TIDMTGL
RNS Number : 0616F
TransGlobe Energy Corporation
16 March 2022
The information contained within this Announcement is deemed by
TransGlobe Energy Corporation to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
TRANSGLOBE ENERGY CORPORATION ANNOUNCES
DECLARATION OF DIVID
TSX & AIM: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, March 16, 2022 - TransGlobe Energy Corporation
("TransGlobe" or the "Company") announces that its Board of
Directors has declared a dividend of US$0.10 per common share,
which will be paid in cash on May 12, 2022 to shareholders of
record on April 29, 2022. The ex-dividend date is April 28,
2022.
The dividend is designated as an eligible dividend under the
Income Tax Act (Canada).
Shareholder Distributions
The Company has adopted a distribution policy to allocate a
minimum of 75% of its annual free cash flow to its shareholders
through dividends and share buybacks. For these purposes, free cash
flow is defined as net cash generated by operating activities less
capital expenditures and debt repayments, calculated on an annual
basis. The Company intends to assess its ability to pay a dividend
on a semi-annual basis, with the regularity of its dividend
payments correlated to its Egyptian operations' cash flow.
In addition to dividends, the Company may consider the use of
share buybacks to return capital to shareholders. If the Company
determines that share buybacks are appropriate, it will make a
separate announcement to that effect.
Please see " Advisory on Forward-Looking Information and
Statements " and " Distribution Advisory " at the end of this press
release.
Randy Neely, President & Chief Executive Officer of
TransGlobe
"We are very pleased to resume our dividend after a long hiatus.
The restart of our dividend has been planned since we approached
the ratification and execution of the amendment, extension and
merger of our Eastern Desert PSCs. The successful conclusion of the
agreement earlier this quarter significantly improves the
investment case and returns of our Egypt operations. That
milestone, combined with continuing strong commodity prices,
growing production and the free cash flow potential we have created
in our Canadian properties, supports the reintroduction of a
dividend. This also further supports the potential for strong
distributions to our loyal shareholders going forward as cash
collections permit.
Providing returns to shareholders is a key priority for
management and the Board, while still maintaining a disciplined
balance sheet. As such, in order to mitigate liquidity risks, the
Company intends to re-build an appropriate cash balance, having
paid the initial modernization installments due under the merged
concession agreement."
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
Tailwind Associates (Investor Relations) +1 403 618 8035
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
Canaccord Genuity (Nomad & Joint-Broker)
Henry Fitzgerald-O'Connor
James Asensio +44(0) 20 7523 8000
Shore Capital (Joint Broker)
Toby Gibbs
John More +44(0) 20 7408 4090
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 payment of a dividend, including
the amount and timing thereof; the Company's distribution policy
and its plans to distribute a minimum of 75% of annual free cash
flow to its shareholders through dividends and/or share buybacks;
that the Company intends to assess its ability to pay a dividend on
a semi-annual basis; TransGlobe's potential of providing strong
distributions to its shareholders in the future; that the Company
will re-build an appropriate cash balance; 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 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; that TransGlobe will have
sufficient financial resources in the future to provide
distributions to its shareholders; that the Board of Directors will
declare dividends in the future; that rebuilding an appropriate
cash base will successfully mitigate the Company's financial risks;
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; the Company will successfully drill less
than the
number of wells that it anticipates; the risk that TransGlobe
does not have sufficient financial resources in the future to
provide returns to its shareholders through dividends or share
buybacks; the risk that the Board does not declare dividends in the
future or that TransGlobe's distribution policy changes; 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.
Distribution Advisory
The Company's future shareholder distributions, including but
not limited to the payment of dividends and the acquisition by the
Company of its shares, if any, and the level thereof is uncertain.
Any decision to pay dividends (including the actual amount, the
declaration date, the record date and the payment date in
connection therewith) or acquire shares of the Company will be
subject to the discretion of the Board of Directors of the Company
and may depend on a variety of factors, including, without
limitation the Company's business performance, financial condition,
financial requirements, growth plans, expected capital requirements
and other conditions existing at such future time including,
without limitation, contractual restrictions and satisfaction of
the solvency tests imposed on the Company under applicable
corporate law. Further, any buyback shares of shares will be
subject to regulatory approvals and compliance with all applicable
laws. There can be no assurance that the Company will pay dividends
or buyback any shares of the Company in the future
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END
DIVZZGMFFVMGZZZ
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March 17, 2022 03:00 ET (07:00 GMT)
Transglobe Energy (LSE:TGL)
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