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TransGlobe Energy Corporation Announces First Quarter 2021 Financial and Operating Results for ...

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TransGlobe Energy Corporation Announces Year End 2020 Financial and Operating Results

TransGlobe Energy Corporation Announces Year End 2020 Financial and Operating Results
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TransGlobe Energy Corporation Announces Year End 2020 Financial and Operating Results

1
The Company achieved the netbacks above on sold barrels of oil equivalent for the year ended December 31, 2020 and December 31, 2019 (these figures do not include TransGlobe s Egypt entitlement crude oil held as inventory at December 31, 2020).
2
Royalties and taxes are settled at the time of production. Fluctuations in royalty and tax costs per bbl are due to timing differences between the production and sale of the Company s entitlement crude oil.
Netback per barrel in Egypt decreased by 46% in 2020 compared to 2019. The decrease was due to a 35% lower realized oil price, 57% higher selling costs and 29% higher production and operating expenses.
Royalties and taxes as a percentage of revenue were 49% in 2020 (2019 - 64%). Royalties and taxes are settled on a production basis, therefore, the correlation of royalties and taxes to oil sales fluctuates depending on the timing of entitlement oil sales. If sales volumes had been equal to production volumes during ....

United States , United Kingdom , Eastern Desert , Al Bar Ala Mar , City Of , Western Desert , Arab Republic Of Egypt , Arta Nukhul , Toby Gibbs , Ben Brewerton , Henry Fitzgerald Oconnor , Randy Neely , James Asensio , Ron Hornseth , Darren Engels , Genevieve Ryan , University Of Alberta , Egyptian Parliament , Tailwind Associates , Company Annual Report On Form , Metallurgy Petroleum Society , Society Of Petroleum Engineers , Petroleum Company , Funding For The Company , Association Of Professional Engineers , National Instrument ,

TransGlobe Energy Corporation Announces an Operations Update

TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces an ....

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TransGlobe Energy announces operations update

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; ....

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