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This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta – TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces its 2021 capital budget and production guidance. All dollar values are expressed in US dollars unless otherwise stated. 2021 BUDGET HIGHLIGHTS 2021 capital budget of $27.2MM (before capitalized G&A); Egypt $16.6MM Canada $10.6MM With a significant portion of investment scheduled in the second half of the year, 2021 average production guidance is set at 12.0 to 13.0 MBoepd with a midpoint of 12.5 MBoepd: Egypt 9.7 – 10.5 MBopd; Canada 2.3 – 2.5 MBoepd; With the drilling program back-end loaded the Company expects exit production to be in the range of 13.5 to 14.0 MBoepd; The 2021 drilling program includes 12 Egypt wells and 3 Canadian Cardium wells in South Harmattan. Randy Neely, Chief Executive Officer of TransGlobe, said: “With the approval of the agreement to merge our Eastern Desert concessions behind us and recent commodity price improvements, the Company is rapidly moving forward to re-start investment in Egypt and Canada to […]
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