TransGlobe Energy Releases 2022 Guidance: 12.4 – 13.4 MBoepd

TransGlobe Energy Corporation (TSX: TGL) shared today its operational and capital guidance for 2022. The report is highlighted by an estimated average production of 12.4 – 13.4 mboepd next year.

The firm is estimating its operations in Egypt will contribute 10.0 – 10.8 mboepd while Canada will add 2.4 – 2.6 mboepd in 2022. For comparison, production for 2021 averaged at 12.9 mboepd, meeting its annual guidance of 12 – 13 mboepd.

To achieve the guidance, the firm is earmarking US$57.7 million in capital expenditures. Out of this, US$33.1 million is allotted in its Egypt operations, including the 13 development wells within the Eastern Desert plus two exploration wells and two water injection wells in the second half of the year.

Around US$24.6 million is being allotted to operations in Canada, which includes 7 Cardium wells in South Harmattan. In total, the firm expects to have 24 wells in its global operations by 2022.

The energy company also anticipates field operating netbacks for 2022 of US$26/bbl in Egypt Eastern Desert at an average Brent price of $80/Bbl, and US$33/boe in Canada at an average WTI price of US$75/bbl and AECO price of $2/MCF.

TransGlobe Energy last traded at $3.87 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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