TransGlobe Energy announces operations update
21 Jan 2021
TransGlobe Energy has announced an update on its operations in Egypt and Canada. All dollar values are expressed in US dollars unless otherwise stated.
UPDATES
Production averaged 12.4 MBoepd in Q4, 2020 and 13.5 MBoepd for the year ended 2020, meeting updated guidance of 13.3 to 13.8 MBoepd provided on August 11, 2020;
Following the Egyptian General Petroleum Company’s approval of the amendment, extension and merger of the Company’s Eastern Desert concession agreements in December, 2020, the Company expects ratification by Egypt’s Parliament in Q2, 2021;
A 2021 work program and budget is being prepared for implementation in parallel with the ratification process that accelerates exploitation of the Eastern Desert merged concession with the aim of increasing oil production;