BusinessTimes is for folks who likes to get updated before others about latest news of Stock Markets, Business News, Personal Funds, Currencies and Much More. If you have any kind of questions, please feel free to ask by contacting us.

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

Click here to read the full announcement 


Learn to invest in the oil & gas industry


See our report for valuable information


You might also like

Comments are closed.