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TransGlobe Energy Corporation Announces an Operations Update
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TransGlobe Energy Corporation Announces Year End 2020 Financial and Operating Results
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1
The Company achieved the netbacks above on sold barrels of oil equivalent for the year ended December 31, 2020 and December 31, 2019 (these figures do not include TransGlobe s Egypt entitlement crude oil held as inventory at December 31, 2020).
2
Royalties and taxes are settled at the time of production. Fluctuations in royalty and tax costs per bbl are due to timing differences between the production and sale of the Company s entitlement crude oil.
Netback per barrel in Egypt decreased by 46% in 2020 compared to 2019. The decrease was due to a 35% lower realized oil price, 57% higher selling costs and 29% higher production and operating expenses.
Royalties and taxes as a percentage of revenue were 49% in 2020 (2019 - 64%). Royalties and taxes are settled on a production basis, therefore, the correlation of royalties and taxes to oil sales fluctuates depending on the timing of entitlement oil sales. If sales volumes had been equal to production volumes during the year, royalti
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TransGlobe Energy Corporation Announces an Update to Its Significant Shareholders
TransGlobe Energy CorporationFebruary 19, 2021 GMT
AIM & TSX: “TGL” & NASDAQ: “TGA”
CALGARY, Alberta, Feb. 19, 2021 (GLOBE NEWSWIRE) TransGlobe Energy Corporation (“TransGlobe” or the “Company”) understands that as of December 31, 2020, Invesco Ltd., through various funds, individuals and/or institutional clients of the foregoing, beneficially own an aggregate interest in 6,502,037 common shares of the Company, which represents approximately 9.0% of the issued and outstanding common shares of the Company.
The above information is based on the Company’s understanding of Invesco Ltd.’s most recent 13G