TRANSGLOBE ENERGY CORPORATE PRESENTATION AUGUST 2015
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1 TRANSGLOBE ENERGY CORPORATE PRESENTATION AUGUST 2015
2 CAUTIONARY STATEMENT This presentation may include certain statements that may be deemed to be forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of Such statements relate to possible future events. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as seek, anticipate, plan, continue, estimate, expect, may, will, project, predict, potential, targeting, intend, could, might, should, believe and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although TransGlobe s forward-looking statements are based on the beliefs, expectations, opinions and assumptions of the Company s management on the date the statements are made, such statements are inherently uncertain and provide no guarantee of future performance. In particular, this presentation contains forward-looking statements regarding the Company's ability to achieve future operational and financial targets. Actual results may differ materially from TransGlobe s expectations as reflected in such forward-looking statements as a result of various factors, many of which are beyond the control of the Company. These factors include, but are not limited to, 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 and natural gas 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, and other factors beyond the Company s control. With respect to forward-looking statements contained in this presentation, assumptions have been made regarding, among other things: 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; and the geography of the areas in which the Company is conducting exploration and development activities. TransGlobe does not assume any obligation to update forward-looking statements if circumstances or management s beliefs, expectations or opinions should change, other than as required by law, and investors should not attribute undue certainty to, or place undue reliance on, any forward-looking statements. Please consult TransGlobe s public filings at and for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business. 2
3 ABOUT TRANSGLOBE Operations in Egypt began in 2004 Currently 100% of production Proven track record with extensive International experience Extensive and diversified portfolio of development and exploration opportunities Focused on building an International platform to support the dividend Began marketing entitlement crude in 2015 Alexandria Egypt Cairo Suez 3
4 UNDER VALUED WITH BALANCE SHEET STRENGTH CAPITAL STRUCTURE Shares Outstanding (30/06/15) Market Capitalization Debt (30/06/15) Working Capital (30/06/15) Enterprise Value RESERVES 2P Reserves (31/12/14) 2P NPV10 (31/12/14) 2P NPV10/Bbl (31/12/14) PRODUCTION Q1 Q2 (US$) ~73.0 Million $222.2 Million $74.4 Million $178.7 Million ~$117.9 Million 33.5 MMBbl $344.3 Million $10.28 / Bbl 14,886 Bopd 15,064 Bopd Notes: Market Capitalization based on $2.95/share (USD) (14/08/15) Enterprise value calculated as Market Capitalization + Debt Working capital (Cash + A/R & Inventory A/P) Base NAV calculated as Working Capital Debt + NPV10 of 2P Reserves NPV10 of 2P Reserves is based on D&M 31/12/14 price forecast which is detailed in Company AIF filed on Sedar 4 Trading at $2.95/share (14/08/15) or ~48% of Base NAV of $6.14/share Dividend yield ~6.8%
5 Q2 HIGHLIGHTS Production volumes averaged 15,064 Bopd and sales volumes averaged 14,251 Bopd in Q Completed sale of 544,752 barrels of entitlement oil to a third party buyer for net proceeds of $25.8 million in Q2 Entitlement inventory of 253,771 June 30 th, 2015 Collected $43.5 million year-to-date in outstanding receivables from EGPC Paid Q2 quarterly dividend of $0.05/share (June 30 th, 2015), and approved Q3 quarterly dividend of $0.05/share (September 30 th, 2015) Repurchased 3,103,792 common shares under NCIB (represents ~4% of original July 31 st,
6 OIL MARKETING Marketing has improved liquidity, decreased credit risk and resulted in West Bakr production being sold at market price TransGlobe marketed and sold 544,752 barrels in April Proceeds of $25.8 million were collected in May $250,000 $200,000 $150,000 $100,000 $50,000 $0 AR outstanding and Months outstanding Next cargo scheduled for late September In discussions with EGPC regarding liftings for Q4 and 2016 A/R balance of $72.8MM as of June 30 th,
7 2015 DEVELOPMENT PROJECT INVENTORY North West Gharib discoveries (1,3 & 5) West Bakr South K-Field extension West Bakr shut-in/suspended well workover program Waterflood optimization projects at West Gharib and West Bakr South Alamein development 7
8 CURRENT DAILY PRODUCTION 20,000 TRANSGLOBE TOTAL DAILY Production (bopd) 15,000 10,000 5,000 Block 32 Block S-1 East Ghazalat West Bakr West Gharib 0 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Q1 14, 866 BOPD Q2 15,064 BOPD 8 Q3 GUIDANCE ~13,800 BOPD
9 INVESTMENT HIGHLIGHTS 2.0 Million gross acres of land 9 Projects in Egypt 2 Projects in Yemen Strong balance sheet with net working capital of $178.7 million (30/06/15) Reserves (2P) of 33.5 mmbbl (D&M 31/12/14) 2015 Exploration focus 1,400 km 2 of 3-D and 325 km of 2-D seismic now complete and mapping/interpretation underway Seeking acquisitions to leverage export capabilities East Ghazalat (50%) South Alamein (100%) South Ghazalat (100%) CAIRO West Bakr (100%) West Gharib (100%) NW Sitra (100%) NW Gharib SW Gharib SE Gharib (100%) 9
10 EXPLORATION UPDATE BUILDING INVENTORY FOR 2016 Central Graben N Horst NW Gharib is most advanced for prospect generation W Graben Clamshell N E Horst S Horst S Graben 5 play types identified, and 25 leads mapped on NWG; 2 play types and 3 leads identified in SW Gharib Volumetrics and risking is ongoing, and is expected to be completed in early Q4 Military permits have begun for NWG, and are expected to be in hand Q Clamshell mid Clamshell S SW Arta NWG-5 Pre-rift A,B & C S Hoshia NWG-4 K Field S 1,2 & 3 S Had Had Pre-rift Far N Hana N Hana W Bakr-1 SE Hana Naiem W NWG-10X N Farha S NW Darb Darb Pre-rift SE Gharib trend Mapping Western Desert South Ghazalat 3D will begin in Q
11 EASTERN DESERT Mapping & prospecting the 2014 data Preparing prospect inventory for 2016 program D Acquisition 369 square Km D Acquisition 1,044 km 2 Mapping/interpretation underway Drilling Totals Oil Wells 157 D&A Wells 31 Success Rate 84% 11
12 WEST GHARIB: 100% WI - OPERATED Production Q ,031 Bopd 2015 Plan Reduce operational costs 1 well at Hana (suspended Jan) Reservoir studies underway Hana simulation Hana West update Arta Red Bed simulation Arta U Nukhul WF pilot Projects Finish Hana/Hana W CPF Arta central CPF deferred 12
13 NW GHARIB: 100% WI - OPERATED Plan 3 wells drilled (1 oil and 2 dry) Progress three (NWG #1, #3 & #5) oil developments toward first production in 2016 ~1,500-2,000 Bopd initial production potential* Process, interpret 480 km² of new 3-D seismic acquired in 2014 Mature new prospect inventory mid 2015 Finalize next exploration drilling program and permit for 2016 drilling (10 + wells) * Internally estimated 13
14 WEST BAKR: 100% WI - OPERATED H M K Production Q ,592 Bopd New service rig, mid Feb/ Plan Reduce operational costs Drilled 1 water injector H field South K field drill program (6-12 wells) Restricted access since 1980 s Finalizing access agreement with Military/Ministry Prioritize and prepare initial drilling program for 2016 IP ~400 Bopd/well, Rec $1.5mm/well Suspended well work over program High grade program for the next 4 wells in program (4 wells) averaged; ~ 100 Bopd/well, at ~$300k/well 14
15 SE GHARIB: 3-D SEISMIC ACQUISITION 15
16 EGYPT ASSETS: WESTERN DESERT Four Concessions: 3 operated, 1 non-operated Acquired 400 km² 3-D in South Ghazalat during Q2 16
17 NW SITRA & S. GHAZALAT: 100% WI - OPERATED N.W. Sitra S. Ghazalat S. Ghazalat Awarded in Plan: 3-D seismic 400 km 2 3-D seismic acquired in Q2 Processing Q3/Q4 Interpretation & mapping Q4 NW Sitra Awarded in 2014 Ratified January D seismic in 2016 Total Combined Concession area of 3,829 km 2 (945,500 acres) 17
18 SOUTH GHAZALAT: 100% WI - OPERATED North Dabaa Discovery 18
19 SOUTH ALAMEIN: 100% WI - OPERATED Acquired in 2012 Future Plan Contingent on Boraq access Boraq #2 tested at 1,700 Bopd* Exploration period Clock stopped 20+ months from access approval Retained 800 km 2 *The primary Cretaceous zone tested at a rate of 1,323 bopd of 34 API oil with no water and a 13% drawdown during a 28 hour drill stem test. Test rates are not necessarily indicative of long-term performance but is anticipated that when combined with secondary tested zones within the Cretaceous the well should be capable of initial production of ~1,700 bopd. 19
20 EAST GHAZALAT: 50% WI - NON-OPERATED North Dabaa Dev Lease Safwa Dev Lease Production Q Bopd 2015 Plan 3 well dev drilling plan deferred due to oil prices N Dabaa gas/cond development deferred due to economics 20
21 TRANSGLOBE ENERGY CORPORATE PRESENTATION AUGUST 2015
22 EXECUTIVES AND DIRECTORS Robert G. Jennings - Director, Chairman Ross G. Clarkson - Director, President and CEO Lloyd W. Herrick - Director, VP and COO Geoffrey C. Chase - Director Fred J. Dyment - Director Susan MacKenzie Director David Cook Director Bob MacDougall - Director Randy C. Neely - VP, Finance and CFO Albert E. Gress - VP, Business Development Brett Norris - VP, Exploration 22
23 ANALYST COVERAGE Christopher Brown, Canaccord Genuity, Calgary, Canada David Popowich, CIBC, Calgary, Canada David Phung, Credit Suisse Securities, Calgary, Canada David Dudlyk, Dundee Capital Markets, London, UK Victor Vallance, Edgecrest Capital, Toronto, Canada Darren B. Engels, First Energy Capital Corp., Calgary, Canada Ian Macqueen, Paradigm Capital, Calgary, Canada Pavel Molchanov, Raymond James, Houston, US Al Stanton, RBC Capital Markets, London, UK Gavin Wylie, Scotia Capital Inc., Calgary, Canada Shahin Amini, TD Securities, London, UK 23
24 CONCESSION SUMMARY Working Concession Size (acres) Year Concession First Production Q2 Estimate Concession Interest Gross Net Acquired Type Date Production West Gharib 100% 24,035 24, Development January ,000 NW Gharib 100% 148, , Exploration N/A SW Gharib 100% 48,000 48, Exploration N/A SE Gharib 100% 125, , Exploration N/A West Bakr 100% 11,600 11, Development June ,600 East Ghazalat 50% 14,698 7, Development Sept South Ghazalat 100% 465, , Exploration N/A South Alamein 100% 197, , Exploration N/A NW Sitra 100% 480, , Exploration N/A Egypt Total 1,514,483 1,507,134 15,000 Block S1 25% 284,700 71, Development March Block 75 25% 262,500 65, Exploration N/A Yemen Total 547, ,800 Company Total 2,061,683 1,643,934 15,000 24
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