A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020

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A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
2020 CORPORATE PRESENTATION

A BRIGHT FUTURE
 December 2020

AIM & TSX: TGL
NASDAQ: TGA

www.trans-globe.com
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
CAUTIONARY STATEMENT
The information provided in this presentation is provided as of December 23, 2020 for informational purposes only, is not complete, is based (in part) on information
prepared for internal evaluation purposes and may not contain certain material information about TransGlobe Energy Corporation ("TransGlobe", "TGL", "TGA" or the
"Company"), including important disclosures and risk factors associated with the information disclosed in this presentation. This presentation does not constitute an offer to
sell or a solicitation of an offer to buy any security in Canada, the United States, the United Kingdom or any other jurisdiction. The content of this presentation has not been
reviewed or approved by any securities commission or regulatory authority in Canada, the United States, the United Kingdom or any other jurisdiction. TransGlobe expressly
disclaims any duty to make disclosure or any filings with any securities commission or regulatory authority, except as required by applicable securities laws. See "Cautionary
Statements" beginning on slide 42 for other important disclosures regarding forward looking information, financial outlook and other financial matters, oil and gas
information and other important information.

All dollar values are expressed in US dollars unless otherwise stated.

All production and reserves are company gross working interest share of volumes before deduction of royalty unless otherwise stated.

Please see the table entitled “Production Disclosure” at the end of this presentation for the detailed constituent product types and their respective quantities measured
at the first point of sale for all production amounts disclosed in this presentation on a Bopd and Boepd basis.

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                    Slide 2
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
TRANSGLOBE REBORN
  Transformational Changes in 2020 Will Enable the Company to Immediately Benefit From Oil Price Recovery

  Recently Announced PSC Consolidation Will Transform Company’s Egyptian Portfolio
  Extended life, improved netbacks will allow the pursuit of expanded resource potential

                 Significant Development Potential in Canada
                  Will seek to reduce uncertainty and accelerate development of South Harmattan in 2021

                                  Will Continue to Control Spending Pace and Manage Balance Sheet Conservatively
                                  2020 response to oil price volatility a testament to our proven approach

                                                   Regional Reputation: Strong platform to grow in Egypt and surrounding region
                                                   Company actively seeking merger and acquisition opportunities in Egypt and region

                                                                      Shareholder Returns Are Paramount: Track record of returning value to shareholders
                                                                      2021 will focus on returning to growth to be followed by a re-focus on a return of distributions

 See Cautionary Statements – "Forward-Looking Statements and Information“ and “Oil and Gas Information”

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                               Slide 3
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
CORPORATE SNAPSHOT
PRODUCTION BASE AND NEW EGYPTIAN TERMS UNDERLINE VALUATION DISCONNECT
                                                                                                                      Enterprise Value Estimate                                                                                   ($ MM)
                               12.0 Mboepd                                                                            Shares Outstanding (11/10/20) – MM shares                                                                       ~72.5
                               Q3-2020 Production
                                                                                                                      Market Capitalization (12/23/20) - $0.95/share                                                                  $65.2

                                45.3 MMboe5                                                                           Debt (09/30/20) (Prepay Agreement + Canadian RBL)1                                                              $25.9

                                                                                                                      Working Capital (09/30/20)2 Excl. Crude Inventory & Current portion of LTD                                      $20.1
                             2P Reserves 12/31/19
                                                                                                                      Est. Market Value of Crude Inventory3 (~0.5 MMbbls - 09/30/20)                                                  $19.8

                                                                                                                      Enterprise Value4                                                                                               $51.2
                                    $23.2 MM
           Nine Months ended 09/30 Funds Flow
                                                                                                                        Valuation Metrics
                                    $65.2 MM                                                                            EV / 2P (12/31/19)                                                   $1.13 / 2PBoe
                             Market Capitalization                                                                      EV / Prod (Q3)                                                     $4,266 / Boepd
                                    $27.1 MM                                                                            EV / FFO (LTM) 6                                                                   1.9X
                               Cash on hand 09/30

                                    $51.2 MM
                                   Enterprise Value
 See Cautionary Statements – "Forward-Looking Statements and Information“                                                                                              3 Estimated value of inventoried crude oil is based on average realized price of Gharib blend for Q3 ‘20 sales/inventoried crude oil as at 09/30/2020
                                                                                                                                                                       4 Enterprise value calculated as Market Capitalization + Long term debt (including the current portion) – Working capital (Current Assets (excluding book value of crude
 1 Includes: $75MM Prepayment Agreement from Mercuria Energy Trading SA ($20MM drawn as at 09/30/2020); and C$15MM Reserves-based lending facility (C$8.2 MM             inventory) - Current Liabilities (excluding the current portion of long-term debt)) – Market value of inventoried crude oil
   drawn as at 09/30/2020)                                                                                                                                             5 Based on GLJ reserves evaluation effective 12/31/19. See Cautionary Statements – "Oil and Gas Information“
 2 Current Assets (including cash and cash equivalents, excluding inventoried crude oil) minus Current Liabilities (excluding the current portion of long-term debt)   6 FFO – Funds Flow from Operations is $26.4 mm for the period 01/10/19 to 30/09/20

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                                                                                                                                             Slide 4
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
WHERE WE OPERATE
Macro Statistics: Egypt                                                                    Macro Statistics: Alberta, Canada
• Land mass: ~1 million square km                                                          • Land Mass: ~0.7 million square km
• Population: ~100 million                                                                 • Population: ~4.4 million
• Oil Reserves: 3 billion barrels                                                  EGYPT   • Oil Reserves: 168 billion barrels
                                                                                           • Oil Production (2018): ~5 MMbbl/d
• Oil Production (2018): ~0.7 MMbbl/d
                                                                                           • Natural Gas Production (2018): ~18                                           Alberta
• Natural Gas Production (2018): ~5.7 Bcf/d                                                  Bcf/d
• Net petroleum importer                                                                   • Net petroleum exporter
             ‒ Primary energy consumption focused on natural                                   ‒ Primarily to the United States
               gas and oil
                                                                                           • Advanced energy industry
• Service / Industrial-Based Economy                                                           ‒ Highly educated oil and gas workforce
             ‒ Government focused on increased oil production                                  ‒ Highly developed transportation infrastructure
             ‒ Need for high-value jobs / education across the                                 ‒ Capable service sector with significant
               workforce                                                                         availability of drilling/completion expertise

                                   Major Oil Producers in Egypt (2018)                                                                    Major Oil Producers in Canada (2018)
                                                                                                                                1,025
 Gross Production

                    354

                                                                                                    Gross Production (Mboepd)
    (Mboepd)

                                                                                                                                         730

                                   180
                                                          Calgary                                                                                           452
                                                                                                                                                                                 398
                                                     88
                                                                         49
                                                                              11                                                                                                            2

                                                                                                                                CNRL    Suncor            Cenovus            Imperial Oil   TGL

 Refer to Slide Notes

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                        Slide 5
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
CONSOLIDATED, EXTENDED, AND AMENDED EGYPTIAN EASTERN
DESERT PRODUCTION SHARING CONTRACTS
            The most important and material transaction / event in the Company’s 15-year history in Egypt

       Three years in the making
                   - Leveraged MoP and EGPC efforts to modernize the Oil and Gas industry and increase production

       Materially improved fiscal terms
                   -    Field netbacks will improve by >100% over price range of Brent $40 - $60
                   -    Compensation payment made over 6 years

       Effective Date of 1st February 2020
                   - Approved by the Board of EGPC; anticipating customary ratification in H1 2021

       20-year (15-year primary + 5-year option) Contract Period
                   - Average $10 MM/ year financial commitment over primary period

       59.1 MMbbl Risked Contingent Resources

 See Cautionary Statements – "Forward-Looking Information and Statements“ and “Oil and Gas Information”

TransGlobe Energy | Corporate Presentation | December 2020                                                          Slide 6
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
COMPANY INDICATIVE NETBACKS
                                                                           Egypt (US$)
                            $25

                            $20

                            $15
                                  Base       PG Increment
                                                                                                            $12.00   Egyptian Production
                                                                                                                     • Base netbacks calculated for notional barrel under old concession terms
    Netback ($/bbl)

                                                                                                   $10.00
                            $10                                                            $8.00

                             $5                                          $6.00
                                                                                                   $8.30
                                                                                                            $10.60   • PG increment illustrates expected significant netback improvement from
                                                                                           $6.10
                             $0                               $4.00      $2.50                                          newly-agreed merged Eastern Desert concession agreement
                            -$5
                                  $(5.75)
                                            $2.25
                                                    $(1.60)
                                                                                                                     • Revitalizes economic development and cash flow potential of entire
                        -$10                                                                                            Egyptian portfolio
                                   $20                $30                 $40     Brent    $50      $60      $70

                                                                      Canada - Oil (US$)
                            $50                                                                             $45.23
                                                                                                   $37.70
                            $40
                                                                                                                     Canadian Production
     Netback ($/bbl)

                                                                                          $30.30
                            $30
                                                                        $22.60                                       • Economically robust at low prices, heavily torqued to higher prices
                            $20                     $14.10                                                           • A typical Cardium well produces a combination of light oil, NGLs and
                            $10   $5.10                                                                                 natural gas
                             $0
                                   $20               $30                 $40               $50      $60      $70
                                                                                                                     • TransGlobe’s current production mix in Canada is approximately
                                                                                  WTI
                                                                                                                        30%:35%:35% for light oil, NGLs and Gas
                                                                Canada - Gas/NGLs (US$)
                            $12                                                                             $10.20   • A notional prorata Boe would provide an ~$9.60 netback at WTI $40
                            $10                                                                     $8.40
                                                                                                                     • Play newly extended into virgin South Harmattan area with expected
          Netback ($/boe)

                             $8                                                            $6.55
                             $6                                          $4.70                                          significant upside
                             $4                      $2.65                                                           • Motivates Company to accelerate uncertainty reduction and exploitation of
                             $2    $0.45
                                                                                                                        South Harmattan
                             $0
                                    $20               $30                 $40               $50     $60      $70
                                                                                   WTI
     US$ MMBtu        $1.91                          $1.98                $2.06            $2.14   $2.21    $2.29
     Refer to Slide Notes

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                  Slide 7
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
BUSINESS MODEL: OPERATIONAL SUSTAINABILITY
                                                             Managing operations to achieve highest potential over asset lifetime
                               Contingent Resources          • Utilizing technology and extraction best practices,
                                                                ‒ Egyptian assets’ production has increased >30 years post discovery despite
                                                                  conventional wisdom
                                                             • Proven ability to maintain resource base and production
                                        3P Reserves          • Over the past three years, 2P Reserves have remained consistent
                                                               without asset acquisitions
                                                                ‒ Invested $116mm of capital since 2017
                                                                ‒ Replaced 2P reserves for ~$9 per boe
                                        2P Reserves                                                  Reserve Continuity
                                                                                      60                                               18

                                                                                                                                       16
                                                                                      50
                                                                                                                                       14

                                        1P Reserves

                                                                2P Reserves (MMboe)

                                                                                                                                             Production (Mboepd)
                                                                                      40                                               12

                                                                                                                                       10
                                                                                      30
                                                                                                                                       8

                                                                                      20                                               6
                                            Production &
                                                                                                                                       4
                                              Cashflow                                10
                                                                                                                                       2

                                                                                       0                                               0
                                                                                           2017             2018            2019
                                                                                            Canada          Egypt         Production

TransGlobe Energy | Corporate Presentation | December 2020                                                                                  Slide 8
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
EGYPTIAN ASSET
PORTFOLIO
A BRIGHT FUTURE 2020 CORPORATE PRESENTATION - AIM & TSX: TGL NASDAQ: TGA December 2020
A UNIQUE POSITION IN EGYPT
Focused on extracting maximum potential from known reservoirs and leveraging position
    Best-in-class operator in Egypt with 15 years of in-country operating experience
                    Strong relationship with government

                                     Poised for growth under consolidated Eastern Desert PSCs and higher oil prices

                                                     Seeking inorganic growth opportunities through acquisitions

                                                                                                             Average Egypt Production vs Brent
  Assets continue to deliver                                                                        20,000                                       $125
                                                                                                    18,000
                                                                            Production (bbls/day)

  • Company deploys capital                                                                         16,000                                       $105

                                                                                                                                                        Brent (US$/bbl)
                                                                                                    14,000
    when oil prices support                                                                         12,000                                       $85
    investment, and                                                                                 10,000
                                                                                                     8,000                                       $65
  • Assets continue to respond                                                                       6,000
                                                                                                     4,000                                       $45
    to investment                                                                                    2,000
                                                                                                         0                                       $25

                                                                                                                            Year
 See Cautionary Statements – "Forward-Looking Statements and Information“

TransGlobe Energy | Corporate Presentation | December 2020                                                                                       Slide 10
PETROGLOBE DEAL SUMMARY
             Merged Agreement (Project PetroGlobe) with EGPC will increase recovery from Egyptian Assets
  • Deal creates value for all stakeholders
        ‒ Margin and cash flow improvement
        ‒ Investable at current oil prices                                                                                    • Equalization adjustment to modernize fiscal framework
        ‒ Increased investment will ultimately                                                                                   ‒ Innovative modernization of terms through Egypt’s brownfield
          generate higher gross royalties for EGPC                                                                                 initiative
                                                                                                                                 ‒ Payments made to compensate Egypt for change in fiscal terms
  • Production sharing aligned with                                                                                                on legacy forecast base production
    development                                                                                                                  ‒ Initial payment of $15 MM, then five payments of $10 MM per
        ‒ Modernized fiscal terms allow for                                                                                        year from 2022
          increased field activity as oil prices recover                                                                         ‒ Additional signing bonus of $1 MM
        ‒ Targeting 59.1 MMbbl risked Contingent
          Resources (1,2,3)                                                                                                   • Capital commitments of US$10 MM per year in five-year
                                                                                                                                tranches
  • Concession agreements (PSCs)                                                                                                 ‒ Drives reserve and production growth benefitting both
    consolidated and extended to 2040                                                                                              TransGlobe and EGPC
        ‒ Longer timeframe allows continued                                                                                      ‒ Capital expenditures in Egypt have averaged ~$30 MM per year
          sustainable, responsible investment                                                                                      over the past 5 years
        ‒ Effective date of February 1, 2020
        ‒ Initial 15-year period, plus a 5-year
          extension option

   1) Company evaluation                                        3) Refer to “Resource Definitions” in Cautionary Statements
   2) Not all resources targeted will translate into reserves   below for detailed definitions of Contingent Resources

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                 Slide 11
MERGED CONCESSION ALIGNS ASSET POTENTIAL
WITH INVESTMENT INCENTIVES
                                                                                       Current Eastern Desert Concessions              Merged Concession(1)

                                                                                 West Gharib        West Bakr    NW Gharib         .       PetroGlobe
                    2020E Production (Bopd)                                          3,310 Bopd     7,530 Bopd     390 Bopd                 11,230 Bopd

                    Profit Oil                                                             30%         15%            15%                     ~30%(1)

                    PSC Expiry                                                     2026 + 5Yr Ext     2025       2037 + 5 Yr Ext           2035 + 5Yr Ext

                    Cost Recovery Oil                                                      30%         30%            25%                      40%

                    Excess Cost Oil                                                        30%         0%             5%                       15%

• Agreement improves both profit oil and cost recovery terms
• Extends overall contract life to 2040
     ‒ Especially critical for West Bakr as the major source of current production

• Re-aligns existing cost recovery pools with production to ensure complete recovery of historical costs
  within a new common ring-fence
1)   Based on a $40-60/bbl Brent price range and Eastern Desert only production of 11,230 Bopd

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                    Slide 12
MATERIAL IMPROVEMENT IN OPERATING NETBACKS
                                                                             More cash flow from every barrel produced
                                            Brent Oil Price ($/bbl)                                         Projected Netback Increase ($/bbl)
                                                     $40                                                                ~$5 to $7
                                                     $50                                                                ~$7 to $9
                                                     $60                                                               ~$9 to $11

• Increased net entitlement interests across the Merged Concession
     ‒ Cost oil portion increased to 40%, which accelerates recovery of investment, and therefore re-investment/
       development
     ‒ Profit oil portion ranging from ~20%-30%(1) set on scale according to average Brent Price and production

• Sustainable cash flow
     ‒   Cost base unchanged (i.e. same Opex and same G&A)
     ‒   New fiscal terms drive free cash flow across all reasonable commodity prices
     ‒   Significant cash flow yield potential with Merged Concession framework
     ‒   Potential re-rating of stock price provides significant potential upside to shareholders

• Capital investment expected to be funded from cash flow
1) ~30% in the mid-term expected Brent oil price environment of $40-60/bbl

TransGlobe Energy | Corporate Presentation | December 2020                                                                                       Slide 13
MATERIAL RESOURCES
                                                                         Best Estimate Risked Contingent Resources(1)                                        Impact of Merged Concession on
                                                                                                                                                             Volumes and Production Sharing
                                                                                              Heavy Crude Oil
               Project Maturity Sub-Class
                                                                            Gross (MMbbl)                           Net (MMbbl)

   Development Pending/ On Hold                                                     20.5                                  13.4

   Development Unclarified                                                          38.6                                  22.8

          Total Economic Contingent Resources                                       59.1                                  36.2

   Development Not Viable                                                           2.1                                    1.3

   • Resource recovery opportunities may drive up to
     US$500 MM investment over 20-year period
                                                                                                                                                                                       Equalization payment
        ‒ Secondary and tertiary recovery (e.g. polymer floods),                                                                                                                   compensates EGPC for reduced
          where investment was not previously warranted
                                                                                                                                           Expanding the Pie                         government take on base
                                                                                                                                  Both Egypt and TransGlobe
        ‒ Extended field life supports long term sustainable                                                                   benefit from significant economic
          investment, including ESG projects                                                                                     contingent resource potential
                                                                                                                                   unlocked by new terms.
                                                                                                                                                                            TransGlobe Share
1) Refer to “Advisory Regarding Oil and Gas Information” below for important information regarding these contingent resources.
                                                                                                                                                                            Egypt Share
2) Year End 2019 Egypt eastern desert Total Gross Proved Plus Probable reserves = 26.3 MMbbl of oil (23.6 MMbbl heavy oil and 2.7 MMbbl light/ medium oil)                  Increase in TransGlobe Share of Base
Note: The areas within the pie chart are drawn to provide context and should not be used to infer the potential outcome of Project PetroGlobe
TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                Slide 14
EXISTING EASTERN DESERT: THREE 100% WI CONCESSIONS
 Eastern Desert acquisitions (2007 and 2011) are a template for
                                                                                                                                     NWG Exploration
 the Company’s corporate strategy:
       • Older fields, large resource, unloved by prior owners                                                                       NWG-3X pool appraisal

       • Rigorous technical work, capital discipline and transfer of proven western oilfield
         technologies
       • Exploit, Develop and Explore
                                                                                                                                      Arta Phase 1 Development
 Egypt Production (all concessions):
       • 2020 currently averaging ~11.2 Mbopd (YTD)
       • 2020 revised guidance of 11.2 – 11.6 Mbopd
                                                                                                                                        Appraise HW-2X
 Egypt Reserves (all concessions):                                                                                                         Discovery

       • 1P – 15.6 MMbbl at December 31, 2019
                                                                                                                                                   Recompletes/optimization
       • 2P – 26.7 MMbbl at December 31, 2019
                                                                                                          H-block Exploration                            and infill drilling

 Beyond 2020: PETROGLOBE
       • Concession consolidation agreed
       • Advance primary, secondary, and tertiary development programs to increase recoveries
         and production
       • Assets become investible at much lower oil prices
                                                                                                                 Deferred Activity

 See Cautionary Statements – "Forward-Looking Information and Statements“ and “Oil and Gas Information”
 Refer to Slide Notes

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                     Slide 15
INCREMENTAL CONTINGENT RESOURCES(1,2,3)
UNLOCKED BY NEAR-TERM PETROGLOBE PROJECTS
                Targeting potential 10% incremental oil resources from existing STOOIP
• Projects matured in parallel with negotiations with potential for
  ~$125 MM of investment over 3-5 years
     ‒ K Field/ H Field re-development, and Arta Nukhul horizontal wells/                                                                                                  38A Field

       waterflood targeting ~20.5 MMbbl risked Contingent Resources(4)                                                                                                       38A Field

     ‒ Planned investment exceeds initial 5-year commitment by over 2x

• Portfolio of incremental projects already identified for maturation                                                                                                       E. Arta Field

     ‒ K Field/ H Field enhanced recovery, Nukhul/ Thebes development and                                                                                                     E. Arta Field

       enhanced recovery targeting ~38.6 MMbbl risked Contingent                                                                                                           Hoshia
       Resources(5)
     ‒ Arta Red Beds/Hoshia enhanced recovery targeting ~2.1 MMbbl risked                                                                                                                             Hana/Hana W
                                                                                                                                                                                                     Hana/Hana
                                                                                                                                                                                                          FieldsW
       Contingent Resources(6)                                                                                                                                                 H-Field
                                                                                                                                                                                              K-Field   Fields

     ‒ Potential to increase STOOIP estimate as technical work progresses                                                                                                           H-Field        K-Field

                                                                                                                                                                                         M-Field
• Additional early stage projects being matured for development                                                                                                                          M-Field
     ‒ Hana/ Hana West reservoir modeling underway
1) Company evaluation                                                            3) Not all resources targeted will translate into reserves   5) Development Unclarified
2) Refer to “Resource Definitions” in Cautionary Statements below for detailed   4) Development Pending/ On Hold                              6) Development Not Viable
   definitions of Contingent Resources
TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                   Slide 16
WESTERN DESERT: SOUTH GHAZALAT CONCESSION
S. Ghazalat:
                                                                                                          Western Desert             South
                                                                                                          Concession                Ghazalat
• SGZ-6X discovery well put on production in late                                                         2020E Production
  December 2019                                                                                           (Bopd)(1)
                                                                                                                                   170 Bopd

      ‒ Initial rate of 800-1,000 Bopd                                                                    Profit Oil                  17%

      ‒ Currently restricted to approximately ~140 Bopd to                                                PSC Expiry
                                                                                                                                   2039 + 5 Yr
                                                                                                                                      Ext
        evaluate the producing zone and for optimal
        operation of the early production facility                                                        Cost Recovery Oil           25%
                                                                                                          Excess Cost Oil              5%
Revised 2020 Plan:
• Development:
      ‒ SGZ-6A development drilling deferred until additional
        zone in SGZ-6X recompleted
           ‒ This zone initially tested at ~2437 bopd with ~1% water cut                                                                       SGZ-6A
                                                                                                                                                            SGZ-7B

• Exploration:                                                                                                                                     SGZ-6X

      ‒ SGZ-7B exploration well targets new prospect on lease
        and is part of future near-term drilling plans                                                                  Deferred
                                                                                                                        Activity
           ‒ Internally estimated Pmean unrisked prospective recoverable
             resource of 2.15 MMbbls
 See Cautionary Statements – "Forward-Looking Information and Statements“ and “Oil and Gas Information”
 Refer to Slide Notes
 (1) 2020E production is the mid-point of published guidance

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                           Slide 17
CANADIAN ASSET
PORTFOLIO
CARDIUM – A CORE PLAY WITHIN THE WCSB
                                                                 • The Cardium is one of the main oil producing plays within the
                                                                   Western Canadian Sedimentary Basin (WCSB)
                                                                 • Plenty of potential remains
                                                                   ‒ An estimated 12bn bbl OIIP has been targeted with over 19,500 wells
                                                                     since the mid 1960’s with cumulative production of ~2.1bn bbl and 8.8 tcf
                                                                     of gas to date
                                                                   ‒ Horizontal drilling unlocked the next phase of recovery in the late 2000’s,
                                                                     with operators shifting focus to ‘halo’ areas around main pools
                                                                   ‒ TransGlobe has continued this philosophy of renewed exploration
                                                                     resulting in our new discovery within South Harmattan

                                                                                    Cardium Trend Historical Production

 Source: "BMO A&D Drill Bits: The Cardium – Still Sexy at 70!"

TransGlobe Energy | Corporate Presentation | December 2020                                                                              Slide 19
CANADIAN ASSETS – EXTENDING THE CARDIUM
Production
• 2020 YTD production of 2.2 MBoed                                                                        TGL Rights
                                                                                                          2020 drilling Location

Reserves
• 1P – 9.9 MMboe at December 31, 2019                                                                              HARMATTAN

• 2P – 18.6 MMboe at December 31, 2019
• ~ 67% light oil and liquids on a Boe basis

2020
• Drilled one Cardium 2-mile horizontal well in South Harmattan
           − Development well offsetting 2-20
           − Holds 8 sections of land extending South Harmattan Fairway south
           − Well completion deferred until oil price improves

Medium-Term (2021+)
• Reduce uncertainty and then production growth at South Harmattan
• Production maintenance in core Harmattan
• Unlock Ellerslie Hz potential
                                                                                                                       5 miles
 See Cautionary Statements – "Forward-Looking Information and Statements“ and “Oil and Gas Information”
 Refer to Slide Notes

TransGlobe Energy | Corporate Presentation | December 2020                                                                         Slide 20
SOUTH HARMATTAN RESOURCE FAIRWAY
                                                                                               The 2019 outpost well de-risked up to 88 additional hz locations
           HARMATTAN
                                                                                           •     TransGlobe has accumulated 22.5 sections of Cardium mineral rights
                                                                                                   ― Each block or section is equivalent to 1 square mile (640 acres or 256
                                                                                                       hectares) and may accommodate up to four 1-mile horizontal wells
                                                                         HARMATTAN

                                                                                           •     Lands, or mineral rights, are principally leased from the provincial government
                                                                                                   ― Horizontal drilling royalty incentives reduce royalties to 5% until well
                                                                                                       costs are recovered

                                                                                           •     Company’s 2-20 well targeted a concept developed by TransGlobe’s technical
    LOCHEND                                                              2-20 2-mile             team in area previously considered to be in a hydrocarbon transition zone
                                                                         horizontal well           ― 2-20 well estimated IP30 of 417 Boepd, IP60 of 341 Boepd
                                                                                                   ― Well de-risks South Harmattan Cardium resource fairway

                                                             SOUTH
                                                                                           •     Highly developed area, with access roads, gas pipeline capacity and oil
                                                             HARMATTAN                           takeaway facilities
                                                               FAIRWAY
                                                                                           •     TransGlobe’s revised 2020 capital program included the drilling of one 2-mile
                                                                                                 horizontal well that offsets the 2-20 well

                                                    LOCHEND                                •     Up to 86 remaining, 1-mile horizontal locations at South Harmattan that may
                                                                                                 be optimized with additional 2-mile and 1½-mile horizontals
                                            5 miles                 ~30 km NW of Calgary
         TGL Cardium Rights                                                                •     A further 30, 1-mile horizontal locations available in the core Harmattan area
TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                 Slide 21
SOUTH UPLIFT ON CORE HARMATTAN TYPE WELLS
                                                             • Suspended planned material capital redeployment to South
                                                               Harmattan in 2020 until oil price improves
                                                             • De-risked South Harmattan resource fairway offers material
                                                               returns and capital efficiencies
                                                             • South Harmattan 2-20 well production and cash flow
                                                               forecast compares favourably with Company type well
                                                               estimates for 1-mile and 2-mile horizontals in the core
                                                               Harmattan acreage
                                                             • Scope to materially grow self-funded Canadian free cash
                                                               flow
                                                                                WTI           $55/bbl      $45/bbl

                                                                                        Capital   F&D Payout        IRR   NPV10 Payout      IRR   NPV10
                                                                                        (MMUSD)   ($/boe)   (yrs)   (%)   (MMUSD)   (yrs)   (%)   (MMUSD)
                                                               1 Mile Core Type Well     1.7      8.26      2.1     44     1.8      3.1      28    1.1
                                                               2 Mile Core Type Well     2.5      7.54      1.9     50     3.0      2.8      23    1.9
                                                               2 Mile South Type Well    2.5      6.11      0.9     160    5.7      1.1     104    4.2

                                                               Refer to slide notes

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                  Slide 22
POTENTIAL SOUTH HARMATTAN DEVELOPMENT
                                                             • 2021 plan to drill 3 wells in
                                                               northern area
                                                             • Ultimately the Company
                                                               believes in the potential to
                                                               drill in excess of 80 wells in
                                                               the South Harmattan area
                                                               over 4-6 years

                                                                • Potential exists for an
                                                                  owned battery with a
                                                                  connection to TGL gas             LEGEND
    LEGEND
       Surface Pad
       HZ well (● is the toe)
                                                                  infrastructure, and a sales oil      Surface Pad
                                                                                                       HZ well (● is the toe)
       Gas Pipeline                                                                                    Gas Pipeline
       Oil Pipeline
       TransGlobe Gas Gathering System (GGS)
                                                                  pipeline to reduce trucking          Oil Pipeline
                                                                                                       TransGlobe Gas Gathering System (GGS)

TransGlobe Energy | Corporate Presentation | December 2020                                                                                     Slide 23
SOUTH HARMATTAN POTENTIAL

                                                             • Projections based on:
                                                             • GLJ October 1, 2020 pricing
                                                               forecast, and
                                                             • TransGlobe internally developed
                                                               type-well forecasts for South
                                                               Harmattan

TransGlobe Energy | Corporate Presentation | December 2020                                  Slide 24
Summary
TRANSGLOBE LONG TERM PRIORITIES
                                                                            TransGlobe maintains four key priorities in long-
                                                                            term planning
                                                              Returning     • Operational Sustainability: Prudently manage reserve
                  Operational
                                                               Value to       and resource base to provide production and cash flow
                 Sustainability                                               over the long-term
                                                             Shareholders
                                                                            • Returning Value to Shareholders: Contrast internal
                                                                              opportunities for capital deployment with
                                                                              opportunities to return cash to shareholders – focus is
                                                                              creating shareholder value

                                                                            • Technical Rigour: Application of technology and
                     Technical                                                workforce knowhow for TransGlobe to more effectively
                                                                 ESG          and efficiently convert resources to reserves and
                      Rigour                                                  participate in any energy transition

                                                                            • ESG: Cognizant of environmental, social, and
                                                                              governance impacts in all company activities, with
                                                                              overarching focus on safety of all employees

TransGlobe Energy | Corporate Presentation | December 2020                                                                              Slide 26
TRANSGLOBE’S VISION IN THE NEW ENERGY WORLD
                                                             TransGlobe is a leading independent energy company

                                                                                 • Strong engineering team excels at project delivery and
Oil Field Renewable Energy Pilot
                                                                                   optimization
                                                                                   ‒ Focus has been principally petroleum, but experienced team
                                                                                     has the ability to be the foremost energy team within Egypt

                                                                                 • TransGlobe will be part of the new energy world
                                                                                   ‒ Will continue to invest to meet the demand for hydrocarbons,
                                                                                     and explore projects that create value and contribute to
                                                                                     TransGlobe’s ESG goals
                                                                                   ‒ Intended connection to high-line power grid in Egypt
                                                                                     operations will reduce on-site diesel power dependence
                                                                                     (dependent on long-term economics)

                                                                                 • Focus on staying nimble in a transitioning industry
                                                                                   ‒ Will continue prudent capital management practices to
                                                                                     manage changes in oil prices

TransGlobe Energy | Corporate Presentation | December 2020                                                                                    Slide 27
RETURNING VALUE TO SHAREHOLDERS
CASHFLOW PRIORITIES
        Over the long term TransGlobe is focused on shareholder value creation, while minimizing balance sheet risk

           Internal                                                                                       Share
                                            Acquisitions                                  Dividends
         Opportunities                                                                                   Buybacks

                         • Balanced approach
                         • Weigh capital deployment opportunities against near-term monetization
                         • Continuously maturing the portfolio to provide attractive investment opportunities

TransGlobe Energy | Corporate Presentation | December 2020                                                          Slide 28
ESG STRATEGY & ACHIEVEMENTS

                           Environment                                      Social                             Governance
              • Investment in pipeline                       • Since inception:                    • Majority independent Board
                replacements / upgrades to                         –Paid over $2.1 billion in        with >50% new directors with
                reduce reliance on trucked oil                      taxes and royalties in Egypt
CLOSING
• Company has been transformed through the PetroGlobe Transaction
     ‒ Market still does not recognize the scale of the change to our underlying business

• New Eastern Desert concession will provide a robust asset base to leverage the recovery of oil prices
     ‒ The Company will refocus its efforts to acquire or merge to further gain scale and relevance in our region of focus

• South Harmattan is potentially very significant to the Company
     ‒ Provides ability to shift capital to Canada and create near-term value to shareholders that will help maintain or increase
       real returns to our shareholders

• TransGlobe expects to finalize 2021 Budget in January
     ‒ 2021 expected to be a year focused on reversing production declines in Egypt and growth in Canada

 See Cautionary Statements – "Forward-Looking Information and Statements“ and “Oil and Gas Information”

TransGlobe Energy | Corporate Presentation | December 2020                                                                   Slide 30
CORPORATE INFORMATION
Management                                                   Banks
• Randy Neely – Director, and President & CEO                • Sumitomo Mitsui Banking Corporation Europe
• Geoff Probert – VP and COO                                 • Alberta Treasury Branch
• Edward Ok – VP Finance and CFO                             Prepay Provider and Oil Marketing - Egypt
                                                             • Mercuria Energy Trading
Directors                                                    Advisory
• David Cook – Chairman                                      • GLJ Petroleum Consultants – Independent Reserves
• Ross Clarkson – Director                                     Engineers
• Steve Sinclair – Director                                  • BDO Canada LLP – Auditor
• Carol Bell – Director                                      • Burnet, Duckworth, & Palmer – Legal Counsel
• Edward LaFehr – Director                                   • Canaccord Genuity – Nominated Advisor & Joint Broker
• Tim Marchant – Director                                    • Shore Capital – Joint Broker
                                                             • Tailwind Associates – Investor Relations Advisor

TransGlobe Energy | Corporate Presentation | December 2020                                                        Slide 31
SLIDE NOTES
SLIDE NOTES
 •    Slide 5
       ‒   US Energy Information Administration, Egypt Country Analysis, May 2018
       ‒   British Petroleum Company, BP Statistical Review of World Energy 2019, June 2019, pages 8, 14, 16, 18, 30, 32
       ‒   CIA World Factbook: Egypt
       ‒   Apache Corporation, News Release: Fourth-Quarter and Full-Year 2019 Financial and Operational Results, Statement of Consolidated Operations pg 10
       ‒   British Petroleum Company, Annual Report and Form 20-F 2018, pg 288
       ‒   Shell Investors’ Handbook 2014-2018, Section 8: Data, pg 97
       ‒   Eni: Full Year 2019 and Fourth Quarter Results, Key Operating and Financial Results pg 36
       ‒   Canadian Natural Resources, Annual Information Forum 2018, pg 36
       ‒   Suncor Energy, Annual Report 2019, pages 21 and 38
       ‒   Cenovus Energy, News Release: Cenovus delivers strong 2019 financial and operating performance; Company generates $2.5 billion of free funds flow; reduces net debt, February 12, 2020, pg 1
       ‒   Imperial Oil, News Release: Imperial announces 2019 financial and operating results, January 31, 2020

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                Slide 33
SLIDE NOTES
•    Slide 7

     Egypt netback assumptions:

       -   Using anticipated 2020 Egypt production profile
       -   These netbacks are a notional barrel across all of the producing Eastern Desert concessions
       -   Ras Gharib price differential estimate of $5.00 per bbl applied consistently at all price points
       -   Concession differentials of 4%/5%/3% applied to WG/WB/NWG respectively
       -   Opex estimated at ~$12.00/bbl
       -   Maximum cost recovery resulting from accumulated cost pools in WG and NWG
       -   PG Increment is mid-point of previous disclosures
       -   (see NR 031220)

     Canada netback assumptions:

       -   A typical Cardium well will produce a combination of light oil, NGLs and natural gas.
       -   TransGlobe’s current production mix in Canada is approximately 30%:35%:35% for light oil, NGLs and Gas
       -   Using anticipated 2020 Canada production profile
       -   Edmonton Light to Harmattan discount = C$2.50/bbl
       -   Opex estimated at ~C$9.40/boe
       -   Aeco gas price C$2.50/mmbtu for $20 WTI and increases C$0.10/mmbtu for every $10/bbl WTI
       -   Edmonton Light = $5.00 off of WTI
       -   NGL mixture price = 45% of Edmonton Light
       -   Takes into consideration Canadian tax pools
       -   6 mmbtu = 1 Boe
       -   A notional prorata Boe would provide an ~$9.60 netback at WTI $40

TransGlobe Energy | Corporate Presentation | December 2020                                                          Slide 34
SLIDE NOTES
•    Slide 15
     ‒   Production is based on field estimates
     ‒   Reserve disclosures are based on GLJ evaluations effective 12/31/19

•    Slide 17
     ‒   Production is based on field estimates

•    Slide 20
     ‒   Reserve disclosures are based on GLJ evaluations effective 12/31/19

•    Slide 22
     ‒   See next page

•    Slide 38
     ‒   Based on GLJ evaluations effective 12/31/18 and 12/31/19. See Cautionary Statements – "Oil and Gas Information“
     ‒   NPV’s GLJ evaluation effective 12/31/2019 forecast pricing
     ‒   Reserves are Gross working interest reserves before royalties
     ‒   Tables may not total due to rounding
     ‒   6 Mcf or 6 MMBtu = 1 boe

TransGlobe Energy | Corporate Presentation | December 2020                                                                 Slide 35
SLIDE NOTES
 •    Slide 22

       Type curves. TransGlobe has presented certain type curves and well economics for the Harmattan area type wells and the Company's South Harmattan 2-20 well. The type
       curves are TransGlobe's internally prepared estimates of the production decline and ultimate volumes expected to be recovered from wells over the life of the well. The type
       curves presented are based on production history from analogous Cardium developments located in close proximity to the Harmattan area and the Company's South Harmattan
       2-20 well. Individual wells may be higher or lower but over a larger number of wells, TransGlobe expects the average to come out to the type curve. Over time type curves can
       and will change based on achieving more production history on older wells or more recent completion information on newer wells. The type curve disclosure contained in this
       presentation was prepared in accordance with COGEH by a non-independent qualified reserves evaluator as defined in NI 51-101. The following sets out the key inputs
       underlying the type curves and well economics on slide 22:

                                                          Type Curve Inputs
                                                                        1-Mile Core Type Well   2-Mile Core Type Well   2-Mile South Type Well
       Drill, complete, equip, and tie-in capital (US$MM)                        1.6                     2.6                      2.6
       EUR (Raw gas) (Bcf)                                                       0.4                     0.7                      1.0
       EUR (MMBoe)                                                               0.2                     0.3                      0.4
       Opex ($/boe)                                                             6.75                    6.09                     5.41
       Hz length (m)                                                            1,500                   3,100                    3,100
       Frac intensity (T/m)                                                      0.4                     0.4                      0.4

       Economic assumptions. The following sets out the key assumptions underlying the calculation of certain financial outlook and oil and gas metrics disclosed in this presentation:
       ‒ Oil Price - $55 USD/bbl WTI with a $5 USD/bbl differential to Edmonton Light,
         ‒ $45 USD/bbl WTI ran as a sensitivity with $5 USD/bbl differential to Edmonton Light
       ‒ Gas Price - $2.27 USD/MMbtu
       ‒ Royalties as per the Alberta Modernized Royalty Framework (5% until revenue reaches C*)
       ‒ Operating costs of $968 USD/well*month, $5.58 USD/bbl oil, $0.76 USD/Mcf gas

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                  Slide 36
APPENDIX
2019 YEAR-END RESERVES
SUMMARY
Total proved plus probable (“2P”) gross reserves of                  2019 Reserves Summary                         PDP      1P            2P     3P
45.3 MMboe at year-end 2019:
                                                                     2018 Year End Reserves (MMboe)                 17.5   26.9           44.1   61.8
• 2019 production of ~5.8 MMboe (~5.0 MMbbls Egypt
  and ~0.8 MMboe Canada)                                             2019 Adds/Revisions                            6.8     4.3           7.0    7.3

• 2P Reserves are 3% higher YOY                                      2019 Production                                               -5.8

                                                                     2019 Year End Reserves (MMboe)                18.5    25.4           45.3   63.3
• PDP Reserves are 6% higher YOY following the
  conversion of 1P undeveloped reserves                              Change vs Year End 2018 (%)                   6.0%    -5.0%          3.0%   2.0%
      ‒ 1P being 5% lower YOY
                                                                     Production Replacement Ratio (%) – (ex A&D,
                                                                                                                   119%    82%            135%   158%
• 2P Positive Adds/Revisions of 7.0 MMboe                            economic factors)
  of gross 2P reserves
      ‒ drilling additions in both Egypt and Canada
      ‒ improved performance from production optimization in Egypt
                                                                     NPV 10% Before tax $MM Dec 31/19              $161    $200           $298   $393
• Replaced 119%, 82% and 135% of 2019 production on a                NPV 10% After tax $MM Dec 31/19               $161    $198           $288   $376
  PDP, 1P and 2P gross reserves basis, respectively

 Refer to Slide Notes

TransGlobe Energy | Corporate Presentation | December 2020                                                                                         Slide 38
RECONCILIATION 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, 2019 compared to such reserves as at December 31, 2018.

TransGlobe Energy | Corporate Presentation | December 2020                                              Slide 39
RECONCILIATION OF CHANGES IN RESERVES

TransGlobe Energy | Corporate Presentation | December 2020   Slide 40
PRODUCTION DISCLOSURE

TransGlobe Energy | Corporate Presentation | December 2020   Slide 41
CAUTIONARY
STATEMENTS
CAUTIONARY STATEMENTS
Forward-Looking Information and Statements

•    Certain statements included in this presentation constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the
     purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking
     statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar words suggesting future outcomes or statements regarding an
     outlook. In particular, forward-looking information and statements contained in presentation include, but are not limited to, statements relating to "reserves" which are, by their nature, forward-looking statements, as they involve the
     implied assessment, based on certain estimates and assumptions that the reserves or resources, as applicable, described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future;
     expected production amounts and decline rates in the future; the expected product types and quantities of such product types; the plans for the Company's 2020 Canadian drilling program and the details thereof; the Company's
     expectation relating to the performance of the South Harmattan Cardium prospect; the expected benefits to the Company of consolidating, amending and extending the Company's Eastern Desert PSCs; and other matters. The recovery
     and reserves estimates of TransGlobe's reserves provided in this presentation are estimates only and there is no guarantee that the estimated reserves will be recovered.

•    Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes
     that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations
     will prove to be correct. Many factors could cause TransGlobe's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransGlobe.

•    In addition to other factors and assumptions which may be identified in this presentation, assumptions have been made regarding, among other things, anticipated production results, volumes and decline rates; the timing of drilling
     wells and mobilizing drilling rigs; the number of wells to be drilled; the Company's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and
     environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company's capital programs; geological
     and engineering estimates in respect of the Company's reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities; current commodity prices and royalty regimes;
     availability of skilled labour; future exchange rates; the price of oil; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by
     governmental agencies; future operating costs; uninterrupted access to areas of TransGlobe's operations and infrastructure; recoverability of reserves and future production rates; that TransGlobe will have sufficient cash flow, debt or
     equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that TransGlobe's conduct and results of operations will be consistent with its expectations; that
     TransGlobe will have the ability to develop its properties in the manner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described in
     this presentation; that the estimates of TransGlobe's reserves and resource volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; and other matters.

•    Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by
     the Company and described in the forward-looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward-looking statements or information include, among other
     things, operating and/or drilling costs are higher than anticipated; unforeseen changes in the rate of production from TransGlobe's oil and gas properties; changes in price of crude oil and natural gas; adverse technical factors associated
     with exploration, development, production or transportation of TransGlobe's crude oil reserves; changes or disruptions in the political or fiscal regimes in TransGlobe's areas of activity; changes in tax, energy or other laws or regulations;
     changes in significant capital expenditures; delays or disruptions in production due to shortages of skilled manpower, equipment or materials; economic fluctuations; competition; lack of availability of qualified personnel; the results of
     exploration and development drilling and related activities; obtaining required approvals of regulatory authorities; fluctuations in foreign exchange or interest rates; environmental risks; ability to access sufficient capital from internal
     and external sources; failure to negotiate the terms of contracts with counterparties; failure of counterparties to perform under the terms of their contracts; and other factors beyond the Company's control. Readers are cautioned that
     the foregoing list of factors is not exhaustive. Please consult TransGlobe's public filings at www.sedar.com and www.sec.gov/edgar.shtml for further, more detailed information concerning these matters, including additional risks related
     to TransGlobe's business.

•    The forward-looking statements or information contained in this presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information,
     whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward-looking statements or information contained in this presentation are expressly qualified by this cautionary
     statement.

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                                               Slide 43
CAUTIONARY STATEMENTS

Financial Outlook

•    This document also contains financial outlook within the meaning of applicable securities laws, including but not limited to the information regarding future capital expenditures, estimated finding and development costs,
     netbacks, recycle ratio, payout, internal rates of return, and net present value. The financial outlook has been prepared by TransGlobe's management to provide an outlook of the Company's activities and results. The financial
     outlook has been prepared based on a number of assumptions including those set forth below in this presentation, the assumptions discussed above and assumptions with respect to the costs and expenditures to be incurred by
     the Company, capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, general and administrative expenses and the prices to be paid for the Company's production. Management does not
     have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete
     financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts
     set forth in the analysis presented in this presentation, and such variation may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis, reflecting the best
     estimates and judgments, and represent, to the best of management's knowledge and opinion, TransGlobe's expected expenditures and results of operations. However, because this information is highly subjective and subject to
     numerous risks including the risks discussed above, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, TransGlobe undertakes no obligation to update such
     financial outlook and forward-looking statements and information. See "Economic Assumptions" below for a description of the key assumptions underlying the calculation of certain financial outlook disclosed in this presentation.

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                                                Slide 44
CAUTIONARY STATEMENTS
Oil and Gas Information

•    Mr. Ron Hornseth, B.Sc., General Manager – Canada for TransGlobe Energy Corporation, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has
     reviewed the technical information contained in this report. Mr. Hornseth is a professional engineer who obtained a Bachelor of Science in Mechanical Engineering from the University of Alberta. He is a member of the Association
     of Professional Engineers and Geoscientists of Alberta (“APEGA”) and the Society of Petroleum Engineers (“SPE”) and has over 20 years’ experience in oil and gas.

•    Reserves. The estimates of TransGlobe's December 31, 2019 reserves set forth in this presentation have been prepared by GLJ Petroleum Consultants ("GLJ"), an independent qualified reserves evaluator, as of December 31, 2019
     in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluations Handbook (the "COGE Handbook" or "COGEH") and using GLJ's forecast
     prices and costs as at December 31, 2019. See TransGlobe's news release dated February 5, 2020 entitled "TransGlobe Energy Corporation Announces its 2020 Capital Budget and 2019 Year-End Reserves" available at www.trans-
     globe.com/news for more details concerning the reserves set forth in this presentation.

•    Estimates of the net present value of the future net revenue from TransGlobe's reserves do not represent the fair market value of such reserves. The estimates of reserves and future net revenue from individual properties or
     wells may not reflect the same confidence level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation. In this presentation, NPV10 represents the net present value of net
     income discounted at 10%. The NPV estimates are net estimates and are prepared prior to any provision for interest costs or general and administrative costs and after the deduction of royalties, development costs, production
     costs, well abandonment costs and estimated future capital expenditures for wells to which reserves have been assigned.

•    The recovery and reserve estimates of reserves provided in presentation are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or
     less than, the estimates provided in this presentation.

•    The Reserves analysis as reported on Slide ?? was conducted within the context of an evaluation of a distinct group of properties in aggregate. Extraction and use of this analysis outside this context may not be appropriate
     without supplementary due diligence.

•    Oil and gas metrics. This presentation contains certain oil and gas metrics, including F&D, netback, recycle ratio, payout, and internal rates of return ("IRR"), which do not have standardized meanings or standard methods of
     calculation. Therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been calculated by the Company and included in this
     presentation to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance and future performance may not compare to the
     performance in previous periods and therefore such metrics should not be unduly relied upon. The following describes the method used to determine the metric and explains the meaning of the metric:

•    "Finding and development costs" or "F&D costs" are calculated by dividing the sum of the capital expenditures for the year (in dollars) by the additions to reserves within the applicable reserves category.

•    Netback is a measure of operating results and is calculated as sales net of royalties, operating expenses, current taxes and selling costs. Management believes that netback is a useful supplemental measure to analyze operating
     performance and provide an indication of the results generated by the Company’s principal business activities prior to the consideration of other income and expenses.

•    Recycle ratio is calculated by dividing the netback by the proved and proved plus probable finding and development costs on a per bbl basis.

•    Payout is calculated as the period of time by which all costs of drilling, completions, and tie-in for a well or wells have been recovered from the sale of production (net of operating costs and royalties) from a well or wells.

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                                                 Slide 45
CAUTIONARY STATEMENTS
•   IRR is calculated as the discount factor applied to future cash flows at which the NPV is calculated to be zero.

•   See "Economic Assumptions" below for a description of the key assumptions underlying the calculation of certain oil and gas metrics disclosed in this presentation.

•   Analogous information. Certain information in presentation may constitute "analogous information" as defined in NI 51-101. Such information includes production estimates, drilling results, test rates, reserves estimates and other
    information retrieved from publically available information relating to certain industry participants, including AccuMap and other publically available sources. Management of TransGlobe believes the information is relevant as it may
    help to define the reservoir characteristics and production profile of lands in which TransGlobe may hold an interest. TransGlobe is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or
    auditor and is unable to confirm that the analogous information was prepared in accordance with NI 51-101. Such information is not an estimate of the production, reserves or resources attributable to lands held or to be held by
    TransGlobe and there is no certainty that the production, reserves or resources data and economic information for the lands held or to be held by TransGlobe will be similar to the information presented in this presentation. The reader is
    cautioned that the data relied upon by TransGlobe may be in error and/or may not be analogous to such lands held or to be held by TransGlobe.

•   Production results. References in this presentation to production results over a 30 and 60 day period are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will
    commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for TransGlobe or
    any of its wells. A pressure transient analysis or well-test interpretation has not been carried out in respect of the highlighted well. Accordingly, TransGlobe cautions that the production results for the highlighted well should be
    considered to be preliminary.

•   Third party sources. Certain other information contained in this presentation has been prepared by third-party sources. Such information has not been independently audited or verified by TransGlobe. No representation or warranty,
    express or implied, is made by TransGlobe as to the accuracy or completeness of the information contained in that publication, and nothing contained in this presentation is, or shall be relied upon as, a promise or representation by
    TransGlobe as to the accuracy or completeness of that information.

•   Drilling locations at South Harmattan. This presentation discloses drilling locations that have associated proved and/or probable reserves based on GLJ's 12/31/2019 evaluation prepared in accordance with NI 51-101 and the COGE
    Handbook and using GLJ pricing forecasts as at 12/31/2019. Two two-mile (four one-mile equivalents) of the drilling locations have been assigned proved reserves and 4 ( five one-mile equivalents) of the drilling locations have been
    assigned probable reserves by GLJ in the evaluation. The remainder of the drilling locations disclosed in this presentation are unbooked locations located on the Company's leases which are internal estimates based on an assumption as
    to the number of wells that potentially could be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Unbooked locations have been identified by
    management as an estimation of the Company's potential future drilling activities based on an evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill
    all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells is ultimately
    dependent upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the
    unbooked drilling locations have been derisked by drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away from existing wells where
    management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in
    additional oil and gas reserves, resources or production. The unbooked drilling location disclosure contained in this presentation was prepared in accordance with COGEH by a non-independent qualified reserves evaluator as defined in
    NI 51-101.

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                                                  Slide 46
CAUTIONARY STATEMENTS
Advisory Regarding Oil and Gas Information

TransGlobe completed an internal evaluation of the Contingent Resources (the "Contingent Resource Evaluation") attributed to the pools included in the Company's existing 10 development leases based on the new
terms and conditions of the Merged Concession (the "Evaluated Areas") which remains subject to ratification and satisfaction of certain other closing conditions. TransGlobe's wholly-owned subsidiaries have a 100%
working interest in the existing development leases and related concession agreements covering the Evaluated Areas and would maintain that level interest upon ratification of the Merged Concession. The Evaluated
Areas are located onshore in Egypt's Eastern Desert. The Contingent Resources Evaluation is effective September 30, 2020 and has been prepared by a member of TransGlobe's management who is a qualified
reserves evaluator in accordance with procedures and standards contained in the Canadian Oil and Gas Evaluation ("COGE") Handbook.

Contingent Resources should not be confused with reserves. Readers should review the definitions and notes set forth below. Actual resources may be greater than or less than the estimates provided herein.
There is uncertainty that it will be commercially viable to produce any portion of the resources.

Gross Contingent Resources are the Company’s working interest share before the deduction of royalties. Net Contingent Resources are the Company’s working interest share after the deduction of royalties. Net
Contingent Resources in Egypt include the Company’s share of future cost recovery and production sharing oil, and Contingent Resources relating to income taxes payable to EGOC on the Company’s behalf. Under this
method, a portion of the reported Contingent Resources will increase as oil prices decrease and vice versa as the barrels necessary to achieve cost recovery change with prevailing oil prices.

The estimated cost to bring on commercial production from the Development Pending/ On Hold Contingent Resources is approximately $125 million (discounted at 10 percent is approximately $81.2 million), and the
expected timeline to bring these resources onto production ranges from 1 to 3 years depending on the Evaluated Area. TransGlobe's Development Pending/ On Hold Contingent Resources represent development
projects within the Evaluated Areas for which specific development plans have been made. These resources are expected to be recovered using the same conventional development technology that TransGlobe has
already proven to be effective in the Evaluated Areas, supplemented by some horizontal well drilling and multi-stage stimulation that the Company has successfully deployed in Canada

Contingent Resources Chance of Commerciality

The Evaluated Areas with Contingent Resources were risked for the chance of commerciality (“CoC”), which is defined as follows:

                   CoC = chance of development (“CoDev”) × chance of discovery (“CoD”)
                          wherein CoD for Contingent Resources is equal to one for all Contingent Resources.

The chance of development is the estimated probability that, once discovered, a known accumulation will be commercially developed. Five factors have been considered in determining the CoDev as follows:

                   CoDev = Ps (Economic Factor) × Ps (Technology Factor) × Ps (Development Plan Factor) × Ps (Development Timeframe Factor) × Ps (Other Contingency Factor)
                          wherein Ps is the probability of success

TransGlobe Energy | Corporate Presentation | December 2020                                                                                                                                                Slide 47
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