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TransGlobe Energy

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Egypt Office
10 Rd 261, New Maadi
Cairo, Egypt

Tel:

TransGlobe Energy Corporation
2300, 250 - 5th Street S.W.
Calgary, Alberta, Canada T2P 0R4

Tel: 403.264.9888

Description

TransGlobe Energy Corporation is an international exploration and production company based in Calgary, Alberta, Canada with oil interests in the Arab Republic of Egypt and Canada. The Company has interests in nine international blocks with active programs of exploration and development drilling underway.

Since inception, TransGlobe has recorded significant growth in production, reserves and funds flow, on both a gross and per share basis. TransGlobe is focused on sustainable production growth through a balanced portfolio of exploration, development and reservoir optimization projects in addition to value enhancing acquisitions.

Reserves and production

Reserves at 2017 year-end were lower compared to 2016 year-end primarily due to the production of ~5.7 MMboe, which was partially offset by ~1.6 MMboe (gross 2P reserve basis) of net positive revisions. The 1.6 MMboe of net positive revisions reflected positive technical revisions of ~4.7 MMboe offset by a ~3.1 MMBoe negative revision relating to Canadian undeveloped Mannville gas locations primarily due to lower natural gas price forecasts. The positive technical revisions of ~4.7 MMboe were attributed to; Egypt producing asset performance, Egypt discovery additions related to Northwest Gharib, and the addition of 10 undeveloped Cardium oil locations in Canada.

Company production for January 2017 averaged ~16,817 Boepd (~14,013 Bopd Egypt, ~2,804 Boepd Canada).

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