AIM & TSX: “TGL” & NASDAQ: “TGA”
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, Jan. 24, 2019 (GLOBE NEWSWIRE) — TransGlobe Energy Corporation (“TransGlobe” or the “Company”) today announces its 2018 year-end reserves. All dollar values are expressed in United States dollars unless otherwise stated.
EXECUTIVE SUMMARY
- Total proved (“1P”) gross reserves of 26.9 million barrels oil equivalent (“MMboe”) (YE 2017: 27.5 MMboe) representing a 0.6 MMboe or 2% decrease from year-end 2017 primarily due to production of ~5.3 MMboe during the year, substantially offset by ~4.7 MMboe of positive net revisions.
- Total proved plus probable (“2P”) gross reserves of 44.1 MMboe (YE 2017: 45.9 MMboe) decreased 4% from year-end 2017 primarily due to production of ~5.3 MMboe, substantially offset by ~3.5 MMboe of positive net revisions.
- 2P reserves were comprised of 58% Egypt (medium/heavy oil) and 42% Canada (14% conventional natural gas, 14% natural gas liquids and 14% light oil).
- Replaced 89% and 68% of 2018 production (~5.3 MMboe) on a respective 1P and 2P gross reserves basis.
- Total proved plus probable plus possible (“3P”) gross reserves of 61.8 MMboe (YE 2017: 62.5 MMboe) representing a 0.7 MMboe or 1% reduction.
- Egypt
- A successful discovery at South Ghazalat and successful extensions at West Bakr resulted in positive additions of gross 2P reserves of 2.1 MMboe.
- Improved recoveries across the three concessions resulted in positive additions of 1.8 MMboe which were slightly offset by negative technical revisions of 0.4 MMboe of gross 2P reserves in two fields.
- Canada
- Positive additions of 0.1 MMboe of gross 2P reserves are attributed to the infill drilling of previously booked Cardium locations.
- Negative technical revisions and economic factors of 0.1 MMboe of gross 2P reserves were caused by uneconomic gas at current natural gas price forecasts.
- Egypt
- Present value of future net revenues of $323 MM after tax (2P reserves discounted at 10%, forecast pricing), 4% lower compared to year-end 2017.
- Canadian present value of future net revenues in USD (2P reserves discounted at 10%, forecast pricing after tax) of $117 MM is 2% lower compared to 2017 primarily due to slightly lower reserves.
- Egyptian present value of future net revenues in USD (2P reserves discounted at 10%, forecast pricing after tax) decreased 4% year over year to $207 MM primarily due to slightly lower reserves.
RESERVES
The Company’s 2018 year-end reserves were prepared by GLJ Petroleum Consultants (“GLJ”), a Calgary-based independent qualified reserves evaluator, in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook.
The following is a summary of GLJ’s evaluation for the year ended December 31, 2018 dated January 22, 2019 (the “GLJ Report”). The recovery and reserve estimates of crude oil, natural gas liquids (“NGLs”) and conventional natural gas reserves provided in this news release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, NGL and conventional natural gas reserves may be greater than, or less than, the estimates provided herein. All 2018 year end reserves presented are based on GLJ’s forecast pricing, effective January 1, 2019.
The following tables may not total due to rounding.
Table 1: Oil and Gas Reserves – Based on Forecast Prices and Costs1
Effective December 31, 2018 |
Light Crude Oil & Medium Crude Oil |
Heavy Oil | Conventional Natural Gas |
Natural Gas Liquids |
BOE | |||||||||||||||
Gross | Net2 | Gross | Net2 | Gross | Net2 | Gross | Net2 | Gross | Net2 | |||||||||||
(MMbbl) | (MMbbl) | (MMbbl) | (MMbbl) | (Bcf) | (Bcf) | (MMbbl) | (MMbbl) | (MMboe) | (MMboe) | |||||||||||
Proved Developed | ||||||||||||||||||||
Producing | ||||||||||||||||||||
Canada | 1.2 | 1.0 | – | – | 14.4 | 11.7 | 2.3 | 1.7 | 5.9 | 4.7 | ||||||||||
Egypt | 1.2 | 0.8 | 10.4 | 5.7 | – | – | – | – | 11.6 | 6.5 | ||||||||||
Non Producing | ||||||||||||||||||||
Canada | 0.8 | 0.7 | – | – | 2.0 | 1.8 | 0.3 | 0.3 | 1.4 | 1.2 | ||||||||||
Egypt | 0.3 | 0.2 | 1.9 | 1.0 | – | – | – | – | 2.2 | 1.2 | ||||||||||
Total Proved Developed | 3.5 | 2.7 | 12.3 | 6.6 | 16.4 | 13.5 | 2.7 | 2.0 | 21.1 | 13.6 | ||||||||||
Proved Undeveloped | ||||||||||||||||||||
Canada | 2.0 | 1.8 | – | – | 5.2 | 4.7 | 0.8 | 0.7 | 3.6 | 3.2 | ||||||||||
Egypt | 0.4 | 0.2 | 1.8 | 0.9 | – | – | – | – | 2.1 | 1.2 | ||||||||||
Total Proved Undeveloped | 2.4 | 2.0 | 1.8 | 0.9 | 5.2 | 4.7 | 0.8 | 0.7 | 5.8 | 4.4 | ||||||||||
Proved | ||||||||||||||||||||
Canada | 4.0 | 3.5 | – | – | 21.6 | 18.1 | 3.4 | 2.7 | 11.0 | 9.2 | ||||||||||
Egypt | 1.9 | 1.2 | 14.0 | 7.6 | – | – | – | – | 15.9 | 8.8 | ||||||||||
Total Proved | 5.8 | 4.7 | 14.0 | 7.6 | 21.6 | 18.1 | 3.4 | 2.7 | 26.9 | 17.9 | ||||||||||
Probable | ||||||||||||||||||||
Canada | 2.0 | 1.7 | – | – | 16.5 | 14.9 | 2.6 | 2.3 | 7.4 | 6.5 | ||||||||||
Egypt | 1.8 | 1.1 | 8.0 | 4.0 | – | – | – | – | 9.8 | 5.1 | ||||||||||
Total Probable | 3.8 | 2.8 | 8.0 | 4.0 | 16.5 | 14.9 | 2.6 | 2.3 | 17.2 | 11.6 | ||||||||||
Proved Plus Probable | ||||||||||||||||||||
Canada | 6.0 | 5.2 | – | – | 38.1 | 33.0 | 6.0 | 4.9 | 18.4 | 15.6 | ||||||||||
Egypt | 3.6 | 2.3 | 22.1 | 11.5 | – | – | – | – | 25.7 | 13.8 | ||||||||||
Total Proved Plus Probable |
9.6 | 7.5 | 22.1 | 11.5 | 38.1 | 33.0 | 6.0 | 4.9 | 44.1 | 29.5 | ||||||||||
Possible3 | ||||||||||||||||||||
Canada | 1.4 | 1.1 | – | – | 16.9 | 14.9 | 2.2 | 1.9 | 6.4 | 5.4 | ||||||||||
Egypt | 2.4 | 1.4 | 8.9 | 4.3 | – | – | – | – | 11.3 | 5.7 | ||||||||||
Total Possible3 | 3.8 | 2.5 | 8.9 | 4.3 | 16.9 | 14.9 | 2.2 | 1.9 | 17.8 | 11.2 | ||||||||||
Total Proved Plus Probable Plus Possible3 |
13.4 | 10.0 | 31.0 | 15.9 | 55.0 | 47.9 | 8.3 | 6.8 | 61.8 | 40.7 |
Note:
- The pricing assumptions used in the GLJ report with respect to the net present value of future net revenue (forecast) as well as the inflation rates used for operating and capital costs are set forth below. See “Forecast Prices used in Estimates”.
- Net reserves are the Company’s working interest share after the deduction of royalties. Net reserves in Egypt include the Company’s share of future cost recovery and production sharing oil after the Government’s royalty based interest but before reserves relating to income taxes payable. Under this method, a portion of the reported reserves will increase as oil prices decrease (and vice versa) as the barrels necessary to achieve cost recovery change with prevailing oil prices.
- Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
2018 Reserve Changes
Reserves at 2018 year-end were lower compared to 2017 year-end primarily due to the production of ~5.3 MMboe, which were substantially offset by ~3.5 MMboe (gross 2P reserves basis) of net positive revisions. The 3.5 MMboe of net positive revisions reflect additions from discoveries, extensions and improved recovery of ~3.9 MMboe in Egypt, ~0.1 MMboe of infill drilling in Canada which was offset by a ~0.5 MMBoe negative revision relating to minor asset performance in Egypt and economic factors in Canada.
Egypt
In Egypt, the Company replaced 95% of 2018 production (~4.4 MMbbl) on a 1P gross reserves basis and 79% of 2018 production on a 2P gross reserves basis. Reserves additions from drilling came from a discovery well in South Ghazalat, reserves extensions from two wells in West Bakr, one well in NW Gharib and the remaining additions coming from reserves category conversions. Positive reserves additions also resulted from improved recovery due to an artificial lift optimization program and technical revisions due to a recompletion program which was implemented following the West Bakr phase 2 production facility expansions in 2018.
The positive revisions highlighted above were partially offset by the underperformance of two minor fields in the West Gharib concession.
Canada
In Canada, the Company replaced 51% of 2018 production (~0.8 MMboe) on a 1P gross reserves basis and 98% of 2018 production on a 2P gross reserves basis. The Company drilled six gross (five net) Cardium formation oil wells (5 one mile and 1 two mile horizontal wells completed with multi-stage fracture stimulation) in the Harmattan area, all of which represented undeveloped reserves conversions.
Positive technical revisions resulted primarily from the 2017 drilling program outperforming forecasts allowing infill drilling reserves to be booked to this year’s program. The positive additions were slightly offset by the negative technical revisions associated with challenging economics for natural gas in the Lone Pine/Harmattan areas.
Conventional natural gas reserves represent approximately 14% of the Company’s total 2P reserves assignment (boe basis) as of December 31, 2018.
Estimated Future Net Revenues
The estimated future net revenues for the years December 31, 2018 and 2017 presented below in millions of U.S. dollars ($MM), are calculated using GLJ’s price forecasts at December 31, 2018 and December 31, 2017 respectively. The 4% decrease in 2P future net revenues is primarily due to lower 2P reserves.
All evaluations and reviews of future net revenues are stated prior to any provision for interest costs or general and administrative costs, and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. It should not be assumed that the estimated future net revenues shown below are representative of the fair market value of the Company’s properties. There is no assurance that such price and cost assumptions will be attained, and variances could be material. The recovery and reserve estimates of crude oil, NGL and natural gas reserves provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered.
All dollar amounts set forth in the tables below are in USD.
Table 2: Present Value of Future Net Reserves, After Tax ($MM) Independent Evaluator’s Price Forecast
Present Value by Category | December 31, 2018 Discounted at | December 31, 2017 Discounted at | ||||||||||||||||||||||||||||
0 | % | 5 | % | 10 | % | 15 | % | 20 | % | 0 | % | 5 | % | 10 | % | 15 | % | 20 | % | |||||||||||
Proved | $ | 328 | $ | 268 | $ | 227 | $ | 197 | $ | 175 | $ | 354 | $ | 278 | $ | 230 | $ | 197 | $ | 173 | ||||||||||
Proved plus Probable | $ | 533 | $ | 402 | $ | 323 | $ | 271 | $ | 235 | $ | 587 | $ | 427 | $ | 336 | $ | 278 | $ | 238 | ||||||||||
Proved plus Probable plus Possible | $ | 756 | $ | 541 | $ | 421 | $ | 346 | $ | 295 | $ | 792 | $ | 548 | $ | 420 | $ | 343 | $ | 291 |
The following tables provide a breakdown of future net revenue by component and production group as at December 31, 2018 forecast prices and costs.
Table 3: Present Value of Future Net Revenue – Based on Forecast Prices and Costs1
Before Deducting Future Income Taxes2 Discounted At |
After Deducting Future Income Taxes2 Discounted At |
|||||||||||||||||||||||||||||
Effective December 31, 2018 (MM$) |
0% | 5% | 10% | 15% | 20% | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||||||
Proved Developed | ||||||||||||||||||||||||||||||
Producing | ||||||||||||||||||||||||||||||
Canada | 50.6 | 41.0 | 33.9 | 28.7 | 24.7 | 50.6 | 41.0 | 33.9 | 28.7 | 24.7 | ||||||||||||||||||||
Egypt | 126.5 | 113.8 | 103.8 | 95.7 | 89.1 | 126.5 | 113.8 | 103.8 | 95.7 | 89.1 | ||||||||||||||||||||
Non Producing | ||||||||||||||||||||||||||||||
Canada | 40.0 | 31.1 | 25.5 | 21.6 | 18.9 | 40.0 | 31.1 | 25.5 | 21.6 | 18.9 | ||||||||||||||||||||
Egypt | 22.0 | 19.4 | 17.3 | 15.6 | 14.2 | 22.0 | 19.4 | 17.3 | 15.6 | 14.2 | ||||||||||||||||||||
Total Proved Developed | 239.1 | 205.4 | 180.5 | 161.6 | 146.8 | 239.1 | 205.4 | 180.5 | 161.6 | 146.8 | ||||||||||||||||||||
Proved Undeveloped | ||||||||||||||||||||||||||||||
Canada | 76.4 | 47.9 | 31.3 | 21.1 | 14.4 | 63.9 | 40.9 | 27.2 | 18.6 | 12.8 | ||||||||||||||||||||
Egypt | 25.0 | 21.7 | 19.1 | 16.9 | 15.2 | 25.0 | 21.7 | 19.1 | 16.9 | 15.2 | ||||||||||||||||||||
Total Proved Undeveloped | 101.4 | 69.6 | 50.4 | 38.0 | 29.5 | 88.9 | 62.6 | 46.3 | 35.5 | 28.0 | ||||||||||||||||||||
Proved | ||||||||||||||||||||||||||||||
Canada | 167.0 | 120.0 | 90.7 | 71.4 | 58.0 | 154.5 | 113.1 | 86.6 | 68.9 | 56.4 | ||||||||||||||||||||
Egypt | 173.5 | 155.0 | 140.2 | 128.3 | 118.4 | 173.5 | 155.0 | 140.2 | 128.3 | 118.4 | ||||||||||||||||||||
Total Proved | 340.5 | 275.0 | 231.0 | 199.7 | 176.4 | 328.0 | 268.0 | 226.9 | 197.2 | 174.8 | ||||||||||||||||||||
Probable | ||||||||||||||||||||||||||||||
Canada | 138.7 | 72.4 | 41.7 | 26.0 | 17.3 | 101.3 | 52.5 | 30.0 | 18.5 | 12.2 | ||||||||||||||||||||
Egypt | 103.2 | 81.3 | 66.4 | 55.7 | 47.8 | 103.2 | 81.3 | 66.4 | 55.7 | 47.8 | ||||||||||||||||||||
Total Probable | 241.9 | 153.7 | 108.1 | 81.8 | 65.1 | 204.5 | 133.9 | 96.4 | 74.3 | 60.0 | ||||||||||||||||||||
Proved Plus Probable | ||||||||||||||||||||||||||||||
Canada | 305.7 | 192.4 | 132.5 | 97.4 | 75.2 | 255.8 | 165.6 | 116.6 | 87.4 | 68.6 | ||||||||||||||||||||
Egypt | 276.7 | 236.3 | 206.7 | 184.0 | 166.2 | 276.7 | 236.3 | 206.7 | 184.0 | 166.2 | ||||||||||||||||||||
Total Proved Plus Probable | 582.4 | 428.7 | 339.1 | 281.4 | 241.5 | 532.5 | 401.9 | 323.3 | 271.5 | 234.8 | ||||||||||||||||||||
Possible | ||||||||||||||||||||||||||||||
Canada | 126.6 | 60.8 | 34.5 | 22.2 | 15.6 | 92.2 | 44.2 | 25.0 | 16.1 | 11.3 | ||||||||||||||||||||
Egypt | 131.4 | 94.6 | 72.6 | 58.3 | 48.5 | 131.4 | 94.6 | 72.6 | 58.3 | 48.5 | ||||||||||||||||||||
Total Possible | 258.0 | 155.4 | 107.1 | 80.5 | 64.1 | 223.6 | 138.8 | 97.5 | 74.3 | 59.8 | ||||||||||||||||||||
Total Proved Plus Probable Plus Possible |
840.3 | 584.1 | 446.2 | 361.9 | 305.5 | 756.1 | 540.7 | 420.8 | 345.8 | 294.6 |
Note:
- The pricing assumptions used in the GLJ report with respect to the net present values of future net revenue (forecast) as well as inflation rates used for operating and capital costs are set forth herein. See “Forecast Prices used in Estimates”.
- In Egypt, under the terms of the PSC’s, income tax is current and assessed on all production sharing oil; therefore all Egypt future net revenues are after income tax.
Table 4: Future Net Revenue by Production Group Based on Forecast Prices and Costs3,4
Effective December 31, 2018 | Before Income Taxes | Unit Value | ||
(MM$) | (Disc. at 10% Per Year) | Disc. @10% ($/boe) | ||
Proved Developed Producing | ||||
Light Crude Oil & Medium Crude Oil1 | 51.4 | 17.17 | ||
Heavy Oil1 | 90.2 | 15.88 | ||
Conventional Natural Gas2 | -3.8 | -1.54 | ||
Total Proved Developed Producing | 137.7 | 12.34 | ||
Proved | ||||
Light Crude Oil & Medium Crude Oil1 | 115.9 | 14.98 | ||
Heavy Oil1 | 119.3 | 15.79 | ||
Conventional Natural Gas2 | -4.2 | -1.60 | ||
Total Proved | 231.0 | 12.88 | ||
Proved Plus Probable | ||||
Light Crude Oil & Medium Crude Oil1 | 164.6 | 13.83 | ||
Heavy Oil1 | 172.2 | 14.91 | ||
Conventional Natural Gas2 | 2.3 | 0.38 | ||
Total Probable Plus Probable | 339.1 | 11.50 | ||
Proved Plus Probable Plus Possible | ||||
Light Crude Oil & Medium Crude Oil1 | 210.7 | 13.75 | ||
Heavy Oil1 | 224.9 | 14.16 | ||
Conventional Natural Gas2 | 10.6 | 1.12 | ||
Total Proved Plus Probable Plus Possible | 446.2 | 10.98 |
Notes
- Including solution gas and other by-products
- Including by-products but excluding solution gas
- Other company revenue and costs not related to a specific production group have been allocated proportionately to production groups. Unit values are based on Company Net Reserves.
- In Egypt, under the terms of the PSC’s, income tax is current and assessed on all production sharing oil; therefore all Egypt future net revenues are after income tax.
Pricing used in the year-end report effective December 31, 2018 is set forth in the tables below.
Table 5: Forecast Prices used in Estimates effective January 1, 2019
Light Crude Oil and Medium Crude Oil |
Conventional Natural Gas |
Natural Gas Liquids – Edmonton | Inflation Rate |
Exchange Rate |
|||||||||||||||||||||||||
Year | WTI Cushing Oklahoma (USD/bbl) |
Edmonton Par Price 40oAPI (CAD/bbl) |
Brent (USD/bbl) |
AECO Gas Price (CAD/ MMBtu) |
Ethane (CAD/bbl) |
Propane (CAD/ bbl) |
Butane (CAD/ bbl) |
Pentane (CAD/ bbl) |
% Per Year |
(USD/ CAD) |
|||||||||||||||||||
2019 | 56.25 | 63.33 | 63.25 | 1.85 | 6.75 | 40.40 | 53.74 | 76.42 | 2.0 | 0.750 | |||||||||||||||||||
2020 | 63.00 | 75.32 | 68.50 | 2.29 | 7.20 | 32.39 | 37.66 | 79.22 | 2.0 | 0.770 | |||||||||||||||||||
2021 | 67.00 | 79.75 | 71.25 | 2.67 | 8.51 | 36.68 | 47.85 | 83.54 | 2.0 | 0.790 | |||||||||||||||||||
2022 | 70.00 | 81.48 | 73.00 | 2.90 | 9.27 | 39.11 | 57.04 | 85.49 | 2.0 | 0.810 | |||||||||||||||||||
2023 | 72.50 | 83.54 | 75.50 | 3.14 | 10.12 | 41.77 | 58.48 | 87.80 | 2.0 | 0.820 | |||||||||||||||||||
2024 | 75.00 | 86.06 | 78.00 | 3.23 | 10.42 | 43.03 | 60.24 | 90.30 | 2.0 | 0.825 | |||||||||||||||||||
2025 | 77.50 | 89.09 | 80.50 | 3.34 | 10.78 | 44.55 | 62.36 | 93.33 | 2.0 | 0.825 | |||||||||||||||||||
2026 | 80.41 | 92.62 | 83.41 | 3.41 | 11.03 | 46.31 | 64.83 | 96.86 | 2.0 | 0.825 | |||||||||||||||||||
2027 | 82.02 | 94.57 | 85.02 | 3.48 | 11.27 | 47.28 | 66.20 | 98.81 | 2.0 | 0.825 | |||||||||||||||||||
2028 | 83.66 | 96.56 | 86.66 | 3.54 | 11.48 | 48.28 | 67.59 | 100.80 | 2.0 | 0.825 | |||||||||||||||||||
2029+ | Escalate oil, gas and product prices at 2.0% per year thereafter | 2.0 | 0.825 |
The following table summarizes GLJ’s reference price forecast used to estimate future net revenues for Egypt effective December 31, 2018 and December 31, 2017.
Table 6: Reconciliation of Brent Price Forecast
Brent Forecast Pricing (USD/bbl) | 2019 | 2020 | 2021 | 2022 | 2023 | |||||
Year-end 2018 | 63.25 | 68.50 | 71.25 | 73.00 | 75.50 | |||||
Year-end 2017 | 63.50 | 63.00 | 66.00 | 69.00 | 72.00 | |||||
Table 7: Reconciliations of Changes in Reserves
The following tables detail reconciliation of the changes in TransGlobe’s gross light and medium crude oil, heavy oil, associated and non-associated (combined) conventional natural gas and NGL reserves as at December 31, 2018 compared to such reserves as at December 31, 2017.
TOTAL COMPANY | Light Crude Oil & Medium Crude Oil |
Heavy Oil | Conventional Natural Gas | ||||||
Factors | Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (Bcf) |
Probable (Bcf) |
Proved + Probable (Bcf) |
At December 31, 2017 | 6.3 | 3.8 | 10.1 | 13.9 | 9.0 | 22.8 | 22.9 | 17.4 | 40.3 |
Discoveries | 0.1 | 0.4 | 0.4 | – | – | – | – | – | – |
Extensions & Improved Recovery | 0.2 | -0.1 | 0.1 | 2.6 | 0.8 | 3.5 | 0.2 | -0.2 | – |
Technical Revisions | -0.2 | -0.3 | -0.5 | 1.7 | -1.8 | -0.1 | 0.8 | -0.5 | 0.3 |
Acquisitions | – | – | – | – | – | – | – | – | – |
Dispositions | – | – | – | – | – | – | – | – | – |
Economic Factors | – | – | – | – | – | – | -0.2 | -0.2 | -0.4 |
Production | -0.6 | – | -0.6 | -4.1 | – | -4.1 | -2.1 | – | -2.1 |
At December 31, 2018 | 5.8 | 3.8 | 9.6 | 14.0 | 8.0 | 22.1 | 21.6 | 16.5 | 38.1 |
Natural Gas Liquids | BOE | |||||
Factors | Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (MMboe) |
Probable (MMboe) |
Proved + Probable (MMboe) |
At December 31, 2017 | 3.5 | 2.7 | 6.2 | 27.5 | 18.3 | 45.9 |
Discoveries | – | – | – | 0.1 | 0.4 | 0.4 |
Extensions & Improved Recovery | – | – | – | 2.9 | 0.7 | 3.6 |
Technical Revisions | 0.2 | – | 0.1 | 1.8 | -2.2 | -0.5 |
Acquisitions | – | – | – | – | – | – |
Dispositions | – | – | – | – | – | – |
Economic Factors | – | – | – | – | – | -0.1 |
Production | -0.3 | – | -0.3 | -5.3 | – | -5.3 |
At December 31, 2018 | 3.4 | 2.6 | 6.0 | 26.9 | 17.2 | 44.1 |
CANADA | Light Crude Oil & Medium Crude Oil |
Heavy Oil | Conventional Natural Gas | ||||||
Factors | Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (Bcf) |
Probable (Bcf) |
Proved + Probable (Bcf) |
At December 31, 2017 | 4.1 | 2.2 | 6.3 | – | – | – | 22.9 | 17.4 | 40.3 |
Discoveries | – | – | – | – | – | – | – | – | – |
Extensions & Improved Recovery | 0.2 | -0.1 | 0.1 | – | – | – | 0.2 | -0.2 | – |
Technical Revisions | -0.1 | -0.1 | -0.2 | – | – | – | 0.8 | -0.5 | 0.3 |
Acquisitions | – | – | – | – | – | – | – | – | – |
Dispositions | – | – | – | – | – | – | – | – | – |
Economic Factors | – | – | – | – | – | – | -0.2 | -0.2 | -0.4 |
Production | -0.2 | – | -0.2 | – | – | – | -2.1 | – | -2.1 |
At December 31, 2018 | 4.0 | 2.0 | 6.0 | – | – | – | 21.6 | 16.5 | 38.1 |
Natural Gas Liquids | BOE | |||||
Factors | Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (MMboe) |
Probable (MMboe) |
Proved + Probable (MMboe) |
At December 31, 2017 | 3.5 | 2.7 | 6.2 | 11.4 | 7.8 | 19.3 |
Discoveries | – | – | – | – | – | – |
Extensions & Improved Recovery | – | – | – | 0.2 | -0.1 | 0.1 |
Technical Revisions | 0.2 | – | 0.1 | 0.2 | -0.3 | -0.1 |
Acquisitions | – | – | – | – | – | – |
Dispositions | – | – | – | – | – | – |
Economic Factors | – | – | – | – | – | -0.1 |
Production | -0.3 | – | -0.3 | -0.8 | – | -0.8 |
At December 31, 2018 | 3.4 | 2.6 | 6.0 | 11.0 | 7.4 | 18.4 |
EGYPT | Light Crude Oil & Medium Crude Oil |
Heavy Oil | Conventional Natural Gas | ||||||
Factors | Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (Bcf) |
Probable (Bcf) |
Proved + Probable (Bcf) |
At December 31, 2017 | 2.3 | 1.5 | 3.8 | 13.9 | 9.0 | 22.8 | – | – | – |
Discoveries | 0.1 | 0.4 | 0.4 | – | – | – | – | – | – |
Extensions & Improved Recovery | – | – | – | 2.6 | 0.8 | 3.5 | – | – | – |
Technical Revisions | -0.1 | -0.2 | -0.3 | 1.7 | -1.8 | -0.1 | – | – | – |
Acquisitions | – | – | – | – | – | – | – | – | – |
Dispositions | – | – | – | – | – | – | – | – | – |
Economic Factors | – | – | – | – | – | – | – | – | – |
Production | -0.3 | – | -0.3 | -4.1 | – | -4.1 | – | – | – |
At December 31, 2018 | 1.9 | 1.8 | 3.6 | 14.0 | 8.0 | 22.1 | – | – | – |
Natural Gas Liquids | BOE | |||||
Factors | Proved (MMbbl) |
Probable (MMbbl) |
Proved + Probable (MMbbl) |
Proved (MMboe) |
Probable (MMboe) |
Proved + Probable (MMboe) |
At December 31, 2017 | – | – | – | 16.1 | 10.5 | 26.6 |
Discoveries | – | – | – | 0.1 | 0.4 | 0.4 |
Extensions & Improved Recovery | – | – | – | 2.6 | 0.8 | 3.5 |
Technical Revisions | – | – | – | 1.5 | -1.9 | -0.4 |
Acquisitions | – | – | – | – | – | – |
Dispositions | – | – | – | – | – | – |
Economic Factors | – | – | – | – | – | – |
Production | – | – | – | -4.4 | – | -4.4 |
At December 31, 2018 | – | – | – | 15.9 | 9.8 | 25.7 |
All evaluations and reviews of future net revenues are stated prior to any provision for interest costs or general and administrative costs, and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. It should not be assumed that the estimated future net revenues shown below are representative of the fair market value of the Company’s properties. There is no assurance that such price and cost assumptions will be attained, and variances could be material. The recovery and reserve estimates of crude oil, NGL and natural gas reserves provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, NGL and natural gas reserves may be greater than or less than the estimates provided herein.
About TransGlobe
TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.