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 – TransGlobe Energy Corporation (“TransGlobe” or the “Company”) is pleased to announce its financial and operating results for the three months ended March 31, 2021. All dollar values are expressed in United States dollars unless otherwise stated. TransGlobe’s Condensed Consolidated Interim Financial Statements together with the notes related thereto, as well as TransGlobe’s Management’s Discussion and Analysis for the three months ended March 31, 2021 and 2020, are available on TransGlobe’s website at www.trans-globe.com.
FINANCIAL HIGHLIGHTS:
- Sales averaged 9,691 boe/d including 171.9 Mbbls sold to EGPC for net proceeds of $8.5 million. Average realized price for Q1-2021 sales of $48.47/boe; Q1-2021 average realized price on Egyptian sales of $53.31/bbl and Canadian sales of $29.70/boe;
- Funds flow from operations of $0.1 million ($0.00 per share) in the quarter;
- First quarter net loss of $11.0 million ($0.15 per share), inclusive of a $3.0 million unrealized loss on derivative commodity contracts;
- Ended the first quarter with positive working capital of $7.1 million, including cash of $28.7 million;
- Subsequent to the quarter, the Company sold a ~499 Mbbl cargo of Egypt entitlement crude oil with net proceeds expected in May 2021;
- Subsequent to the quarter, the Company entered into an additional costless Dated Brent collar ($55.00 / $64.75) for the month of April 2021 hedging 350 Mbbls;
OPERATIONAL HIGHLIGHTS:
- First quarter production averaged 12,221 boe/d (Egypt 10,238 bbls/d, Canada 1,983 boe/d), a decrease of 163 boe/d (1%) from the previous quarter, primarily due to natural declines;
- Production in April averaged ~13,316 boe/d (Egypt ~11,009 bbls/d, Canada ~2,307 boe/d), an increase of 9% from Q1-2021;
- Ended the quarter with 455.7 Mbbls of entitlement crude oil inventory, an increase of 227.8 Mbbls from year end. This increase is due to a decrease in sales volumes, partially offset by a decrease in production;
- Recompletion of the SGZ-6X well to the deeper, more prospective lower Bahariya reservoir has been concluded in the Western Desert, Egypt;
- Rig mobilizing to the Eastern Desert, Egypt, where operations on the budgeted twelve well 2021 drilling program will commence this month;
- Completion work commenced during Q1-2021 on the previously drilled 2-mile horizontal well in South Harmattan, Canada;
CORPORATE HIGHLIGHTS:
- Business continuity plans remain effective across our locations in response to COVID-19 with no health and safety impacts or disruption to production; and
- The Company announced a merged concession agreement with a 15-year primary term and improved Company economics on December 3, 2020. The agreement is currently awaiting ratification by the Egyptian Parliament but will have a February 2020 effective date upon ratification. As such, the results achieved in Q1 are exclusive of any effective date adjustments that will be made upon ratification.
FINANCIAL AND OPERATING RESULTS
(US$000s, except per share, price, volume amounts and % change)
Three Months Ended March 31 | |||||||||
Financial | 2021 | 2020 | % Change | ||||||
Petroleum and natural gas sales | 42,277 | 80,187 | (47 | ) | |||||
Petroleum and natural gas sales, net of royalties | 18,052 | 53,234 | (66 | ) | |||||
Realized derivative (loss) gain on commodity contracts | (1,545 | ) | 4,168 | (137 | ) | ||||
Unrealized derivative (loss) gain on commodity contracts | (2,970 | ) | 4,376 | (168 | ) | ||||
Production and operating expense | 9,449 | 23,257 | (59 | ) | |||||
Selling costs | 34 | 626 | (95 | ) | |||||
General and administrative expense | 5,037 | 1,904 | 165 | ||||||
Depletion, depreciation and amortization expense | 4,815 | 12,252 | (61 | ) | |||||
Income tax expense | 4,660 | 4,585 | 2 | ||||||
Cash flow used in operating activities | (3,940 | ) | (3,672 | ) | 7 | ||||
Funds flow from operations1 | 81 | 25,683 | (100 | ) | |||||
Basic per share | – | 0.35 | |||||||
Diluted per share | – | 0.35 | |||||||
Net loss | (11,024 | ) | (55,218 | ) | (80 | ) | |||
Basic per share | (0.15 | ) | (0.76 | ) | |||||
Diluted per share | (0.15 | ) | (0.76 | ) | |||||
Capital expenditures | 2,907 | 5,577 | (48 | ) | |||||
Working capital | 7,055 | 53,294 | (87 | ) | |||||
Long-term debt, including current portion | 21,699 | 36,591 | (41 | ) | |||||
Common shares outstanding | |||||||||
Basic (weighted average) | 72,542 | 72,542 | – | ||||||
Diluted (weighted average) | 72,891 | 72,542 | – | ||||||
Total assets | 197,150 | 241,219 | (18 | ) | |||||
Operating | |||||||||
Average production volumes (boe/d) | 12,221 | 14,997 | (19 | ) | |||||
Average sales volumes (boe/d) | 9,691 | 22,934 | (58 | ) | |||||
Inventory (Mbbls) | 455.7 | 242.1 | 88 | ||||||
Average realized sales price ($/boe) | 48.47 | 38.42 | 26 | ||||||
Production and operating expenses ($/boe) | 10.83 | 11.14 | (3 | ) |
1 | Funds flow from operations (before finance costs) is a measure that represents cash generated from operating activities before changes in non-cash working capital and may not be comparable to measures used by other companies. See “Non-GAAP Financial Measures”. |
2021 | 2020 | |||||||||||||||||||
Average reference prices and exchange rates | Q-1 | Q-4 | Q-3 | Q-2 | Q-1 | |||||||||||||||
Crude oil | ||||||||||||||||||||
Dated Brent average oil price ($/bbl) | 60.82 | 44.29 | 42.96 | 29.34 | 50.44 | |||||||||||||||
Edmonton Sweet index ($/bbl) | 52.54 | 38.50 | 37.35 | 21.71 | 38.59 | |||||||||||||||
Natural gas | ||||||||||||||||||||
AECO ($/MMBtu) | 2.30 | 2.18 | 1.69 | 1.41 | 1.43 | |||||||||||||||
US/Canadian Dollar average exchange rate | 1.27 | 1.30 | 1.33 | 1.39 | 1.35 |
CORPORATE SUMMARY
TransGlobe Energy Corporation (“TransGlobe” or the “Company”) produced an average of 12,221 barrels of oil equivalent per day (“boe/d”) during the first quarter of 2021. Egypt production was 10,238 barrels of oil per day (“bbls/d”) and Canada production was 1,983 boe/d. Production for the quarter was within full year 2021 guidance of 12,000 to 13,000 boe/d and 1% lower than the previous quarter, primarily due to natural declines.
TransGlobe’s Egyptian crude oil is sold at a quality discount to Dated Brent. The Company received an average price of $53.31 per barrel in Egypt during the quarter. In Canada, the Company received an average of $52.66 per barrel of oil, $26.42 per barrel of NGLs and $2.46 per thousand cubic feet (“Mcf”) of natural gas during the quarter.
During Q1-2021, the Company had funds flow from operations of $0.1 million and ended the quarter with positive working capital of $7.1 million, including cash of $28.7 million. The Company had a net loss in the quarter of $11.0 million, inclusive of a $3.0 million unrealized derivative loss on commodity contracts which represents a fair value adjustment on the Company’s hedging contracts at March 31, 2021.
In Egypt, the Company sold 171.9 thousand barrels (“Mbbls”) of entitlement crude oil to EGPC during the quarter, and had 455.7 Mbbls of entitlement crude oil inventory at March 31, 2021. The increase in inventoried crude oil is attributed to a decrease in sales volumes, offset by a slight decrease in production from the previous quarter. Subsequent to the quarter, TransGlobe sold a ~499 Mbbl cargo of Egypt entitlement crude oil, with net proceeds expected in May 2021. All Canadian production was sold during the quarter.
As announced on December 3, 2020, the Company has reached an agreement with the Egyptian General Petroleum Company (“EGPC”) to merge its three existing Eastern Desert concessions with a 15-year primary term and improved Company economics. The Company recently held discussions with the Ministry of Petroleum, and was informed that due to the recent Egyptian election combined with internal process changes for ratification, the Ministry is now expecting ratification to occur in the second half of 2021. The February 1, 2020 effective date for the improved concession terms and assurances from the Ministry is supportive of increased investment in advance of ratification.
In Egypt, the recompletion of the SGZ-6X well to the deeper, more prospective lower Bahariya reservoir has been concluded in the Western Desert. The well commenced production in March 2021. The rig is mobilizing to the Company’s Eastern Desert concessions where operations on the budgeted twelve well 2021 drilling program will commence in May 2021.
In Canada, completion work commenced during Q1-2021 on the previously drilled 2-mile horizontal well in South Harmattan. The well was completed and equipped in February and March and brought on production in early April with encouraging results during the clean-up phase.
The Company remains forward looking and prepared to use its operational control to take advantage of any sustained upward movement in oil price. TransGlobe continues to be vigilant in its search for M&A opportunities while steadfastly retaining its focus on shareholder value creation.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity describes a company’s ability to access cash. Companies operating in the upstream oil and gas industry require sufficient cash in order to fund capital programs that maintain and increase production and reserves, to acquire strategic oil and gas assets, to repay current liabilities and debt and ultimately to provide a return to shareholders. TransGlobe’s capital programs are funded by existing working capital and cash provided from operating activities. The Company’s cash flow from operations varies significantly from quarter to quarter, depending on the timing of oil sales from cargoes lifted in Egypt, and these fluctuations in cash flow impact the Company’s liquidity. TransGlobe’s management will continue to steward capital and focus on cost reductions in order to maintain balance sheet strength through the current volatile oil price environment.
Funding for the Company’s capital expenditures is provided by cash flows from operations and cash on hand. The Company expects to fund its 2021 exploration and development program through the use of working capital and cash flow from operations. Fluctuations in commodity prices, product demand, foreign exchange rates, interest rates and various other risks may impact capital resources and capital expenditures.
Working capital is the amount by which current assets exceed current liabilities. As at March 31, 2021, the Company had a working capital surplus of $7.1 million (December 31, 2020 – $15.3 million). The decrease in working capital is primarily due to cash payments on Canadian capital expenditures, an increase in crude oil inventory, and the derivative commodity contracts returning to a liability position, partially offset by a decrease in accounts payable.
As at March 31, 2021, the Company’s cash equivalents balance consisted of short-term deposits with an original term to maturity at purchase of one month or less. All of the Company’s cash and cash equivalents are on deposit with high credit-quality financial institutions.
Over the past 10 years, the Company has experienced delays in the collection of accounts receivable from EGPC. The length of delay peaked in 2013, returned to historical delays of up to nine months in 2017, and has since fluctuated within an acceptable range. As at March 31, 2021, amounts owing from EGPC were $4.9 million. The Company considers there to be minimal credit risk associated with amounts receivable from EGPC.
In Egypt, the Company sold 171.9 Mbbls of crude oil to EGPC in Q1-2021 for net proceeds of $8.5 million. During the first quarter of 2021, the Company collected $10.0 million of accounts receivable from EGPC, an additional $1.0 million has been collected subsequent to the quarter. The Company incurs a 30-day collection cycle on sales to third-party international buyers. Depending on the Company’s assessment of the credit of crude oil purchasers, they may be required to post irrevocable letters of credit to support the sales prior to the cargo lifting. As at March 31, 2021, crude oil held as inventory was 455.7 Mbbls.
As at March 31, 2021, the Company had $86.0 million of revolving credit facilities with $21.7 million drawn and $64.3 million available. The Company has a prepayment agreement with Mercuria that allows for a revolving balance of up to $75.0 million, of which $15.0 million was drawn and outstanding as at March 31, 2021. The Company also has a revolving Canadian reserves-based lending facility with ATB totaling C$15.0 million ($11.0 million), of which C$8.4 million ($6.7 million) was drawn and outstanding. During the three months ended March 31, 2021, the Company had drawings of C$0.1 million ($0.1 million) on this facility.
The Company actively monitors its liquidity to ensure that cash flows, credit facilities and working capital are adequate to support these financial liabilities, as well as the Company’s capital programs.
OPERATIONS UPDATE
ARAB REPUBLIC OF EGYPT
EASTERN DESERT
West Gharib, West Bakr, and North West Gharib (100% working interest, operated)
Operations and Exploration
The EDC-64 rig has been mobilized to the Company’s Eastern Desert concessions where operations on the budgeted twelve well 2021 drilling program will commence in May 2021.
Production
Production averaged 10,050 bbls/d during the quarter, a decrease of 1% (79 bbls/d) from the previous quarter. The decrease was primarily due to natural declines.
Production in April 2021 averaged ~10,013 bbls/d.
Sales
The Company sold 165.5 Mbbls of inventoried entitlement crude oil to EGPC during the quarter.
Quarterly Eastern Desert Production (bbls/d) | 2021 | 2020 | ||||||||||
Q-1 | Q-4 | Q-3 | Q-2 | |||||||||
Gross production rate1 | 10,050 | 10,129 | 9,635 | 11,757 | ||||||||
TransGlobe production (inventoried) sold | (2,531 | ) | 3,328 | (1,432 | ) | (1,761 | ) | |||||
Total sales | 7,519 | 13,457 | 8,203 | 9,996 | ||||||||
Government share (royalties and tax) | 5,680 | 5,715 | 5,452 | 6,648 | ||||||||
TransGlobe sales (after royalties and tax)2 | 1,839 | 7,742 | 2,751 | 3,348 | ||||||||
Total sales | 7,519 | 13,457 | 8,203 | 9,996 |
1 | Quarterly production by concession (bbls/d): |
West Gharib – 3,076 (Q1-2021), 3,113 (Q4-2020), 2,808 (Q3-2020), and 3,453 (Q2-2020) | |
West Bakr – 6,415 (Q1-2021), 6,656 (Q4-2020), 6,498 (Q3-2020), and 7,935 (Q2-2020) | |
North West Gharib – 559 (Q1-2021), 360 (Q4-2020), 329 (Q3-2020), and 369 (Q2-2020) | |
2 | Under the terms of the Production Sharing Concession Agreements, royalties and taxes are paid out of the government’s share of production sharing oil. |
WESTERN DESERT
South Ghazalat (100% working interest, operated)
Operations and Exploration
The recompletion of SGZ-6X well to the deeper, more prospective lower Bahariya reservoir has been concluded. The well commenced production on March 21, 2021 at a field estimated production rate of ~3,600 bbls/d of light oil on a 32/64-inch choke with 0% watercut.
As planned, on March 22, 2021 the well was restricted to a field-estimated ~1,000 bbls/d of light-oil on a reduced choke to facilitate reservoir data gathering and the preparation of an effective reservoir management plan for the lower Bahariya at this location. The Company will provide a further update on South Ghazalat once this plan has been developed, though an increased oil offtake rate is now considered unlikely.
Work to expand the early production facility at South Ghazalat has been completed.
Production
Production averaged 188 bbls/d during the quarter, an increase of 35% (49 bbls/d) from the previous quarter. The increase was due to the recompletion noted above.
Production in April 2021 averaged ~996 bbls/d.
Sales
The Company sold 6.4 Mbbls of inventoried entitlement crude oil to EGPC during the quarter.
Quarterly Western Desert Production (bbls/d) | 2021 | 2020 | ||||||||||
Q-1 | Q-4 | Q-3 | Q-2 | |||||||||
Gross production rate | 188 | 139 | 177 | 233 | ||||||||
Total sales | 188 | 139 | 177 | 233 | ||||||||
Government share (royalties and tax) | 117 | 86 | 110 | 145 | ||||||||
TransGlobe sales (after royalties and tax)1 | 71 | 53 | 67 | 88 | ||||||||
Total sales | 188 | 139 | 177 | 233 |
1 | Under the terms of the Production Sharing Concession Agreements, royalties and taxes are paid out of the government’s share of production sharing oil. |
CANADA
Operations and Exploration
In February the previously drilled 2-mile horizontal well in South Harmattan (13-16-29-3W5) was successfully completed. The well was equipped in March and brought on production at the beginning of April. The initial indications have been positive and a production update will be provided once stabilized rates are known.
Further development activity is planned in South Harmattan in 2021; the previously announced capital program includes drilling three horizontal wells targeting the Cardium light oil resource at Harmattan. The Company holds 22.5 sections of land in the South Harmattan area.
Production
In Canada, production averaged 1,983 boe/d during the quarter, a decrease of 133 boe/d (6%) from the previous quarter and below full year 2021 guidance of 2,300 to 2,500 boe/d. The decrease in production from the previous quarter is partially due to the shutting in of the 2-20-29-3W5 well while stimulation operations were occurring for the offsetting 13-16-29-3W5 well. Natural declines also contributed to the decrease in production. With the execution of the 2021 capital program, it is expected that production will be in-line with full year 2021 guidance.
Production in April 2021 averaged ~2,307 boe/d with ~754 bbls/d of oil. The increase in production in April is primarily due to the added production of the recently completed South Harmattan Cardium Horizontal well.
Quarterly Canada Production | 2021 | 2020 | ||||||||||
Q-1 | Q-4 | Q-3 | Q-2 | |||||||||
Canada crude oil (bbls/d) | 564 | 618 | 661 | 706 | ||||||||
Canada NGLs (bbls/d) | 710 | 755 | 798 | 826 | ||||||||
Canada natural gas (Mcf/d) | 4,259 | 4,454 | 4,633 | 4,665 | ||||||||
Total production (boe/d) | 1,983 | 2,116 | 2,232 | 2,310 |
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Unaudited – Expressed in thousands of U.S. Dollars, except per share amounts)
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
REVENUE | |||||||||||
Petroleum and natural gas sales, net of royalties | 18,052 | 53,234 | |||||||||
Finance revenue | 3 | 58 | |||||||||
18,055 | 53,292 | ||||||||||
EXPENSES | |||||||||||
Production and operating | 9,449 | 23,257 | |||||||||
Selling costs | 34 | 626 | |||||||||
General and administrative | 5,037 | 1,904 | |||||||||
Foreign exchange loss | 33 | 52 | |||||||||
Finance costs | 470 | 815 | |||||||||
Depletion, depreciation and amortization | 4,815 | 12,252 | |||||||||
Asset retirement obligation accretion | 66 | 68 | |||||||||
Loss (gain) on financial instruments | 4,515 | (8,544 | ) | ||||||||
Impairment loss | – | 73,495 | |||||||||
24,419 | 103,925 | ||||||||||
Loss before income taxes | (6,364 | ) | (50,633 | ) | |||||||
Income tax expense – current | 4,660 | 4,585 | |||||||||
NET LOSS | (11,024 | ) | (55,218 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Currency translation adjustments | 394 | (4,806 | ) | ||||||||
COMPREHENSIVE LOSS | (10,630 | ) | (60,024 | ) | |||||||
Net loss per share | |||||||||||
Basic | (0.15 | ) | (0.76 | ) | |||||||
Diluted | (0.15 | ) | (0.76 | ) |
Condensed Consolidated Interim Balance Sheets
(Unaudited – Expressed in thousands of U.S. Dollars)
As at | As at | ||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current | |||||||||||
Cash and cash equivalents | 28,669 | 34,510 | |||||||||
Accounts receivable | 9,209 | 9,996 | |||||||||
Derivative commodity contracts | 167 | – | |||||||||
Prepaids and other | 3,069 | 3,530 | |||||||||
Product inventory | 10,246 | 5,828 | |||||||||
51,360 | 53,864 | ||||||||||
Non-Current | |||||||||||
Intangible exploration and evaluation assets | 1,147 | 584 | |||||||||
Property and equipment | |||||||||||
Petroleum and natural gas assets | 137,635 | 140,059 | |||||||||
Other | 2,637 | 2,917 | |||||||||
Deferred taxes | 4,371 | 3,723 | |||||||||
197,150 | 201,147 | ||||||||||
LIABILITIES | |||||||||||
Current | |||||||||||
Accounts payable and accrued liabilities | 24,416 | 21,667 | |||||||||
Derivative commodity contracts | 3,534 | 398 | |||||||||
Current portion of lease obligations | 1,355 | 1,553 | |||||||||
Current portion of long-term debt | 15,000 | 14,897 | |||||||||
44,305 | 38,515 | ||||||||||
Non-Current | |||||||||||
Long-term debt | 6,699 | 6,567 | |||||||||
Asset retirement obligations | 13,146 | 13,042 | |||||||||
Other long-term liabilities | 622 | 544 | |||||||||
Lease obligations | 243 | 461 | |||||||||
Deferred taxes | 4,371 | 3,723 | |||||||||
69,386 | 62,852 | ||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Share capital | 152,805 | 152,805 | |||||||||
Accumulated other comprehensive income | 2,294 | 1,900 | |||||||||
Contributed surplus | 25,208 | 25,109 | |||||||||
Deficit | (52,543 | ) | (41,519 | ) | |||||||
127,764 | 138,295 | ||||||||||
197,150 | 201,147 |
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity
(Unaudited – Expressed in thousands of U.S. Dollars)
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
Share Capital | |||||||||||
Balance, beginning and end of period | 152,805 | 152,805 | |||||||||
Accumulated Other Comprehensive Income | |||||||||||
Balance, beginning of period | 1,900 | 1,134 | |||||||||
Currency translation adjustment | 394 | (4,806 | ) | ||||||||
Balance, end of period | 2,294 | (3,672 | ) | ||||||||
Contributed Surplus | |||||||||||
Balance, beginning of period | 25,109 | 24,673 | |||||||||
Share-based compensation expense | 99 | 149 | |||||||||
Balance, end of period | 25,208 | 24,822 | |||||||||
(Deficit) Retained Earnings | |||||||||||
Balance, beginning of period | (41,519 | ) | 35,878 | ||||||||
Net loss | (11,024 | ) | (55,218 | ) | |||||||
Balance, end of period | (52,543 | ) | (19,340 | ) |
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited – Expressed in thousands of US Dollars)
Three Months Ended March 31 | |||||||||||
2021 | 2020 | ||||||||||
OPERATING | |||||||||||
Net loss | (11,024 | ) | (55,218 | ) | |||||||
Adjustments for: | |||||||||||
Depletion, depreciation and amortization | 4,815 | 12,252 | |||||||||
Asset retirement obligation accretion | 66 | 68 | |||||||||
Impairment loss | – | 73,495 | |||||||||
Share-based compensation | 2,771 | (1,301 | ) | ||||||||
Finance costs | 470 | 815 | |||||||||
Unrealized loss (gain) on financial instruments | 2,970 | (4,376 | ) | ||||||||
Unrealized loss (gain) on foreign currency translation | 4 | (32 | ) | ||||||||
Asset retirement obligations settled | 9 | (20 | ) | ||||||||
Changes in non-cash working capital | (4,021 | ) | (29,355 | ) | |||||||
Net cash used in operating activities | (3,940 | ) | (3,672 | ) | |||||||
INVESTING | |||||||||||
Additions to intangible exploration and evaluation assets | (563 | ) | (330 | ) | |||||||
Additions to petroleum and natural gas assets | (2,330 | ) | (5,161 | ) | |||||||
Additions to other assets | (14 | ) | (86 | ) | |||||||
Changes in non-cash working capital | 1,825 | 932 | |||||||||
Net cash used in investing activities | (1,082 | ) | (4,645 | ) | |||||||
FINANCING | |||||||||||
Interest paid | (293 | ) | (618 | ) | |||||||
Increase in long-term debt | 79 | 96 | |||||||||
Payments on lease obligations | (592 | ) | (394 | ) | |||||||
Changes in non-cash working capital | (1 | ) | – | ||||||||
Net cash used in financing activities | (807 | ) | (916 | ) | |||||||
Currency translation differences relating to cash and cash equivalents | (12 | ) | (187 | ) | |||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,841 | ) | (9,420 | ) | |||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 34,510 | 33,250 | |||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 28,669 | 23,830 |