TIDMTGL
RNS Number : 7793D
TransGlobe Energy Corporation
07 March 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 ITS
2021 RESERVES
AIM & TSX: "TGL" & NASDAQ: "TGA"
TRANSGLOBE ENERGY CORPORATION ANNOUNCES ITS 2021 YEAR
RESERVES
Calgary, Alberta, (March 7, 2022) - TransGlobe Energy
Corporation ("TransGlobe" or "Company") is pleased to announce the
results of its independent reserves evaluation ("Reserves
Evaluation") for the year ended December 31, 2021 as prepared by
GLJ Ltd. ("GLJ"). All dollar values are expressed in US dollars
unless otherwise stated.
HIGHLIGHTS
-- Proved Developed Producing ("PDP") gross reserves increased
30% to 19.9 MMboe from 15.3 MMboe at year end 2020.
-- Total proved ("1P") gross reserves increased 23% to 28.0
MMboe (YE 2020: 22.8 MMboe) while total proved plus probable ("2P")
gross reserves increased 19% to 46.1 MMboe (YE 2020: 38.9
MMboe).
-- TransGlobe replaced 199% and 211% of 2021 production (4.7
MMboe) on a 1P and 2P gross reserves basis, respectively (excluding
economic factors).
-- Net present value of future net revenues increased to $423 MM
(2P reserves discounted at 10%, forecast pricing, after tax), 114%
higher than year end 2020 ($198 MM).
-- Canadian net present value of future net revenues (2P
reserves discounted at 10%, forecast pricing, after tax) increased
to $134 MM, 58% higher compared to 2020 primarily due to increased
reserves at South Harmattan and an increase in forecast commodity
pricing.
-- Egyptian net present value of future net revenues (2P
reserves discounted at 10%, forecast pricing, after tax) increased
to $289 MM, 155% higher compared to 2020, principally due to the
increased net entitlement share resulting from the Merged
Concession Agreement as well as an increased Brent oil price
forecast from year end 2020.
EGYPT
In Egypt, the Parliamentary ratification and President's
signature into law in December 2021 of the agreement to merge,
amend and extend the Company's three existing Eastern Desert
concessions (West Gharib, West Bakr and North West Gharib) (the
"Merged Concession Agreement") resulted in increases to both
reserves volumes and values.
2P drilling additions of 2.4 MMbbls (1P: 1.4 MMbbls) resulted
from successful drilling in the K and H field, while improved
production performance and the term extension realized from the
Merged Concession Agreement resulted in positive 2P technical
revisions of 3.2 MMbbls (1P: 6.8 MMbbls). Egypt represents 65% and
58% of TransGlobe's reserves on a 1P and 2P basis,
respectively.
CANADA
In Canada, continued success in the South Harmattan area has led
to significant increases in both reserves volumes and values,
providing the Company with a large inventory of high value
development locations.
2P drilling additions of 5.7 MMboes (1P: 1.3 MMbbls) resulted
from the 3 well drilling program in South Harmattan and associated
undeveloped location bookings. To date TransGlobe has drilled 5
wells (5 net) in the South Harmattan area. Canada represents 35%
and 42% of TransGlobe's reserves on a 1P and 2P basis,
respectively
Randy Neely, President & Chief Executive Officer of
TransGlobe:
"We are thrilled with the updated year-end 2021 reserves. This
puts a resounding stamp of justification on the years of hard work
to both complete the Eastern Desert PSC consolidation and establish
a second core operating area in Canada. Although improved commodity
prices contributed to the increase in reserves and value, the
quantum of the reserves increase is chiefly due to both the amended
commercial terms in Egypt and the strong technical and operating
work done in both Egypt and Canada. Our team has done a tremendous
job over the past four plus years.
With this chapter behind us, the next step will be to establish
an appropriate balance between maintaining/ growing our business,
while providing a meaningful return to our shareholders. We are
particularly grateful to our strong core shareholder base who have
weathered the long journey to re-establish ourselves as a strong
participant in the marketplace, and we intend to address our
distribution policy in the coming weeks."
RESERVES DETAIL
TransGlobe's 2021 Reserves Evaluation by GLJ uses the price
forecast of the three consultants' average (GLJ, McDaniel &
Associates Consultants Ltd. and Sproule Associates Ltd.), dated
January 1, 2022.
In Egypt the reserves include the effects of the Merged
Concession Agreement in the Eastern Desert. The Reserves Evaluation
includes 100% of TransGlobe's oil and gas properties and was
prepared in accordance with the definitions, standards and
procedures contained in the Canadian Oil and Gas Evaluation
Handbook ("COGEH"). Reserves shown below are Company gross reserves
and are defined as the working interest share of reserves prior to
the deduction of interests owned by others (burdens).
SUMMARY OF OIL AND GAS RESERVES
Company Total
Light & Conventional
Medium Natural Natural
Oil Heavy Oil Gas Gas Liquids Total BOE
Reserves Category (Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
----------------------------- -------- ---------- ------------- ------------- ----------
Proved
Producing 3,029 12,596 12,270 2,222 19,891
Developed Non-Producing 409 2,560 569 22 3,086
Undeveloped 2,317 866 5,652 926 5,051
Total Proved 5,756 16,021 18,490 3,170 28,029
Total Probable 4,626 7,193 18,251 3,166 18,027
Total Proved Plus Probable 10,382 23,215 36,741 6,336 46,056
Egypt
Light & Conventional
Medium Natural Natural
Oil Heavy Oil Gas Gas Liquids Total BOE
Reserves Category (Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
----------------------------- -------- ---------- ------------- ------------- ----------
Proved
Producing 1,513 12,596 0 0 14,109
Developed Non-Producing 336 2,560 0 0 2,896
Undeveloped 350 866 0 0 1,216
Total Proved 2,200 16,021 0 0 18,221
Total Probable 1,256 7,193 0 0 8,449
Total Proved Plus Probable 3,455 23,215 0 0 26,670
Canada
Light & Conventional
Medium Natural Natural
Oil Heavy Oil Gas Gas Liquids Total BOE
Reserves Category (Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
----------------------------- -------- ---------- ------------- ------------- ----------
Proved
Producing 1,516 0 12,270 2,222 5,782
Developed Non-Producing 73 0 569 22 190
Undeveloped 1,967 0 5,652 926 3,835
Total Proved 3,556 0 18,490 3,170 9,807
Total Probable 3,371 0 18,251 3,166 9,578
Total Proved Plus Probable 6,927 0 36,741 6,336 19,386
SUMMARY OF NET PRESENT VALUES
Company Total
Net Present Values of Future Net Revenue
After Income Taxes Discounted At (%/year)
--------------------------------------------------
0% 5% 10% 15% 20%
Reserves Category (M$) (M$) (M$) (M$) (M$)
----------------------------- --------- --------- -------- -------- --------
Proved
Producing 340,844 291,949 257,801 232,481 212,864
Developed Non-Producing 34,099 29,963 26,547 23,710 21,339
Undeveloped 82,769 48,559 30,237 19,624 13,088
Total Proved 457,712 370,471 314,585 275,816 247,291
Total Probable 258,401 156,921 108,297 80,993 63,877
Total Proved Plus Probable 716,113 527,392 422,882 356,809 311,168
Egypt
Net Present Values of Future Net Revenue
After Income Taxes Discounted At (%/year)
--------------------------------------------------
0% 5% 10% 15% 20%
Reserves Category (M$) (M$) (M$) (M$) (M$)
----------------------------- --------- --------- -------- -------- --------
Proved
Producing 242,741 215,126 194,160 177,685 164,385
Developed Non-Producing 30,423 26,961 24,055 21,609 19,540
Undeveloped 11,766 10,131 8,706 7,504 6,499
Total Proved 284,930 252,218 226,921 206,798 190,424
Total Probable 101,696 77,995 62,186 51,149 43,140
Total Proved Plus Probable 386,626 330,212 289,107 257,948 233,564
Canada
Net Present Values of Future Net Revenue
After Income Taxes Discounted At (%/year)
--------------------------------------------------
0% 5% 10% 15% 20%
Reserves Category (M$) (M$) (M$) (M$) (M$)
----------------------------- --------- --------- -------- -------- --------
Proved
Producing 98,102 76,823 63,642 54,796 48,479
Developed Non-Producing 3,677 3,003 2,492 2,101 1,799
Undeveloped 71,003 38,428 21,531 12,120 6,589
Total Proved 172,782 118,254 87,664 69,017 56,867
Total Probable 156,705 78,926 46,111 29,844 20,736
Total Proved Plus Probable 329,487 197,180 133,776 98,861 77,604
RECONCILIATION OF CHANGES IN RESERVES
Company Total
Total Proved
Conventional
Light and Natural Natural
Medium Crude Heavy Crude Gas Gas Liquids Total BOE
(Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
December 31, 2020 4,766 12,284 16,471 2,995 22,790
Discoveries 0 0 0 0 0
Extensions and Improved
Recovery 683 1,359 1,916 358 2,720
Technical Revisions 905 5,607 1,056 -49 6,639
Acquisitions 0 0 0 0 0
Dispositions 0 0 0 0 0
Economic Factors 59 249 759 138 573
Production -658 -3,478 -1,712 -272 -4,693
December 31, 2021 5,756 16,021 18,490 3,170 28,029
Egypt
Total Proved
Conventional
Light and Natural Natural
Medium Crude Heavy Crude Gas Gas Liquids Total BOE
(Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
December 31, 2020 1,362 12,284 0 0 13,646
Discoveries 0 0 0 0 0
Extensions and Improved
Recovery 3 1,359 0 0 1,363
Technical Revisions 1,188 5,607 0 0 6,795
Acquisitions 0 0 0 0 0
Dispositions 0 0 0 0 0
Economic Factors 30 249 0 0 278
Production -383 -3,478 0 0 -3,861
December 31, 2021 2,200 16,021 0 0 18,221
Canada
Total Proved
Conventional
Light and Natural Natural
Medium Crude Heavy Crude Gas Gas Liquids Total BOE
(Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
December 31, 2020 3,404 0 16,471 2,995 9,144
Discoveries 0 0 0 0 0
Extensions and Improved
Recovery 679 0 1,916 358 1,357
Technical Revisions -282 0 1,056 -49 -156
Acquisitions 0 0 0 0 0
Dispositions 0 0 0 0 0
Economic Factors 30 0 759 138 294
Production -275 0 -1,712 -272 -832
December 31, 2021 3,556 0 18,490 3,170 9,807
Company Total
Total Proved Plus Probable
Conventional
Light and Natural Natural
Medium Crude Heavy Crude Gas Gas Liquids Total BOE
(Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
December 31, 2020 8,641 21,347 25,476 4,632 38,866
Discoveries 0 0 0 0 0
Extensions and Improved
Recovery 1,873 2,339 10,884 2,035 8,061
Technical Revisions 427 2,338 -1,288 -674 1,877
Acquisitions 0 0 0 0 0
Dispositions 0 0 0 0 0
Economic Factors 98 668 3,381 615 1,945
Production -658 -3,478 -1,712 -272 -4,693
December 31, 2021 10,382 23,215 36,741 6,336 46,056
Egypt
Total Proved Plus Probable
Conventional
Light and Natural Natural
Medium Crude Heavy Crude Gas Gas Liquids Total BOE
(Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
December 31, 2020 2,850 21,347 0 0 24,197
Discoveries 0 0 0 0 0
Extensions and Improved
Recovery 50 2,339 0 0 2,389
Technical Revisions 888 2,338 0 0 3,226
Acquisitions 0 0 0 0 0
Dispositions 0 0 0 0 0
Economic Factors 50 668 0 0 718
Production -383 -3,478 0 0 -3,861
December 31, 2021 3,455 23,215 0 0 26,670
Canada
Total Proved Plus Probable
Conventional
Light and Natural Natural
Medium Crude Heavy Crude Gas Gas Liquids Total BOE
(Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
December 31, 2020 5,791 0 25,476 4,632 14,669
Discoveries 0 0 0 0 0
Extensions and Improved
Recovery 1,823 0 10,884 2,035 5,672
Technical Revisions -461 0 -1,288 -674 -1,350
Acquisitions 0 0 0 0 0
Dispositions 0 0 0 0 0
Economic Factors 48 0 3,381 615 1,227
Production -275 0 -1,712 -272 -832
December 31, 2021 6,927 0 36,741 6,336 19,386
FORECAST PRICES AND COSTS
Presented below are the first five years of the three
consultants' average price forecast used by GLJ in the Reserves
Evaluation. The full forecast can be found on GLJ's website at
gljpc.com
Natural
Crude Oil Gas
---------------------------------- ------------
Exchange WTI Brent MSW
Inflation Rate Cushing North Sea Edmonton AECO
Year (%) (USD/CAD) (USD/bbl) (USD/bbl) (CAD/bbl) (CAD/MMBtu)
------ ---------- ---------- ---------- ---------- ---------- ------------
2022 0.0 0.7967 72.83 75.33 86.82 3.56
2023 2.3 0.7967 68.78 71.46 80.73 3.20
2024 2.0 0.7967 66.76 69.62 78.01 3.05
2025 2.0 0.7967 68.09 71.01 79.57 3.10
2026 2.0 0.7967 69.45 72.44 81.16 3.17
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)
Toby Gibbs
John More +44(0) 20 7408 4090
Advisory on Forward-Looking Information and Statements
Certain statements included in this news release constitute
forward-looking statements or forward-looking information under
applicable securities legislation. Such forward-looking statements
or information are provided for the purpose of providing
information about management's current expectations and plans
relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes.
Forward-looking statements or information typically contain
statements with words such as "anticipate", "strengthened",
"confidence", "believe", "expect", "plan", "intend", "estimate",
"may", "will", "would" or similar words suggesting future outcomes
or statements regarding an outlook. In particular, forward-looking
information and statements contained in this document include, but
are not limited to, the Company's estimated reserves; the Company's
estimated net present value of future net revenues; the Company's
plans to establish an appropriate balance between maintaining /
growing its business while providing a meaningful return to its
shareholders; that the Company will re-establish itself as a strong
participant in the marketplace; that the Company will address its
distribution policy and the anticipated timing thereof; and other
matters. In addition, forward-looking statements contained in this
document include, 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 described can be profitably produced in the future.
The recovery and reserve estimates of the Company'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; the Company's estimated 2022
capital spending and production will be as anticipated and
allocated in the manner described herein; that TransGlobe will have
sufficient financial resources in the future to provide meaningful
returns to its shareholders; 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 will successfully drill less
than the number of wells that it anticipates; the Company does not
revisit its distribution policy and/or does not provide a
meaningful return to its shareholders; 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 Company's future shareholder distributions, including but
not limited to dividend payments, if any, and the level thereof is
uncertain. Any decision to implement a distribution policy or pay
dividends will be subject to the discretion of the board of
directors of the Company and may depend on a variety of factors,
including, without limitation the Company's business performance,
financial condition, financial requirements, growth plans, expected
capital requirements and other conditions existing at such future
time including, without limitation, contractual restrictions and
satisfaction of the solvency tests imposed on the Company under
applicable corporate law. There can be no assurance that
shareholder returns will be provided in the future.
The forward-looking statements or information contained in this
news release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise unless required by
applicable securities laws. The forward-looking statements or
information contained in this news release are expressly qualified
by this cautionary statement.
Oil and Gas Advisories
Mr. Ron Hornseth, B.Sc., General Manager - Canada for TransGlobe
Energy Corporation, and a qualified person as defined in the
Guidance Note for Mining, Oil and Gas Companies, June 2009, of the
London Stock Exchange, has reviewed the technical information
contained in this report. Mr. Hornseth is a professional engineer
who obtained a Bachelor of Science in Mechanical Engineering from
the University of Alberta. He is a member of the Association of
Professional Engineers and Geoscientists of Alberta ("APEGA") and
the Society of Petroleum Engineers ("SPE") and has over 20 years'
experience in oil and gas.
Boes may be misleading, particularly if used in isolation. A Boe
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil equivalent (6 MCF: 1 Bbl) is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
Given that the value ratio based on the current price of crude oil
as compared to natural gas is significantly different from the
energy equivalency of 6:1, utilizing a conversion on a 6:1 basis
may be misleading as an indication of value.
This news release contains a number of oil and gas metrics,
including reserves replacement, 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. Reserves replacement is calculated by taking the
change in reserves year over year before production and dividing by
production.
References herein to the Company's 2020 reserves are based on
GLJ's reserves evaluation dated February 9, 2021 with an effective
date of December 31, 2020, prepared in accordance with the COGEH
and GLJ's forecast pricing effective January 1, 2021.
All evaluations 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. There is no
assurance that such price and cost assumptions will be attained,
and variances could be material. 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. The recovery and reserve
estimates of the reserves provided herein are estimates only, and
there is no guarantee that the estimated reserves will be
recovered.
The following abbreviations and defined terms used in this press
release have the meanings set forth below:
Bbl barrel
Mbbl thousand barrels
Bopd barrels of oil per day
Bpd barrels per day
Boe barrel of oil equivalent
Mboe thousand barrels of oil equivalent
MBopd thousand barrels of oil per day
Boepd barrels of oil equivalent per day
MBoepd thousand barrels of oil equivalent per day
MCF thousand cubic feet
MMcf million cubic feet
WI working interest
Reserves are estimated remaining quantities of oil and natural
gas and related substances anticipated to be recoverable from known
accumulations, from a given date forward, based on analysis of
drilling, geological, geophysical and engineering data; the use of
established technology; and specified economic conditions which are
generally accepted as being reasonable and shall be disclosed.
"Proved 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 of production must be known with reasonable
certainty.
"Proved 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 of production
is unknown.
"Proved Undeveloped Reserves" are those reserves expected to be
recovered from known accumulations where a significant expenditure
(e.g. 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 category (proved, probable, possible)
to which they are assigned.
"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.
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.
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