TRANSGLOBE ENERGY CORPORATION ANNOUNCES AN UPDATE TO ITS 2020 HEDGE PROGRAM
2020年4月9日 - 3:00PM
TransGlobe Energy Corporation (AIM & TSX: “TGL” & NASDAQ:
“TGA”) (“TransGlobe” or the “Company”) announces an update to its
oil hedge position for 2020.
All dollar values are
expressed in US dollars unless otherwise stated.
HEDGING UPDATE
TransGlobe continues to review its price
exposure in the current crude oil price environment and has entered
into additional 2020 hedges to provide further downside protection
against a protracted near-term, low price environment.
The Company entered into costless Dated Brent
collars for its remaining unhedged forecasted 2020 Egypt
entitlement oil production. An additional 800,000 bbls
(100,000 bbls monthly from May-December) have been price-protected
with a purchased put of $30.00 and a sold call of $40.70.
Open Hedge Positions as of April 8, 2020:
Dated Brent |
|
|
Q2’20 |
|
Q3’20 |
|
Q4’20 |
Three Way Collar
(Mbbls) |
|
|
|
|
150 |
|
|
|
150 |
|
|
|
150 |
Sold Call ($/bbl) |
|
|
|
|
70.00 |
|
|
|
70.00 |
|
|
|
70.00 |
Bought Put ($/bbl) |
|
|
|
|
54.00 |
|
|
|
54.00 |
|
|
|
54.00 |
Sold
Put ($/bbl) |
|
|
|
|
46.50 |
|
|
|
45.00 |
|
|
|
45.00 |
Three Way Collar
(Mbbls) |
|
|
|
|
75 |
|
|
|
|
|
|
|
|
Sold Call ($/bbl) |
|
|
|
|
72.70 |
|
|
|
|
|
|
|
|
Bought Put ($/bbl) |
|
|
|
|
55.00 |
|
|
|
|
|
|
|
|
Sold
Put ($/bbl) |
|
|
|
|
45.00 |
|
|
|
|
|
|
|
|
Collars
(Mbbls) |
|
|
|
|
200 |
|
|
|
300 |
|
|
|
300 |
Sold Call ($/bbl) |
|
|
|
|
40.70 |
|
|
|
40.70 |
|
|
|
40.70 |
Bought Put ($/bbl) |
|
|
|
|
30.00 |
|
|
|
30.00 |
|
|
|
30.00 |
Total Hedged Volume (Mbbls) |
|
|
|
|
425 |
|
|
|
450 |
|
|
|
450 |
Randy Neely, President and Chief
Executive Officer, commented:
“Our decisive action taken at the outset of the
OPEC+ production agreement dissolution and rapid expansion of the
economic impacts of COVID-19, first to reduce 2020 capital by over
80%, followed swiftly by a ~35% reduction in continuing G&A
expenses, will significantly contribute to the near-term financial
health of the Company. We have now continued with these
deliberate actions by conservatively protecting the bottom-most
price bounds of our remaining unhedged production for 2020.
While the Company will continue to seek further efficiencies, this
hedging program, combined with our earlier actions to preserve
cash, now allows us to begin focusing on the recovery beyond 2020
and opportunities that may lie ahead.”
About TransGlobe
TransGlobe Energy Corporation is a cash flow
focused oil and gas exploration and development company whose
current activities are concentrated in the Arab Republic of Egypt
and Canada. TransGlobe’s common shares trade on the Toronto Stock
Exchange and the AIM market of the London Stock Exchange under the
symbol TGL and on the NASDAQ Exchange under the symbol TGA.
Advisory on Forward-Looking Information
and Statements
Certain statements included in this news release
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 this document include, but are not
limited to; production guidance for 2020, expectations relating to
the liquidity of the Company for the next twelve months; and other
matters.
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.
For further information, please
contact: |
|
|
TransGlobe
Energy |
|
Via FTI Consulting |
Randy Neely, President and
Chief Executive Officer |
|
|
Eddie Ok, Chief Financial
Officer |
|
|
|
|
Canaccord
Genuity (Nomad & Sole Broker) |
|
+44 (0) 20 7523 8000 |
Henry Fitzgerald-O'Connor |
|
|
James Asensio |
|
|
|
|
|
FTI Consulting
(Financial PR) |
|
+44 (0) 20 3727 1000 |
Ben Brewerton |
|
transglobeenergy@fticonsulting.com |
Genevieve Ryan |
|
|
|
Tailwind
Associates (Investor Relations) |
|
|
Darren Engels |
|
darren@tailwindassociates.cahttp://www.tailwindassociates.ca+1
403.618.8035
investor.relations@trans-globe.comhttp://www.trans-globe.com+1
403.264.9888 |
TransGlobe Energy (TSX:TGL)
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過去 株価チャート
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