TransGlobe Energy Releases 2018 Results
Canadian-listed TransGlobe Energy Corporation has released its year-end financial and operating results.
Canadian-listed TransGlobe Energy Corporation (TSX:TGL,LSE;TGL,NASDAQ:TGA,OTCMKTS:TGA) has released its financial and operating results for the three months and year ended December 31, 2018.
As quoted from the press release:
- Produced an average of 14,439 boe/d and sold 15,013 boe/d as compared to 15,506 boe/d and 16,849 boe/d in 2017, a 7 percent and 11 percent decrease year over year;
- Funds flow from operations increased to US$63.3 million (US$0.87 per share), up from US$55.6 million (US$0.77 per share) in 2017, a 14 percent increase;
- Reported net earnings of US$15.7 million (US$0.22 per share), inclusive of a US$14.5 million impairment loss and US$9.3 million unrealized gain on derivative commodity contracts;
- Resumed paying a dividend with a US$0.035 per common share payment (US$2.5 million) paid September 14, 2018 to shareholders of record August 31, 2018;
- Reduced inventoried entitlement crude oil in Egypt year over year to 568 mbbls from 777 mbbls, which made a positive contribution to funds flow from operations during the year;
- Ended the year with positive working capital of $51.0 million (including cash and cash equivalents of $51.7 million) at December 31, 2018;
- Spent US$40.7 million on exploration and development activities in both Egypt and Canada;
- Drilled 12 wells in Egypt (four exploration, and eight development), resulting in one discovery and eight development oil wells;
- Drilled a light oil discovery at South Ghazalat which tested at a combined rate of 3,840 bbl/d from the Upper and Lower Bahariya formation;
- Completed Phase 2 expansions of the West Bakr K and H stations to double processing capacity;
- Drilled six (five net) Hz multi-stage Cardium development oil wells in Canada; and
- Ended the year with 44.1 mmboe of 2P reserves, down 4 percent from 2017 year end of 45.9 mmboe.
2019 (to date):
January average production of 15.4 mboe/d, February average production of 15.0 mboe/d;
Drilled a successful oil well at M-10 Twin which was placed on production (~ 495 bbl/d) in February;
Drilled a potential oil well at NWG 38A-8 which will be completed and tested in March;
Progressed and submitted a potential development plan for the South Ghazalat 6X discovery in February, targeting Q4-2019 production;
Equipped and tied in six Cardium oil wells (2018 program) in the Harmattan area, Canada during January; and
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