TIDMTGL
RNS Number : 0761S
TransGlobe Energy Corporation
12 March 2021
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon
the publication of this Announcement, this inside information is
now considered to be in the public domain.
TRANSGLOBE ENERGY CORPORATION ANNOUNCES YEAR 2020 FINANCIAL AND
OPERATING RESULTS
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, March 12, 2021 - TransGlobe Energy Corporation
("TransGlobe" or the "Company") is pleased to announce its
financial and operating results for the three months and year ended
December 31, 2020. All dollar values are expressed in United States
dollars unless otherwise stated. TransGlobe's Condensed
Consolidated Interim Financial Statements together with the notes
related thereto, as well as TransGlobe's Management's Discussion
and Analysis for the years ended December 31, 2020 and 2019, are
available on TransGlobe's website at www.trans-globe.com .
2020 HIGHLIGHTS:
-- 2020 production averaged 13,425 boe/d (Egypt 11,147 bbls/d,
Canada 2,278 boe/d), a decrease of 16% from 2019 primarily due to
deferred well interventions in Egypt during low oil prices, the
curtailed 2020 capital program and natural declines;
-- Sales averaged 15,437 boe/d in 2020 with an average realized
price of $33.41/boe; 2020 average realized price on Egyptian sales
of $35.94/bbl and Canadian sales of $18.82/boe;
-- Inventoried entitlement crude oil in Egypt decreased to 227.9
Mbbls as at December 31, 2020 from 964.5 Mbbls as at December 31,
2019;
-- Ended the year with 38.9 MMboe of 2P reserves, down 14% from 2019 year end of 45.3 MMboe;
-- Funds flow from operations of $30.4 million ($0.42 per share) in 2020;
-- 2020 net loss of $77.4 million ($1.07 per share), is
inclusive of a $73.5 million non-cash impairment loss and a $0.2
million unrealized loss on derivative commodity contracts;
-- The Company ended the year with positive working capital of
$15.3 million, including cash and cash equivalents of $34.5
million;
-- Drilled and completed one development oil well and performed
four recompletions in Egypt during 2020;
-- Drilled one horizontal Cardium oil well in Canada during 2020;
-- Business continuity plans remain effective across our
locations in response to COVID-19 with minimal health and safety
impacts or disruption to production; and
-- The Company announced a merged concession agreement with a
15-year primary term and improved Company economics on December 3,
2020. The agreement is currently awaiting ratification by the
Egyptian Parliament but will have a Feb, 2020 effective date upon
ratification.
2021 (TO DATE) HIGHLIGHTS:
-- January 2021 average production of 12,480 boe/d, February
2021 average production of 12,007 boe/d;
-- Completed monthly sales to EGPC of 167.0 Mbbl for proceeds of $8.6 million;
-- Stimulated and equipped the 2-mile horizontal South Harmattan
well drilled, but uncompleted, in Q1-2020;
-- Began work to expand the production handling capacity at South Ghazalat; and
-- Work has begun on the SGZ-6X recompletion to the deeper, more
prospective lower Bahariya reservoir.
FINANCIAL AND OPERATING RESULTS
Additional financial information is provided in the Company's
audited Consolidated Financial Statements together with the notes
related thereto, as well as TransGlobe's Management's Discussion
and Analysis for the years ended December 31, 2020 and 2019. These
documents, along with other documents affecting the rights of
securityholders and other information relating to the Company, may
be found on SEDAR at www.sedar.com and in the Company's Annual
Report on Form 40-F for the fiscal year ended December 31, 2020,
filed on EDGAR at www.sec.gov .
(US$000s, except per share, price, volume amounts and %
change)
Three Months Ended December 31 Years Ended December 31
---------------------------------- ---------------------------
Financial 2020 2019 % Change 2020 2019 % Change
----------------------------------------------------- ---------- ---------- ---------- -------- ------- --------
Petroleum and natural gas sales 50,989 64,201 (21) 188,771 278,929 (32)
Petroleum and natural gas sales, net of royalties 33,309 28,473 17 114,675 140,096 (18)
Realized derivative loss gain on commodity
contracts (6) (218) 97 6,801 (1,259) 640
Unrealized derivative loss on commodity contracts (941) (1,201) (22) (180) (1,586) 89
Production and operating expense 19,326 15,119 28 64,462 50,626 27
Selling costs 1,008 638 58 2,111 1,287 64
General and administrative expense 3,593 3,868 (7) 11,990 16,611 (28)
Depletion, depreciation and amortization expense 7,647 8,764 (13) 31,049 34,948 (11)
Income tax expense 3,408 6,003 (43) 13,530 26,098 (48)
Cash flow generated by operating activities 14,180 23,740 (40) 31,709 44,836 (29)
Funds flow from operations(1) 7,202 3,171 127 30,443 46,871 (35)
Basic per share 0.10 0.04 0.42 0.65
Diluted per share 0.10 0.04 0.42 0.65
Net loss (2,855) (8,202) (65) (77,397) (3,995) 1,837
Basic per share (0.04) (0.11) (1.07) (0.06)
Diluted per share (0.04) (0.11) (1.07) (0.06)
Capital expenditures 255 10,996 (98) 7,498 36,932 (80)
Dividends declared - - - - 5,078 (100)
Dividends declared per share - - - 0.07
Working capital 15,349 32,194 (52) 15,349 32,194 (52)
Long-term debt, including current portion 21,464 37,041 (42) 21,464 37,041 (42)
Common shares outstanding
Basic (weighted average) 72,542 72,542 - 72,542 72,514 -
Diluted (weighted average) 72,542 72,542 - 72,542 72,514 -
Total assets 201,147 308,325 (35) 201,147 308,325 (35)
----------------------------------------------------- ---------- ---------- ---------- -------- ------- --------
Operating
----------------------------------------------------- ---------- ---------- ---------- -------- ------- --------
Average production volumes (boe/d) 12,384 15,362 (19) 13,425 16,041 (16)
Average sales volumes (boe/d) 15,712 14,688 7 15,437 14,954 3
Inventory (Mbbls) 227.9 964.5 (76) 227.9 964.5 (76)
Average realized sales price ($/boe) 35.27 47.51 (26) 33.41 51.10 (35)
Production and operating expenses ($/boe) 13.37 11.19 19 11.41 9.28 23
----------------------------------------------------- ---------- ---------- ---------- -------- ------- --------
(1) Funds flow from operations is a measure that represents cash
generated from operating activities before changes in non-cash
working capital and may not be comparable to measures used by other
companies.
SELECTED ANNUAL INFORMATION
($000s, except per share amounts, price and volumes) 2020 % Change 2019 % Change 2018
-------------------------------------------------------- -------- -------- ------- -------- -------
Operations
Average production volumes
Crude oil (bbls/d) 11,858 (18) 14,527 14 12,708
NGLs (bbls/d) 785 35 582 (25) 780
Natural gas (Mcf/d) 4,686 (16) 5,594 (2) 5,707
-------------------------------------------------------- -------- -------- ------- -------- -------
Total (boe/d) 13,425 (16) 16,041 11 14,439
-------------------------------------------------------- -------- -------- ------- -------- -------
Average sales volumes
Crude oil (bbls/d) 13,871 3 13,441 1 13,282
NGLs (bbls/d) 785 35 582 (25) 780
Natural gas (Mcf/d) 4,686 (16) 5,594 (2) 5,707
-------------------------------------------------------- -------- -------- ------- -------- -------
Total (boe/d) 15,437 3 14,954 - 15,013
-------------------------------------------------------- -------- -------- ------- -------- -------
Average realized sales prices
Crude oil ($/bbl) 35.80 (35) 55.31 (7) 59.57
NGLs ($/bbl) 14.59 (36) 22.93 (16) 27.17
Natural gas ($/mcf) 1.64 24 1.32 5 1.26
-------------------------------------------------------- -------- -------- ------- -------- -------
Total oil equivalent ($/boe) 33.41 (35) 51.10 (6) 54.59
-------------------------------------------------------- -------- -------- ------- -------- -------
Inventory (Mbbls) 227.9 (76) 964.5 70 568.1
Petroleum and natural gas sales 188,771 (32) 278,929 (7) 299,144
Petroleum and natural gas sales, net of royalties 114,675 (18) 140,096 (21) 176,227
Cash flow generated by operating activities 31,709 (29) 44,836 (35) 69,192
Funds flow from operations(1) 30,443 (35) 46,871 (26) 63,282
Funds flow from operations per share:
Basic 0.42 0.65 0.87
Diluted 0.42 0.65 0.86
Net (loss) earnings (77,397) 1,837 (3,995) (125) 15,677
Net (loss) earnings per share:
Basic (1.07) (0.06) 0.22
Diluted (1.07) (0.06) 0.22
Capital expenditures 7,498 (80) 36,932 (9) 40,706
Dividends declared - - 5,078 101 2,527
Dividends declared per share - - 0.070 100 0.035
-------------------------------------------------------- -------- -------- ------- -------- -------
Total assets 201,147 (35) 308,325 (3) 318,296
Cash and cash equivalents 34,510 4 33,251 (36) 51,705
Working capital 15,349 (52) 32,194 (37) 50,987
Total long-term debt, including current portion 21,464 (42) 37,041 (29) 52,355
Net debt-to-funds flow from operations ratio(2) 0.20 0.10 0.02
-------------------------------------------------------- -------- -------- ------- -------- -------
Reserves
Total proved (MMboe)(3) 22.8 (10) 25.4 (6) 26.9
Total proved plus probable (MMboe)(3) 38.9 (14) 45.3 3 44.1
-------------------------------------------------------- -------- -------- ------- -------- -------
(1) Funds flow from operations (before finance costs) is a
measure that represents cash generated from operating activities
before changes in non-cash working capital and may not be
comparable to measures used by other companies.
(2) Net debt-to-funds flow from operations ratio is a measure
that represents total long-term debt (including the current
portion) net of working capital, over funds flow from operations
for the trailing 12 months and may not be comparable to measures
used by other companies.
(3) As determined by the Company's 2020, 2019 & 2018
independent reserves evaluator, GLJ Ltd. ("GLJ"), in their reports
dated February 9, 2021, February 4, 2020 and January 22, 2019 with
effective dates of December 31, 2020, December 31, 2019 and
December 31, 2018. The reports of GLJ have been prepared in
accordance with the standards contained in the Canadian Oil and Gas
Evaluation Handbook prepared jointly by The Society of Petroleum
Evaluation Engineers (Calgary Chapter) and the Canadian Institute
of Mining, Metallurgy & Petroleum (Petroleum Society), as
amended from time to time and National Instrument 51-101.
In 2020 compared with 2019, TransGlobe:
-- Reported a 16% decrease in production volumes compared to
2019. In Egypt, the decrease was primarily attributable to the
curtailed 2020 capital program, deferred well interventions and
natural declines.
-- Ended 2020 with the inventoried crude oil of 227.9 Mbbls, a
decrease of 736.6 Mbbls over inventoried crude oil levels at
December 31, 2020, primarily due to annual sales volumes exceeding
production volumes.
-- Reported positive funds flow from operations of $30.4 million
(2019 - $46.9 million). The decrease in funds flow from operations
from 2019 is primarily due lower production and lower commodity
prices;
-- Petroleum and natural gas sales decreased by 32%, primarily
due to a 35% decrease in average realized sales prices;
-- Reported a net loss of $77.4 million (2019 - net loss of $4.0
million) inclusive of a $0.2 million unrealized derivative loss on
commodity contracts and a combined $73.5 million non-cash
impairment loss on the Company's petroleum and natural gas ("PNG")
and exploration and evaluation ("E&E") assets;
-- Ended the year with positive working capital of $15.3
million, including $34.5 million in cash and cash equivalents as at
December 31, 2020;
-- Spent $7.5 million on capital expenditures, funded entirely
from cash flow from operations and cash on hand;
-- Repaid $16.5 million of long-term debt with cash on hand.
OPERATING RESULTS AND NETBACK
Daily Volumes, Working Interest before Royalties
Production Volumes
2020 2019
----------------------------- ------ ------
Egypt crude oil (bbls/d) 11,147 13,713
Canada crude oil (bbls/d) 711 814
Canada NGLs (bbls/d) 785 582
Canada natural gas (Mcf/d) 4,686 5,594
----------------------------- ------ ------
Total Company (boe/d) 13,425 16,041
----------------------------- ------ ------
Sales Volumes (excludes volumes held as inventory)
2020 2019
----------------------------- ------ ------
Egypt crude oil (bbls/d) 13,160 12,627
Canada crude oil (bbls/d) 711 814
Canada NGLs (bbls/d) 785 582
Canada natural gas (Mcf/d) 4,686 5,594
----------------------------- ------ ------
Total Company (boe/d) 15,437 14,954
----------------------------- ------ ------
Netback
Consolidated netback
2020 2019
------------------------------------ -------------- --------------
($000s, except per boe amounts) $ $/boe $ $/boe
------------------------------------ ------- ----- ------- -----
Petroleum and natural gas sales 188,771 33.41 278,929 51.10
Royalties(2) 74,096 13.11 138,833 25.44
Current taxes(2) 13,530 2.39 26,098 4.78
Production and operating expenses 64,462 11.41 50,626 9.28
Selling costs 2,111 0.37 1,287 0.24
------------------------------------ ------- ----- ------- -----
Netback(1) 34,572 6.13 62,085 11.36
------------------------------------ ------- ----- ------- -----
(1) The Company achieved the netbacks above on sold barrels of
oil equivalent for the year ended December 31, 2020 and December
31, 2019 (these figures do not include TransGlobe's Egypt
entitlement crude oil held as inventory at December 31, 2020).
(2) Royalties and taxes are settled at the time of production.
Fluctuations in royalty and tax costs per bbl are due to timing
differences between the production and sale of the Company's
entitlement crude oil.
Egypt
2020 2019
------------------------------------ -------------- --------------
($000s, except per boe amounts) $ $/boe $ $/boe
------------------------------------ ------- ----- ------- -----
Oil sales 173,086 35.94 256,193 55.59
Royalties(2) 71,741 14.89 136,616 29.64
Current taxes(2) 13,530 2.81 26,098 5.66
Production and operating expenses 58,305 12.11 43,252 9.38
Selling costs 2,111 0.44 1,287 0.28
------------------------------------ ------- ----- ------- -----
Netback(1) 27,399 5.69 48,940 10.63
------------------------------------ ------- ----- ------- -----
(1) The Company achieved the netbacks above on sold barrels of
oil equivalent for the year ended December 31, 2020 and December
31, 2019 (these figures do not include TransGlobe's Egypt
entitlement crude oil held as inventory at December 31, 2020).
(2) Royalties and taxes are settled at the time of production.
Fluctuations in royalty and tax costs per bbl are due to timing
differences between the production and sale of the Company's
entitlement crude oil.
Netback per barrel in Egypt decreased by 46% in 2020 compared to
2019. The decrease was due to a 35% lower realized oil price, 57%
higher selling costs and 29% higher production and operating
expenses.
Royalties and taxes as a percentage of revenue were 49% in 2020
(2019 - 64%). Royalties and taxes are settled on a production
basis, therefore, the correlation of royalties and taxes to oil
sales fluctuates depending on the timing of entitlement oil sales.
If sales volumes had been equal to production volumes during the
year, royalties and taxes as a percentage of revenue would have
been 58% (2019 - 58%). In periods when the Company sells less than
its entitlement production, royalties and taxes as a percentage of
revenue will be higher than the terms set out in the PSCs. In
periods when the Company sells more than its entitlement
production, royalties and taxes as a percentage of revenue will be
lower than the terms set out in the PSCs. The relative decrease,
from 64% in 2019 to 49% in 2020, was due to sales outpacing
production in 2020, partially offset by Q1-2020 excess cost oil in
the West Bakr concession. Excess cost oil occurs when the current
costs and historic cost amortization, permissible within the PSC,
are less than the proportion of cost oil value. In the case of West
Bakr, 100% of excess cost oil belongs to EGPC, which effectively
increases the royalty burden.
In Egypt, the average selling price for the year ended December
31, 2020 was $35.94/bbl (2019 - $55.59/bbl), which was $5.82/bbl
lower (2019 - $8.77/bbl lower) than the average Dated Brent oil
price of $41.76/bbl for 2020 (2019 - $64.36/bbl). The difference
between the average selling price and Dated Brent is due to a
gravity/quality adjustment and is also impacted by the specific
timing of direct sales.
In Egypt, production and operating expenses fluctuate
periodically due to changes in inventory volumes as a portion of
costs are capitalized and expensed when sold. Production and
operating expenses increased by 35% ($15.1 million) in 2020
compared with 2019. The increase was primarily related to a
decrease in crude oil inventory through sales to both EGPC and
Mercuria, where operating costs previously capitalized to inventory
were expensed in the period of sale ($14.0 million). The increase
was also caused by higher manpower costs as well as operating
expenses related to the South Ghazalat concession which began
operating in 2020, partially offset by a decrease in workovers and
production handling fees. The increase in production and operating
expenses per barrel from $9.38/bbl in 2019 to $12.11/bbl in 2020
was due to a 19% decrease in production primarily attributed to the
curtailed 2020 capital program, deferred well interventions and
natural declines.
Canada
2020 2019
------------------------------------ ------------- -------------
($000s, except per boe amounts) $ $/boe $ $/boe
------------------------------------ ------ ----- ------ -----
Crude oil sales 8,679 33.36 15,159 51.02
Natural gas sales 2,815 9.85 2,705 7.95
NGL sales 4,191 14.59 4,872 22.93
------------------------------------ ------ ----- ------ -----
Total sales 15,685 18.82 22,736 26.75
------------------------------------ ------ ----- ------ -----
Royalties 2,355 2.83 2,217 2.61
Production and operating expenses 6,157 7.39 7,374 8.68
------------------------------------ ------ ----- ------ -----
Netback 7,173 8.60 13,145 15.46
------------------------------------ ------ ----- ------ -----
Netbacks per boe in Canada decreased by 44% in 2020 compared
with 2019. The decrease is mainly due to a 30% lower realized sales
price and an 8% increase in royalties, partially offset by a 15%
decrease in production and operating expenses.
In 2020, the Company's Canadian operations incurred $0.1 million
higher royalty costs than in 2019. The increase in royalties was
primarily due to an increase in mineral taxes . Mineral taxes are
an annual tax on PNG productive mineral rights on freehold
properties payable to the Crown. A further increase in royalties
was caused by a decrease in Gas Cost Allowance ("GCA") rebates
received in 2020 compared to 2019 . Royalties amounted to 15% of
petroleum and natural gas sales revenue during 2020 compared to 10%
during the prior year. TransGlobe pays royalties to the Alberta
provincial government and landowners in accordance with an
established royalty regime. In Alberta, Crown royalty rates are
based on reference commodity prices, production levels and well
depths, and are offset by certain incentive programs in place to
promote drilling activity by reducing overall royalty expense.
Production and operating expenses decreased by 15% compared with
2019. The decrease was primarily due to a decrease in
transportation costs.
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in thousands of U.S. Dollars, except per share
amounts)
Years Ended December 31
2020 2019
--------------------------------------------------- -------- -------
REVENUE
Petroleum and natural gas sales, net of royalties 114,675 140,096
Finance revenue 106 471
Other revenue 641 -
-------------------------------------------------- -------- -------
115,422 140,567
-------------------------------------------------- -------- -------
EXPENSES
Production and operating 64,462 50,626
Selling costs 2,111 1,287
General and administrative 11,990 16,611
Foreign exchange loss (gain) 24 (147)
Finance costs 2,520 4,256
Depletion, depreciation and amortization 31,049 34,948
Asset retirement obligation accretion 259 215
(Gain) loss on financial instruments (6,621) 2,845
Impairment loss 73,495 7,937
Gain on disposition of assets - (114)
-------------------------------------------------- -------- -------
179,289 118,464
-------------------------------------------------- -------- -------
(Loss) earnings before income taxes (63,867) 22,103
Income tax expense - current 13,530 26,098
--------------------------------------------------- -------- -------
NET LOSS (77,397) (3,995)
--------------------------------------------------- -------- -------
OTHER COMPREHENSIVE INCOME
Currency translation adjustments 766 2,073
-------------------------------------------------- -------- -------
COMPREHENSIVE LOSS (76,631) (1,922)
--------------------------------------------------- -------- -------
Net loss per share
Basic (1.07) (0.06)
Diluted (1.07) (0.06)
-------------------------------------------------- -------- -------
Consolidated Balance Sheets
(Expressed in thousands of U.S. Dollars)
As at As at
December 31, 2020 December 31, 2019
--------------------------------------------- ----------------- -----------------
ASSETS
Current
Cash and cash equivalents 34,510 33,251
Accounts receivable 9,996 10,681
Prepaids and other 3,530 4,338
Product inventory 5,828 17,516
--------------------------------------------- ----------------- -----------------
53,864 65,786
Non-Current
Intangible exploration and evaluation assets 584 33,706
Property and equipment
Petroleum and natural gas assets 140,059 196,150
Other 2,917 4,296
Deferred taxes 3,723 8,387
--------------------------------------------- ----------------- -----------------
201,147 308,325
---------------------------------------------- ----------------- -----------------
LIABILITIES
Current
Accounts payable and accrued liabilities 21,667 32,156
Derivative commodity contracts 398 217
Current portion of lease obligations 1,553 1,219
Current portion of long-term debt 14,897 -
38,515 33,592
Non-Current
Long-term debt 6,567 37,041
Asset retirement obligations 13,042 13,612
Other long-term liabilities 544 614
Lease obligations 461 589
Deferred taxes 3,723 8,387
--------------------------------------------- ----------------- -----------------
62,852 93,835
---------------------------------------------- ----------------- -----------------
SHAREHOLDERS' EQUITY
Share capital 152,805 152,805
Accumulated other comprehensive income 1,900 1,134
Contributed surplus 25,109 24,673
(Deficit) Retained earnings (41,519) 35,878
--------------------------------------------- ----------------- -----------------
138,295 214,490
---------------------------------------------- ----------------- -----------------
201,147 308,325
---------------------------------------------- ----------------- -----------------
Consolidated Statements of Changes in Shareholders' Equity
(Expressed in thousands of U.S. Dollars)
Years Ended December 31
2020 2019
--------------------------------------------------------- ------------- ----------
Share Capital
Balance, beginning of year 152,805 152,084
Stock options exercised - 547
Transfer from contributed surplus on exercise of options - 174
--------------------------------------------------------- ------------- ----------
Balance, end of year 152,805 152,805
--------------------------------------------------------- ------------- ----------
Accumulated Other Comprehensive Income
Balance, beginning of year 1,134 (939)
Currency translation adjustment 766 2,073
--------------------------------------------------------- ------------- ----------
Balance, end of year 1,900 1,134
--------------------------------------------------------- ------------- ----------
Contributed Surplus
Balance, beginning of year 24,673 24,195
Share-based compensation expense 436 652
Transfer to share capital on exercise of options - (174)
--------------------------------------------------------- ------------- ----------
Balance, end of year 25,109 24,673
--------------------------------------------------------- ------------- ----------
(Deficit) Retained Earnings
Balance, beginning of year 35,878 44,951
Net loss (77,397) (3,995)
Dividends - (5,078)
--------------------------------------------------------- ------------- ----------
Balance, end of year (41,519) 35,878
--------------------------------------------------------- ------------- ----------
Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. Dollars)
Years Ended December 31
2020 2019
----------------------------------------------------------------------- ------------ -----------
OPERATING
Net loss (77,397) (3,995)
Adjustments for:
Depletion, depreciation and amortization 31,049 34,948
Asset retirement obligation accretion 259 215
Impairment loss 73,495 7,937
Share-based compensation 857 2,237
Finance costs 2,520 4,256
Unrealized loss on financial instruments 180 1,586
Unrealized (gain) on foreign currency translation (62) (153)
Gain on asset disposition - (114
Asset retirement obligations settled (458) (46)
Changes in non-cash working capital 1,266 (2,035)
------------------------------------------------------------------------ ------------ -----------
Net cash generated by operating activities 31,709 44,836
------------------------------------------------------------------------- ------------ -----------
INVESTING
Additions to intangible exploration and evaluation assets (337) (5,377)
Additions to petroleum and natural gas assets (6,726) (30,626)
Additions to other assets (435) (929)
Proceeds from asset dispositions - 114
Changes in non-cash working capital (3,544) (291)
------------------------------------------------------------------------ ------------ -----------
Net cash used in investing activities (11,042) (37,109)
------------------------------------------------------------------------- ------------ -----------
FINANCING
Issue of common shares for cash - 547
Interest paid (1,918) (3,664)
Increase in long-term debt 406 476
Payments on lease obligations (1,703) (1,945)
Repayments of long-term debt (16,504) (16,523)
Dividends paid - (5,078)
Changes in non-cash working capital 161 (200)
------------------------------------------------------------------------ ------------ -----------
Net cash used in financing activities (19,558) (26,387)
------------------------------------------------------------------------- ------------ -----------
Currency translation differences relating to cash and cash equivalents 150 206
------------------------------------------------------------------------- ------------ -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,259 (18,454)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 33,251 51,705
------------------------------------------------------------------------- ------------ -----------
CASH AND CASH EQUIVALENTS, OF YEAR 34,510 33,251
------------------------------------------------------------------------- ------------ -----------
LIQUIDITY AND CAPITAL RESOURCES
Liquidity describes a company's ability to access cash.
Companies operating in the upstream oil and gas industry require
sufficient cash in order to fund capital programs that maintain and
increase production and reserves, to acquire strategic oil and gas
assets, to repay current liabilities and debt and ultimately to
provide a return to shareholders. TransGlobe's capital programs are
funded by existing working capital and cash provided from operating
activities. The Company's cash flow from operations varies
significantly from quarter to quarter, depending on the timing of
oil sales from cargoes lifted in Egypt, and these fluctuations in
cash flow impact the Company's liquidity. TransGlobe's management
will continue to steward capital and focus on cost reductions in
order to maintain balance sheet strength through the current
volatile oil price environment.
Funding for the Company's capital expenditures is provided by
cash flows from operations and cash on hand. The Company expects to
fund its 2021 exploration and development program through the use
of working capital and cash flow from operations. Fluctuations in
commodity prices, product demand, foreign exchange rates, interest
rates and various other risks may impact capital resources and
capital expenditures.
Working capital is the amount by which current assets exceed
current liabilities. As at December 31, 2020, the Company had a
working capital surplus of $15.3 million (December 31, 2019 - $32.2
million). The decrease in working capital is primarily due to the
$15.0 million outstanding balance of the Mercuria prepayment
agreement being reclassified as current during the year, a decrease
in cash resulting from repayments on long-term debt, payments on
accounts payable during the year, a decrease in crude oil inventory
due to increased sales to EGPC in 2020, partially offset by a
decrease in accounts payable.
As at December 31, 2020, the Company's cash equivalents balance
consisted of short-term deposits with an original term to maturity
at purchase of one month or less. All of the Company's cash and
cash equivalents are on deposit with high credit-quality financial
institutions.
Over the past 10 years, the Company experienced delays in the
collection of accounts receivable from EGPC. The length of delay
peaked in 2013, returned to historical delays of up to six months
in 2017, and has since fluctuated within an acceptable range. As at
December 31, 2020, amounts owing from EGPC were $6.0 million. The
Company considers there to be minimal credit risk associated with
amounts receivable from EGPC.
In Egypt, the Company completed a second crude oil sale in
Q4-2020 for total proceeds of $16.2 million, which were collected
in December 2020. The Company incurs a 30-day collection cycle on
sales to third-party international buyers. Depending on the
Company's assessment of the credit of crude oil purchasers, they
may be required to post irrevocable letters of credit to support
the sales prior to the cargo lifting. As at December 31, 2020, the
Company held 227.9 Mbbls of entitlement oil as inventory.
As at December 31, 2020, the Company had $86.0 million of
revolving credit facilities with $21.5 million drawn and $64.5
million available. The Company has a prepayment agreement with
Mercuria that allows for a revolving balance of up to $75.0
million, of which $15.0 million was drawn and outstanding as at
December 31, 2020. During 2020, the Company repaid $15.0 million of
this prepayment agreement. The Company also has a revolving
Canadian reserves-based lending facility with ATB that was renewed
and reduced as at June 30, 2020 from C$25.0 million ($19.2 million)
to C$15.0 million ($11.0 million). The reduction in the ATB
facility is a result of lower forecasted commodity prices and the
associated impact on asset value. During 2020, the Company repaid
C$2.0 million ($1.5 million) and had drawings of $C0.5 million
($0.4 million) on this facility, leaving C$8.3 million ($6.6
million) drawn and outstanding.
The Company actively monitors its liquidity to ensure that cash
flows, credit facilities and working capital are adequate to
support these financial liabilities, as well as the Company's
capital programs.
To date, the Company has experienced no difficulties with
transferring funds abroad.
MANAGEMENT STRATEGY AND OUTLOOK
The 2021 outlook provides information as to management's
expectation for results of operations for 2021. Readers are
cautioned that the 2021 outlook may not be appropriate for other
purposes. The Company's expected results are sensitive to
fluctuations in the business environment in the jurisdictions that
the Company operates in, and may vary accordingly. This outlook
contains forward-looking statements that should be read in
conjunction with the Company's disclosure under "Advisory on
Forward-Looking Information and Statements" within this
announcement.
2021 Outlook
The 2021 production outlook for the Company is provided as a
range to reflect timing and performance contingencies.
Global reaction to the spread of COVID-19 and the related
economic fallout has created significant volatility, uncertainty,
and turmoil in the oil and gas industry. Oil demand significantly
deteriorated as a result of the pandemic and corresponding
preventative measures taken globally to mitigate the spread of the
virus. While market conditions have recently improved, The Company
may record lower per boe results in 2021 due to these events which
may continue to negatively affect TransGlobe's business.
TransGlobe maintains a strong balance sheet with modest debt and
is the operator across all of its producing assets, which gives the
Company significant capital flexibility and a high degree of
discretion in its forward investment program. The Company intends
to use all available tools to minimize balance sheet risk and
position itself for future success.
With $15.0 million owed to Mercuria Energy Trading SA
("Mercuria") and $6.6 million owed to ATB Financial ("ATB"),
TransGlobe is in compliance with its debt covenants. During 2020,
the Company repaid $15.0 million on the prepayment facility with
Mercuria and $1.5 million to ATB. The Company exited 2020 with
$34.5 million cash on hand. TransGlobe is actively engaged with
Mercuria on an amendment and extension to the facility currently
maturing in September, 2021.
As announced in early December, 2020, the Company reached an
agreement with the Egyptian General Petroleum Company ("EGPC") to
merge its three existing Eastern Desert concessions with a 15-year
primary term and improved Company economics. Ratification of the
concession is anticipated in Q2-2021, and the February 1, 2020
effective date for the improved concession terms supports increased
investment in advance of ratification. Subject to ratification, the
Company will pay EGPC a signature bonus and an equalization payment
in installments. An initial equalization payment of $15.0 million
and signature bonus of $1.0 million are due on ratification, with
five further annual equalization payments of $10.0 million each
being made over five years (beginning February 1, 2022 until
February 1, 2026). The Company will also have minimum financial
work commitments of $50.0 million per each five-year period of the
primary development term, commencing on the February 1, 2020
effective date.
With the approval of the agreement to merge the Eastern Desert
concessions and recent commodity price improvements, the Company
has moved forward to re-start investment in Egypt and also in
Canada to support growth plans in both countries. The Company's
recently announced 2021 capital program of $27.2 million (before
capitalized G&A) includes $16.6 million for Egypt and $10.6
million for Canada. The 2021 plan was prepared to focus on value
accretive projects within its portfolio, maximize free cash flow to
direct at future value growth opportunities and to increase the
Company's production base.
Total corporate production is expected to range between 12.0 and
13.0 Mboe/d (mid-point of 12.5 Mboe/d) for 2021 with a 93%
weighting to oil and liquids. Egypt oil production is expected to
range between 9.7 and 10.5 Mbbls/d (mid-point of 10.1 Mbbls/d) in
2021. Canadian production is expected to range between 2.3 and 2.5
Mboe/d (mid-point of 2.4 Mboe/d) in 2021. The 2021 mid-point
production guidance broken out by product type is summarized
below:
Mid-point production guidance Egypt Canada Total
------------------------------------------ ------ ------ ------
Light and medium crude oil (bbls/d) 791 800 1,591
Heavy crude oil (bbls/d) 9,309 - 9,309
Conventional natural gas (Mcf/d) - 4,800 4,800
Associated natural gas liquids (bbls/d) - 800 800
------------------------------------------ ------ ------ ------
Total (boe/d) 10,100 2,400 12,500
------------------------------------------ ------ ------ ------
The Company has and will continue to monitor its economic
thresholds for shutting-in production in Canada. In Egypt, the
Company continues to carry out economic reviews to determine
whether offline production should be brought back on or if well
interventions should be carried out. If oil prices return to the
lows in Q2 of 2020, the Company may choose to shut-in uneconomic
production and 2021 production guidance could be negatively
impacted.
Funds flow from operations in any given period is dependent upon
the timing and market price of crude oil sales in Egypt. Because
these factors are difficult to accurately predict, the Company has
not provided funds flow from operations guidance for 2021. Funds
flow from operations and inventory levels in Egypt may fluctuate
significantly from quarter to quarter due to the timing of crude
oil sales.
The below chart provides a comparison of well netbacks in the
Company's Egyptian and Canadian assets under multiple price
sensitivities. The Egyptian netbacks reflect the existing PSC terms
in the Eastern Desert and do not reflect the potential netbacks
once ratification occurs to merge the Eastern Desert PSCs. A
typical Cardium well produces both oil and natural gas/NGLs. The
price of each commodity varies significantly, therefore the below
chart presents the netback of each revenue stream separately.
Netback sensitivity
----------------------------------------- ------ ------ ----- ----- -----
Benchmark crude oil price ($/bbl)(1) 30.00 40.00 50.00 60.00 70.00
Benchmark natural gas price ($/Mcf)(2) 1.97 2.05 2.13 2.20 2.28
Netback ($/boe)
Egypt - crude oil(3) (4.80) (0.70) 3.40 7.20 9.50
Canada - crude oil(4) 13.80 22.40 30.20 37.60 45.10
Canada - natural gas and NGLs(4) 2.40 4.50 6.40 8.20 10.00
----------------------------------------- ------ ------ ----- ----- -----
(1) Benchmark Egypt crude oil price is Dated Brent; benchmark
Canada crude oil price is WTI.
(2) Benchmark natural gas price is AECO.
(3) Egypt assumptions: using anticipated 2021 Egypt production
profile, Gharib Blend price differential estimate of $5.00/bbl
applied consistently at all price points, concession differentials
of 4%, 5% and 5% applied to WG/WB/NWG, respectively, operating
costs estimated at $15.20/bbl, pre-concession merger ratification
terms, and maximum cost recovery resulting from accumulated cost
pools.
(4) Canada assumptions: using anticipated 2020 Canada production
profile, Edmonton Light price differential estimate of C$5.00/bbl,
Edmonton Light to Harmattan discount of C$2.50/bbl, operating costs
estimated at C$7.00/boe, NGL mixture price at 45% of Edmonton
Light, and takes into consideration Canadian tax pools.
2021 Capital Budget
The Company's 2021 capital program of $27.2 million (before
capitalized G&A) includes $16.6 million for Egypt and $10.6
million for Canada. The 2021 plan was prepared to focus on value
accretive projects within its portfolio, maximize free cash flow to
direct at future growth opportunities and to increase the Company's
production base. The 2021 drilling program includes 12 Egypt wells
and 3 Canadian Cardium wells in South Harmattan.
Egypt
As announced in early December, 2020, the Company reached an
agreement with the Egyptian General Petroleum Company ("EGPC") to
merge its three existing concessions with a 15-year primary term
and improved Company economics. Ratification of the concession is
anticipated in Q2, 2021 and the February 1, 2020 effective date for
the improved concession terms supports increased investment in
parallel with ratification.
The $16.6 million Egypt program is entirely allocated to
development activities. The primary focus of the 2021 Egypt plan is
to accelerate the exploitation of the Company's Eastern Desert
acreage with the aim of increasing oil production, while evaluating
and increasing production from the more prospective lower Bahariya
reservoir on the South Ghazalat development lease in the Western
Desert.
The 2021 development program is principally focused on the
Eastern Desert and includes: nine development wells in West Bakr
(three in H and six in K pools), one Red Bed appraisal well in the
NW Gharib 3X pool, two development wells targeting Arta Nukhul
reservoir in West Gharib, two recompletions in West Bark, two
recompletions in West Gharib, three conversions to water injectors
in West Gharib, and development & maintenance projects in the
Eastern Desert (West Bakr, NW Gharib and West Gharib). A
recompletion of the SGZ-6X well to the more prospective lower
Bahariya reservoir is also planned.
Egypt production is expected to average between 9.7 and 10.5
Mboe/d for the year and achieve an exit rate in the range of 10.4
to 10.7 Mboe/d.
Canada
The $10.6 million Canada program consists of drilling three
(three net) horizontal wells and completing one (one net) standing
well, all targeting the Cardium light oil resource at Harmattan,
with additional maintenance/ development capital. The Cardium
drilling program in 2021 consists of one 2-mile and two 1-mile
development wells in South Harmattan. The one 2-mile horizontal
well drilled, but not completed, in South Harmattan in 2020 will
also be stimulated, equipped, and brought into production.
Canada production is expected to average between 2.3 and 2.5
Mboe/d for the year and achieve an exit rate in the range of 3.1 to
3.3 Mboe/d.
The approved 2021 capital program is summarized in the following
table:
TransGlobe 2021 Capital ($MM) Gross Well Count
----------------- -------------------------------------- -------------------------------
Development Exploration Drilling
--------------- -------------------------------
Concession Wells Other(1) Wells Total(2) Development Exploration Total
----------------- ----- -------- ----------- -------- ----------- ----------- -----
West Gharib 1.1 2.0 - 3.1 2 - 2
West Bakr 9.3 0.5 - 9.8 9 - 9
NW Gharib 0.9 - - 0.9 1 - 1
South Ghazalat - 0.3 - 0.3 - - -
----------------- ----- -------- ----------- -------- ----------- ----------- -----
Egypt 11.3 5.3 - 16.6 12 - 12
Canada 9.0 1.6 - 10.6 3 - 3
----------------- ----- -------- ----------- -------- ----------- ----------- -----
2021 Total 20.3 6.9 - 27.2 15 - 15
----------------- ----- -------- ----------- -------- ----------- ----------- -----
Splits (%) 100% 0% 100% 100% 0% 100%
----------------- --------------- ----------- -------- ----------- ----------- -----
(1) Other includes completions, workovers, recompletions and equipping
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", "strengthened",
"confidence", "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, the Company's strategy to grow its annual cash
flow; anticipated drilling, completion and testing plans,
including, the anticipated timing thereof, prospects being targeted
by the Company, and rig mobilization plans; expected future
production from certain of the Company's drilling locations;
TransGlobe's plans to drill additional wells, including the types
of wells, anticipated number of locations and the timing of
drilling thereof; the timing of rig movement and mobilization and
drilling activity; the Company's plans to file development lease
applications for certain of its discoveries, including the expected
timing of filing of such applications and the expected timing of
receipt of regulatory approvals; anticipated production and
ultimate recoveries from wells; to negotiate future military access
(including the expected timing thereof), including the anticipated
timing of wells on production; TransGlobe's plans to continue
exploration, development and completion programs in respect of
various discoveries; future requirements necessary to determine
well performance and estimated recoveries; the ratification of the
amendment, extension, and consolidation of the Company's Eastern
Desert Concessions; 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.
In addition to other factors and assumptions which may be
identified in this news release, assumptions have been made
regarding, among other things, anticipated production volumes; 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 herein; 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; volatility in market prices for oil;
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.goedgar.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
news release 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 news release are expressly qualified
by this cautionary statement.
Oil and Gas Advisories
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.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of six thousand cubic feet of natural gas to one
barrel of oil equivalent (6 MCF: 1 Bbl) is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
Given that the value ratio based on the current price of crude oil
as compared to natural gas is significantly different from the
energy equivalency of 6:1, utilizing a conversion on a 6:1 basis
may be misleading as an indication of value.
References in this press release to production test rates, 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. While
encouraging, readers are cautioned not to place reliance on such
rates in calculating the aggregate production for TransGlobe. A
pressure transient analysis or well-test interpretation has not
been carried out in respect of all wells. Accordingly, the Company
cautions that the production test results should be considered to
be preliminary.
The following abbreviations used in this press release have the
meanings set forth below:
bbl barrels
bbls/d barrels per day
Mbbls/d thousand barrels per day
Mbbls thousand barrels
boe barrel of oil equivalent
boe/d barrels of oil equivalent per day
Mboe/d thousand barrels of oil equivalent per day
MMbtu One million British thermal units
Mcf thousand cubic feet
Mcf/d thousand cubic feet per day
NGL Natural Gas Liquids
Production Disclosure
Production Summary (WI before royalties and taxes):
Feb Jan - Q4 - Q3 - Q2 - Q1 - Q4 -
- 21 21 20 20 20 20 19
------- ------- ------- ------- ------- ------- -------
Egypt (bbls/d) 9,975 10,372 10,268 9,812 11,990 12,544 12,831
------- ------- ------- ------- ------- ------- -------
Eastern Desert of Egypt
(bbls/d) 9,874 10,257 10,132 9,635 11,757 12,343 12,831
------- ------- ------- ------- ------- ------- -------
Heavy Crude (bbls/d) 9,084 9,436 9,490 9,066 11,001 11,548 11,984
------- ------- ------- ------- ------- ------- -------
Light and Medium Crude
(bbls/d) 790 821 642 569 756 795 847
------- ------- ------- ------- ------- ------- -------
Western Desert of Egypt
(bbls/d) 101 115 136 177 233 201 -
------- ------- ------- ------- ------- ------- -------
Light and Medium Crude
(bbls/d) 101 115 136 177 233 201 -
------- ------- ------- ------- ------- ------- -------
Canada (boe/d) 2,032 2,108 2,116 2,232 2,310 2,453 2,531
------- ------- ------- ------- ------- ------- -------
Light and Medium Crude
(bbls/d) 576 607 618 661 706 860 908
------- ------- ------- ------- ------- ------- -------
Natural Gas (Mcf/d) 4,262 4,540 4,454 4,633 4,665 4,996 5,334
------- ------- ------- ------- ------- ------- -------
Associated Natural Gas
Liquids (bbls/d) 746 744 755 798 826 761 735
------- ------- ------- ------- ------- ------- -------
Total (boe/d) 12,007 12,480 12,384 12,044 14,300 14,997 15,362
------- ------- ------- ------- ------- ------- -------
Production Guidance
Low High Mid-Point
------- ------- ----------
Egypt (bbls/d) 9,700 10,500 10,100
------- ------- ----------
Heavy Crude (bbls/d) 8,940 9,678 9,309
------- ------- ----------
Light and Medium Crude (bbls/d) 760 822 791
------- ------- ----------
Canada (boe/d) 2,300 2,500 2,400
------- ------- ----------
Light and Medium Crude (bbls/d) 767 833 800
------- ------- ----------
Natural Gas (Mcf/d) 4,600 5,000 4,800
------- ------- ----------
Associated Natural Gas Liquids
(bbls/d) 767 833 800
------- ------- ----------
Total (boe/d) 12,000 13,000 12,500
------- ------- ----------
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.
For further information, please contact:
TransGlobe Energy Corporation +1 403 264 9888
Randy Neely, President and CEO investor.relations@trans-globe.com
Eddie Ok, CFO http://www.trans-globe.com
or via Tailwind Associates
or
FTI Consulting
Tailwind Associates (Investor Relations) +1 403 618 8035
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
FTI Consulting (Financial PR) +44(0) 20 3727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Genevieve Ryan
Canaccord Genuity (Nomad & Joint-Broker)
Henry Fitzgerald-O'Connor
James Asensio +44(0) 20 7523 8000
Shore Capital (Joint Broker)
Jerry Keen
Toby Gibbs +44(0) 20 7408 4090
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END
FR ELLBFFXLLBBE
(END) Dow Jones Newswires
March 12, 2021 02:00 ET (07:00 GMT)
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