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TransGlobe Energy Plc announces financial and operational results for the first quarter of 2019

CALGARY, Alberta, Might 13, 2019 (GLOBE NEWSWIRE) – AIM & TSX: "TGL" and NASDAQ: "TGA" TransGlobe Energy Corporation ("TransGlobe" or "Company") announces its satisfaction with its financial and operational activities results for the three months ended. All greenback values ​​are expressed in US Dollars until in any other case said. The TransGlobe Group's condensed interim studies and related notes, in addition to the dialogue and analysis of the administration of the TransGlobe Group for the three-month period ending March 31, 2019 and 2018, are available on the TransGlobe website at www.trans-globe.com [19659002] Highlights: ø Production for three months, ending March 31, 2019, averaged 15,924 boe / d (Egypt 13,616 bbls / d, Canada 2 308 boe / d), a rise of 654 boe / d (4%) from the previous quarter ] ø April production averaged ~ 16,964 boe / d (Egypt 14,583 bbls / d, Canada 2,881 boe / d), an increase of about 1,040 boe / d (7%) from Q1-2019 [19659023] ø Constructive first quarter money stream of $ 15.2 million ($ 0.21 per share). First-quarter internet loss of $ 8.8 million, including an impairment loss of $ 8.Four million and an unrealized loss of $ Four.Eight million on by-product contracts ø Dividend of $ 0.035 ($ 2.5 million) was reported to shareholders March 29, 2019, paid April 18, 2019;

ø Led to the first quarter with a $ 43.6 million constructive working capital, including cash and cash equivalents of $ 24.7 million [1965928] Drilling 2 oil tanks to Egypt (M-10 Twin and NWG 38A-Eight) and recharging / recharging 2 water wells (Okay-8 WDW and Okay-10 WDW) during the quarter [19659003] ø A improvement lease software was submitted to South Ghazalat in February, and it coated the first manufacturing earlier than the finish of the yr ø [19659007] Outfitted and tied to 6 cardiac oil wells in the Harmattan area of ​​Canada (joining the 2018 capital system) in January 2019 ø [1965900] Sales was a mean of 15,047 boe / d, whereas one lifting of cargo from TransGlobe crude oil was in March ø Drilled a brand new tank oil tank (HW-2X) in western Bakri, whose inside the estimated internet premium of 113 m was after the quarter delivered to manufacturing at an initial value of ~ 625 bbls / d in early Might; and ø Drilling a improvement oil tank (H-30) with an estimated estimated 25-meter Yusr oil premium after a quarter .

FINANCIAL AND OPERATING RESULTS [$
($ 000 excluding shares, worth, amounts and proportion change)

Three months on March 31, Price range ] 2019 2018 % Change Oil and Natural Fuel Gross sales 69,217 52,951 52,951 19659086] Oil and pure fuel sales, less royalties 37,352 24,715 51 By-product of Commodity Contracts ( 222 (118 ) (88 ) Unrealized loss of derivatives on commodity contracts (Four,774 ) ] (6,046 ) 21 Manufacturing and Use Costs 11,533 [19659959] [19659000] [19659041] 8 Promoting costs 475 46 933 933 933 933 costs Four,867 3,996 22 Depreciation, Depreciation and Depreciation 8 766 [19659000] 6,848 28 Revenue Taxes 6,203 6,zero19 three Enterprise Cash Stream 19659041] (19659041) [1965928] (83 ) 19659041] 286 Primary per share 0.21 0.05 0 , 05 196 59184] Diluted per share zero.21 zero.05 Internet Loss (Eight,806 ) ] (10,120 ) 13 Primary per share (0.12 ) (0.14 ) 19659041] Diluted per share (zero.12 ) (zero.14 ) Value of Capital Eight,547 Eight,537 ] 4,635 84 Declared Dividends 2,539 – – – Dividends reported as Shares 0.035 – Working Capital 43,600 19659028] (4 ) Brief-term debt of Lo, together with the present share [19659010] 67,167 (19 ) [1965918] 19659184] Primary (weighted common) 72,427 72,206 – – 72.694 72,206 1 Complete belongings 308,113 308,113 308,113 308,113 (1 ) Usage [19659096] Common Production Volume (Boe / d) 15,924 14,375 11 Common Gross sales Quantity (boe / d) ] 15047 11 753 28 Inventory (mbbls) 647.0 1 192 908 19659094] ) Average Gross sales Worth ($ per boe) 51.11 50.06 2 2 2 costs ($ per boe) 8.52 10.06 (15 ) 1 Money movement from operating activities is cash circulate from working actions before modifications in non-cash working capital, and is probably not corresponding to those used by other entities.
Average Reference Charges and Change Rates 2019 2018
Q-1 Q-Four Q-Four Q-2 Q-1
Crude Oil
Day Common Brent Oil (US $ / bbl) 63.17 67.71 75.22 [19659909 74.50 66.81
Edmonton Sweet Index (US $ / bbl) 49, 96 19659007] 62.68 62.43 56.98
Natural fuel [19659023] 19659371] [19659087] AECO (C $ / mmbtu) 2.62 1.56 1.18 [19659190] 2.08
Common US / Canadian Dollar Trade Price 1.33 1.32 [19659884] 1.29 1.26

SUMMARY

TransGlobe Energy Company ("TransGlobe" or "Company") averaged 15,924 barrels of oil equivalent per day ("Boe / d") in the first quarter of 2019. Egyptian manufacturing was 13,616 barrels of oil per day ("bbls / d") and Canadian production was 2,308 boe / d. Production in the fourth quarter was greater than 2019 (14,000 – 15,000 boe / d) and Four% larger than in the earlier quarter.

By March 31, 2014, the company had about 647.zero thousand barrels ('mbbls') of stored crude oil. All Canadian manufacturing was bought during the quarter and the company bought 452.6 million kilos of reputable crude oil in Egypt

TransGlobe's Egyptian crude oil is bought at a high-quality discounted date to Brent. During the quarter, the firm acquired a mean worth of $ 54.93 per barrel. In Canada, the company acquired a mean of $ 48.53 per barrel of oil and $ 1.94 per thousand cubic meters of natural fuel in the first quarter of 2019.

In the first quarter of 2019, the firm had funds of $ 15.2 million in operations and ended with a quarter of constructive working capital of $ 43.6 million, including cash and cash equivalents of $ 24.7 million. The company had a internet loss of $ 8.8 million, together with a write-down of $ Eight.4 million from the company's exploration and analysis belongings in South Alamein, and $ 4.Eight million in unrealized by-product contracts, equal to a fair value adjustment

The corporate announced that dividends can be paid to shareholders 18 March, 2019, $ zero.035 per share on March 29, 2019.

In the Japanese desert, the firm drilled two improvement oil tanks in the first quarter of 2019. In West Bakr, the firm drilled and produced an M-10 alternative nicely (M-10 Twin) as an Asl oil producer, which was brought into manufacturing in February and at present produces ~ 400 bbls / d. The company relocated / deepened two suspended oil tanks and transformed them into water provide wells (Okay-Eight WDW and Okay-10 WDW). In Northwest Gharib, the company drilled NWG 38A-Eight at a depth of 1,631 meters (5,350 ft) and headed to the south of the NWG 38A Purple Mattress to offer water injection / tank strain help to the 38A pool. Kaivo completed and produced a mean of 45 bbls / d and 100 barrels of water per day. Based mostly on the results of early production, the properly was converted right into a water jet at the starting of Q2-2019 to start out supporting the strain of the NWG 38A.

After the fourth quarter, the firm drilled two wells to West Bakri, which led to the discovery of oil at HW -2X and the improvement oil nicely at H-30. The HW-2X exploration nicely was drilled to a depth of 1,554 meters (5,425 meters) and dug right into a Yusr oil channel. Based mostly on open hole and wire blasting samples, the Yusr configuration had a well-estimated 34.5-meter (113 ft) internet oil salary. The HW-2X nicely was completed and put into manufacturing at the starting of Might with an initial velocity of ~ 625 bbls / d. The H-30 improvement properly was drilled to a depth of 1,555 meters (5.454 meters) and dug into the Yusr oil channel. Based mostly on open gap and wire blasting samples, the Yusr configuration showed a well-estimated 7.8 meter (25 ft) internet oil charge. The H-30 nicely is due to be completed and oil production will probably be accomplished by the finish of Might. After H-30, the drilling rig is designed to drill properly in West Bakr (Okay-63) and in one of the exploration areas in Northwest Gharib (NWG 38 D-1).

In the western desert, the company submitted an software for improvement of EGPC in February to seek out the South Ghazalat SGZ 6X oil. The company has allocated manufacturing from this license agreement before the finish of the yr. In South Alamein, the firm failed in its efforts to secure army approval to its desired drilling website. In the mild of current events, TransGlobe has recorded an impairment loss of $ Eight.4 million and will proceed to barter access to the western part of this license

In Canada, the company outfitted and tied up six (five networks) Cardium oil wells (from the 2018 capital program) in the Harmattan space in January. As a consequence of the low ethane worth, the TransGlobe Group's fuel processing plant closed its deep-cut ethanol extraction plant in January. About 250 boe / d ethane was bought as half of the fuel stream Q1-2019 with a better power content, leading to a neutral impression on income. It’s expected that ethane levels will stay in the gross sales volume This fall-2019

Advice on Future Opinions

Certain statements contained on this publication are forward-looking statements or forward-looking info in accordance with applicable securities legislation. Such forward-looking statements or info are offered to offer information about management's current expectations and future plans. Readers are warned that the use of such info is probably not suitable for other functions. Forward-looking statements or info sometimes embrace statements that include phrases comparable to "anticipate", "believe", "wait", "plan", "intend", "estimate", "may", "want," "want," or comparable phrases referring to future results or prospects

Particularly, the forward-looking info and statements contained in this doc embrace, however usually are not restricted to, statements about "reserves" which might be forward-looking in nature. statements because they embrace an implicit evaluation based mostly on sure estimates and assumptions that the obtainable reserves or assets exist in predicted or estimated amounts and that the reserves could be produced profitably in the future. Return and backup estimates for TransGlobe reservations are solely estimates here, and there isn’t any assure that the estimated reservations can be refunded. Forward-looking statements or info are based mostly on a number of elements and assumptions used to develop such statements and info, however which can show to be inaccurate. Although the Firm believes that the expectations contained in such forward-looking statements or info are affordable, affordable assurance can’t be placed on forward-looking statements as a result of the Company can’t present assurance that such expectations will prove to be true. Many elements might cause a big difference in the precise results of TransGlobe from these expressed or seen in forward-looking statements made by or on behalf of TransGlobe.

The proactive info and statements introduced in this doc embrace the cost of dividends, including its schedule and quantity, and the firm's intention to announce and pay dividends in the future in accordance with its current dividend coverage. Without prejudice to the above, any future dividend funds and their degree will probably be unsure as the company's dividend policy and the funds obtainable to pay dividends depend, among other things, on: , financial necessities for the firm's operations and technique implementation, ongoing manufacturing maintenance, progress in acquisitions, fluctuations in working capital and timing and amount of investments, in addition to anticipated enterprise improvement capital, cost defaults in Egypt, debt administration necessities, and different elements past the firm's control. As well as, the Firm's capacity to pay dividends is governed by applicable legal guidelines (together with compliance with relevant liquidity and solvency checks in accordance with relevant corporate regulation) and contractual restrictions contained in its debt devices.

Other elements and assumptions that can be identified on this release embrace assumptions made about, for example, expected production volumes; drilling properly scheduling and drilling rigs mobilization; number of wells to be drilled; The power of the company to accumulate certified personnel and gear in a well timed and cost-effective method; a regulatory framework for royalties, taxes and environmental issues in the jurisdictions where the company conducts and conducts business; future capital prices; future sources of finance for the firm's enterprise capital funding packages; geological and technical estimates of the firm's reserves and assets; the geography of the regions where the Firm is engaged in exploration and improvement; current commodity costs and royalties; availability of skilled labor; foreign money change charges; oil worth; results of elevated competition; financial and financial markets; availability of drilling and related gear; the results of the regulation of state businesses; future operating costs; uninterrupted access to TransGlobe and infrastructure areas; return of funds and future production volumes that TransGlobe has adequate money stream, sources of debt or fairness or other financial assets needed to finance its capital and working costs and necessities as required; that TransGlobe's operations and results are in line with its expectations; that TransGlobe has the potential to develop its capabilities as at present designed; current or, where applicable, proposed industrial circumstances, legal guidelines and laws will continue to be valid or as described herein; that estimates of the quantity of TransGlobe stocks and assets and their assumptions (together with commodity prices and improvement prices) are accurate in all material points;

Forward-looking statements or info are based mostly on present expectations, estimates, and predictions that involve a quantity of risks and uncertainties that can cause a big difference in actual results from the firm's foresight and foresight. or statements. These risks and uncertainties, which may trigger a big distinction in precise results from future statements or knowledge, embrace, amongst others, operating prices and / or drilling prices larger than anticipated; Unexpected modifications in the velocity of manufacturing of TransGlobe's oil and fuel properties; modifications in the worth of crude oil and pure fuel; Antagonistic Technical Elements Related to TransGlobe Crude Oil Exploration, Improvement, Manufacturing or Transportation; Modifications or disruptions in the political or tax methods of the TransGlobe industries; modifications in taxation, power or other laws or laws; main investment modifications; delays or production disruptions on account of lack of expert work gear or material; financial fluctuations; aggressive; lack of certified employees; search and improvement results and related actions; get hold of the vital regulatory approvals; fluctuations in oil market prices; fluctuations in trade charges or rates of interest; environmental risks; the potential to boost adequate capital from inner and exterior sources; failure of counterparties in accordance with their agreements; and different elements past the management of the firm. Readers are warned that the above record of authors just isn’t exhaustive. For extra info on these issues, see TransGlobe Public Purposes at www.sedar.com and www.sec.gov/edgar.shtml, also for further dangers related to TransGlobe.

has been made on this launch after this date and the Company isn’t obliged to replace publicly or to revise future statements or info consequently of new info, future occasions or otherwise, until required by applicable securities laws. Future statements or info contained on this bulletin are expressly in keeping with this statement of warning

Oil and Fuel Advisories

. Darrin Drall, P.Eng., – Director of TransGlobe Energy Corporation and certified individual specified in the Mining, Oil and Fuel Corporations Tips of the London Stock Trade, who has verified and authorised the technical knowledge. on this announcement. Drall acquired a Bachelor of Science degree from the University of Manitoba. He is a registered professional engineer in the Province of Alberta (Affiliation of Alberta Professional Engineers and Geosciences) and in Saskatchewan Province (Saskatchewan Affiliation of Engineers and Geosciences) and has over 30 years of experience in oil and fuel. 19659456] BOEs could also be misleading, especially if used individually. The BOE conversion ratio, which is six thousand cubic meters of pure fuel to at least one barrel of oil equal (6 mcf: 1 bbl), is predicated on an power equal conversion technique that is primarily applicable at the tip of the burner and doesn’t correspond to the value at the finish of the properly. Since the worth ratio of crude oil to the present worth in comparison with natural fuel differs considerably from the 6: 1 power definition, the utilization of conversion utilizing the 6: 1 principle may be misleading to point value [19659456] References on this press release to production check speeds are helpful for confirming the presence of hydrocarbons, but such costs are usually not determinative speeds at which such wells start manufacturing and fall after, and don’t show long-term efficiency or ultimate efficiency. restoration. While encouraging, readers are warned to not rely on such costs to calculate TransGlobe's complete manufacturing. No strain analysis or well-tested interpretation has been performed for all wells.

The abbreviations utilized in the following press launch have the following meanings:

Bopd barrels of oil per day
MBopd thousand barrels of oil per day
Boepd barrels of oil equivalent per day
MBoepd thousand barrels of oil equal per day
MBb thousand barrels

 
For more info:

Investor Relations
Telephone: +1 403.264.9888
E mail: investor.relations@trans-globe.com
Web site: http://www.trans-globe.com

[19659007]

TransGlobe Energy By way of FTI Consulting
Randy Neely, Managing Director
Eddie Okay, Chief Financial Officer
Canaccord Genuity (Nomad & Joint Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O & # 39; Connor
James Asensio