TransGlobe Energy Corporation Announces Year End 2020 Financial and Operating Results einnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from einnews.com Daily Mail and Mail on Sunday newspapers.
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
Frontera Announces 2020 Year End Reserves
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Extended Net 2P Reserves Life Index to 10.6 years in Colombia
2P Reserves Net Present Value (10% discount) of $1.888 billion Before Tax
Added 18.9 MMboe Net 2P reserves from Colombia fields
TORONTO, March 3, 2021 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) (
Frontera or the
Company ) today announced the results of its annual independent reserves assessment conducted by DeGolyer and MacNaughton (
D&M ). All dollar amounts in this news release and the Company s financial disclosures are in United States dollars, unless otherwise noted.
Richard Herbert, Chief Executive Officer, commented: In 2020, Frontera safely and efficiently added 30.6 MMboe Proved plus Probable (
Frontera Announces 2020 Year End Reserves prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
The beginning of the eight-day holy celebration in the Jewish Faith comes mere days after the government of Alberta introduced sweeping restrictions on gatherings and reduced capacity at places of worship.