 4.0 2.0 6.0 - - - 21.6 16.5 38.1
Discoveries - - - - - - - - -
Extensions &
Improved
Recovery 0.5 0.6 1.0 - - - 1.5 1.6 3.1
Technical
Revisions -0.4 -0.2 -0.6 - - - -0.6 1.8 1.2
Acquisitions - - - - - - - - -
Dispositions - - - - - - - - -
Economic
Factors -0.2 0.2 - - - - -1.2 -1.0 -2.2
Production -0.3 - -0.3 - - - -2.1 - -2.1
At December
31, 2019 3.5 2.6 6.1 - - - 19.2 18.9 38.1
-------------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Natural Gas Liquids BOE
--------------------------------
Proved Proved
Proved Probable + Probable Proved Probable + Probable
Factors (MMbbl) (MMbbl) (MMbbl) (MMboe) (MMboe) (MMboe)
-------------------------------- ---------- -------- ----------- ------------ -------- -------------
At December 31, 2018 3.4 2.6 6.0 11.0 11.4 7.4 18.4
Discoveries - - - - - - -
Extensions & Improved Recovery 0.2 0.2 0.4 0.9 0.2 1.1 2.0
Technical Revisions -0.2 0.4 0.2 -0.7 0.2 0.5 -0.2
Acquisitions - - - - - - -
Dispositions - - - - - - -
Economic Factors -0.1 -0.3 -0.4 -0.5 -0.3 -0.8
Production -0.2 - -0.2 -0.8 - -0.8
-------------------------------- ---------- -------- ----------- ----- ----- -------- -----------
At December 31, 2019 3.1 3.0 6.1 9.9 8.7 18.6
-------------------------------- ---------- -------- ----------- ----- ----- -------- -----------
Light Crude Oil & Conventional Natural
EGYPT Medium Crude Oil Heavy Oil Gas
--------------
Proved Proved
+ + Proved
Proved Probable Probable Proved Probable Probable Proved Probable + Probable
Factors (MMbbl) (MMbbl) (MMbbl) (MMbbl) (MMbbl) (MMbbl) (Bcf) (Bcf) (Bcf)
-------------- -------- ---------- -------- -------- -------- -------- ------- -------- ----------
At December
31, 2018 1.9 1.8 1.5 3.6 14.0 8.0 22.1 - - -
Discoveries - - 0.4 - - - - - - -
Extensions &
Improved
Recovery - - - 1.1 0.3 1.4 - - -
Technical
Revisions -0.2 - -0.2 3.7 1.1 4.8 - - -
Acquisitions - - - - - - - - - -
Dispositions - - - - - - - - - -
Economic
Factors - - - - -0.1 - - - -
Production -0.3 - - -0.3 -4.7 - -4.7 - - -
-------------- -------- ---- ---- -------- -------- -------- -------- ------- -------- --------
At December
31, 2019 1.3 1.8 3.1 14.2 9.4 23.6 - - -
-------------- -------- ---- ---- -------- -------- -------- -------- ------- -------- --------
Natural Gas Liquids BOE
----------------------------
Proved Proved
Proved Probable + Probable Proved Probable + Probable
Factors (MMbbl) (MMbbl) (MMbbl) (MMboe) (MMboe) (MMboe)
---------------------------- ---------------- ---------- ------------- -------- -------- -------------
At December 31, 2018 - - - 15.9 9.8 25.7
Discoveries - - - - - -
Extensions & Improved
Recovery - - - 1.1 0.3 1.4
Technical Revisions - - - 3.5 1.1 4.6
Acquisitions - - - - - -
Dispositions - - - - - -
Economic Factors - - - - - -
Production - - - -5.0 - -5.0
---------------------------- ---------------- ---------- ----------- -------- -------- -----------
At December 31, 2019 - - - 15.6 11.2 26.7
---------------------------- ---------------- ---------- ----------- -------- -------- -----------
All evaluations and reviews of future net revenues are stated
prior to any provision for interest costs or general and
administrative costs, and after the deduction of estimated future
capital expenditures for wells to which reserves have been
assigned. It should not be assumed that the estimated future net
revenues shown below are representative of the fair market value of
the Company's properties. There is no assurance that such price and
cost assumptions will be attained, and variances could be material.
The recovery and reserve estimates of crude oil, NGL and natural
gas reserves provided herein are estimates only, and there is no
guarantee that the estimated reserves will be recovered. Actual
crude oil, NGL and natural gas reserves may be greater than or less
than the estimates provided herein.
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.
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", "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,
statements relating to "reserves" which are, by their nature,
forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions that the reserves or
resources, as applicable, described exist in the quantities
predicted or estimated and that the reserves can be profitably
produced in the future; expected production amounts in the future
and the product types and quantities of such product types; the
plans for the Company's 2020 Canadian drilling program and the
details thereof; the Company's expectation relating to the
performance of the South Harmattan Cardium prospect; and other
matters. The recovery and reserve estimates of TransGlobe's
reserves provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered.
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 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.gov/edgar.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. 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 the technical information contained in this
announcement which relates to the reserves evaluation prepared by
GLJ and has confirmed that the information presented is accurate.
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.
Oil & Gas Information
Certain Defined Terms
"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.
"Possible" reserves are those additional reserves that are less
certain to be recovered than probable reserves. There is a 10%
probability that the actual remaining quantities recovered will
equal or exceed the sum of the estimated proved + probable +
possible reserves.
"Gross Reserves" are the Company's working interest (operating
and non-operating) share before deduction of royalties and without
including any royalty interests of the Company.
"Net Reserves" are the Company's working interest share after
the deduction of royalties. Net reserves in Egypt include the
Company's share of future cost recovery and production sharing oil
after the Government's royalty based interest but before reserves
relating to income taxes payable. Under this method, a portion of
the reported reserves will increase as oil prices decrease (and
vice versa) as the barrels necessary to achieve cost recovery
change with prevailing oil prices.
"Developed" reserves are those reserves that are expected to be
recovered from existing wells and installed facilities or, if
facilities have not been installed, that would involve a low
expenditure (e.g. when compared to the cost of drilling a well) to
put the reserves on production.
"Developed Producing" reserves are those reserves that are
expected to be recovered from completion intervals open at the time
of the estimate. These reserves may be currently producing or, if
shut-in, they must have previously been on production, and the date
of resumption or production must be known with reasonable
certainty.
"Developed Non-Producing" reserves are those reserves that
either have not been on production, or have previously been on
production, but are shut-in, and the date of resumption is
unknown.
"Undeveloped" reserves are those reserves expected to be
recovered from known accumulations where a significant expenditure
(for example, when compared to the cost of drilling a well) is
required to render them capable of production. They must fully meet
the requirements of the reserves classifications (proved, probable,
possible) to which they are assigned.
This press release discloses estimates of light and medium crude
oil and heavy oil. Light crude oil is crude oil with a relative
density greater than 31.1 degrees API gravity, medium crude oil is
crude oil with a relative density greater than 22.3 degrees API
gravity and less than or equal to 31.1 degrees API gravity, and
heavy crude oil is crude oil with a relative density greater than
10 degrees API gravity and less than or equal to 22.3 degrees API
gravity.
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 discounted and undiscounted net present value of future net
revenues attributable to the reserves disclosed herein do not
represent the fair market value of such reserves. The estimates of
reserves and future net revenue for individual properties may not
reflect the same confidence level as estimates of reserves and
future net revenue for all properties, due to the effects of
aggregation.
This press release contains a number of oil and gas metrics,
including the percentage replacement of 2018 production, 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 the Company's
performance; however, such measures are not reliable indicators of
the future performance of the Company and future performance may
not compare to the performance in previous periods. Replacement of
production ratio is defined as the change in period reserves
excluding economic and acquisition and divestures factors divided
by the period production.
The following abbreviations used in this press release have the
meanings set forth below:
bbls barrels
Mbbl thousand barrels
MMbbl million barrels
Mbbl/d thousand barrel per day
boe barrels of oil equivalent of natural gas, on the basis of one
barrel of oil or NGLs for six thousand cubic feet of natural
gas
Mboepd thousand barrels of oil equivalent per day
MMboe million barrels of oil equivalent
Bopd barrels of oil per day
Mbopd thousand barrels of oil per day
Mcf/d thousand cubic feet per day
MMcf/d million cubic feet per day
Bcf billion cubic feet
NGL Natural Gas Liquids
MM million
PRODUCTION DISCLOSURE
Guidance - Corporate
14.5 Mboepd 2.2 Mbbl/d Light and Medium Crude
10.8 Mbbl/d Heavy Crude
5.9 MMcf/d Natural Gas
0.5 Mbbl/d Associated Natural Gas Liquids
15.5 Mboepd 2.4 Mbbl/d Light and Medium Crude
11.5 Mbbl/d Heavy Crude
6.3 MMcf/d Natural Gas
0.6 Mbbl/d Associated Natural Gas Liquids
15.0 Mboepd 2.3 Mbbl/d Light and Medium Crude
11.1 Mbbl/d Heavy Crude
6.1 MMcf/d Natural Gas
0.6 Mbbl/d Associated Natural Gas Liquids
Guidance - Egypt
11.9 Mbopd 1.1 Mbbl/d Light and Medium Crude
10.8 Mbbl/d Heavy Crude
12.7 Mbopd 1.2 Mbbl/d Light and Medium Crude
11.5 Mbbl/d Heavy Crude
Guidance - Canada
2.6 Mboepd 1.1 Mbbl/d Light and Medium Crude
5.9 MMcf/d Natural Gas
0.5 Mbbl/d Associated Natural Gas Liquids
2.8 Mboepd 1.2 Mbbl/d Light and Medium Crude
6.3 MMcf/d Natural Gas
0.6 Mbbl/d Associated Natural Gas Liquids
Guidance - Previous
15.5 MBoepd 2.2 Mbbl/d Light and Medium Crude
12.0 Mbbl/s Heavy Crude
5.0 MMcf/d Natural Gas
0.5 Mbbl/d Associated Natural Gas Liquids
Production - December 2019
15.3 MBoepd 2.4 Mbbl/d Light and Medium Crude
11.2 Mbbl/s Heavy Crude
6.5 MMcf/d Natural Gas
0.6 Mbbl/d Associated Natural Gas Liquids
Production - Year End 2019
16.0 MBoepd 2.2 Mbbl/d Light and Medium Crude
12.4 Mbbl/s Heavy Crude
5.2 MMcf/d Natural Gas
0.5 Mbbl/d Associated Natural Gas Liquids
South Harmattan Well - IP30
417 Boepd 379 bbl/d Light Oil
197 Mcf/d Natural Gas
6 bbl/d Associated Natural Gas Liquids
South Harmattan Well - IP60
341 Boepd 302 bbl/d Light Oil
196 Mcf/d Natural Gas
6 bbl/d Associated Natural Gas Liquids
For further information, please
contact:
TransGlobe Energy Via FTI Consulting
Randy Neely, President and Chief
Executive Officer
Eddie Ok, Chief Financial Officer
Canaccord Genuity (Nomad & Sole
Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor
James Asensio
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Genevieve Ryan
Tailwind Associates (Investor Relations)
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
+1 403.618.8035
investor.relations@trans-globe.com
http://www.trans-globe.com
+1 403.264.9888
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
MSCGZGGZFKNGGZG
(END) Dow Jones Newswires
February 05, 2020 02:00 ET (07:00 GMT)
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