TransGlobe Energy Posts 2018 Year End Reserve Totals

Calgary-based oil and gas producer TransGlobe Energy (TSX:TGL) has released its 2018 year end reserve numbers. The energy production company has ongoing projects in Canada and Egypt.

As quoted from the press release:

• Total proved gross reserves of 26.9 million barrels oil equivalent (“MMboe”) (YE 2017: 27.5 MMboe) representing a 0.6 MMboe or 2 percent 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 percent 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 percent Egypt (medium/heavy oil) and 42 percent Canada (14 percent conventional natural gas, 14 percent natural gas liquids and 14 percent light oil).
• Replaced 89 percent and 68 percent 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 percent 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.

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