Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Entity Primary SIC Number | 1311 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | TransGlobe Energy Corporation |
Entity Central Index Key | 0000736744 |
Entity File Number | 001-31891 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | Suite 900 |
Entity Address, Address Line Two | 444 Fifth Avenue SW |
Entity Address, City or Town | Calgary |
Entity Address, State or Province | AB |
Entity Address, Postal Zip Code | Canada T2P 2T8 |
Document Annual Report | true |
Document Registration Statement | false |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Local Phone Number | 264-9888 |
City Area Code | 403 |
Entity Common Stock, Shares Outstanding | 72,774,830 |
Entity Interactive Data Current | Yes |
ICFR Auditor Attestation Flag | false |
Auditor Firm ID | 1227 |
Auditor Name | BDO Canada LLP |
Auditor Location | Calgary, AB, Canada |
NASDAQ Global Select Market | |
Document Information [Line Items] | |
Trading Symbol | TGA |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | Common Shares Without Par Value |
Toronto Stock Exchange | |
Document Information [Line Items] | |
Trading Symbol | TGL |
Title of 12(b) Security | Common Shares Without Par Value |
London Stock Market (AIM) | |
Document Information [Line Items] | |
Trading Symbol | TGL |
Title of 12(b) Security | Common Shares Without Par Value |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Donald J. Puglisi |
Entity Address, Address Line One | 850 Library Avenue |
Entity Address, Address Line Two | Suite 204 |
Entity Address, City or Town | Newark |
Entity Address, State or Province | DE |
Entity Address, Postal Zip Code | 19711 |
Local Phone Number | 738-6680 |
City Area Code | 302 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE | ||
Petroleum and natural gas sales, net of royalties | $ 169,006 | $ 114,675 |
Finance revenue | 9 | 106 |
Other revenue | 32 | 641 |
Revenue | 169,047 | 115,422 |
EXPENSES | ||
Production and operating | 61,430 | 64,462 |
Overlift | 14,723 | 0 |
Selling costs | 3,921 | 2,111 |
General and administrative | 20,353 | 11,990 |
Foreign exchange loss | 47 | 24 |
Finance costs | 1,141 | 2,520 |
Depletion, depreciation and amortization | 25,434 | 31,049 |
Asset retirement obligation accretion | 207 | 259 |
Loss (gain) on financial instruments | 10,563 | (6,621) |
Impairment (reversal) loss | (31,521) | 73,495 |
Total expenses | 106,298 | 179,289 |
Earnings (loss) before income taxes | 62,749 | (63,867) |
Income tax expense - current | 22,411 | 13,530 |
NET EARNINGS (LOSS) | 40,338 | (77,397) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Currency translation adjustments | (62) | 766 |
COMPREHENSIVE INCOME (LOSS) | $ 40,276 | $ (76,631) |
Net earnings (loss) per share | ||
Basic | $ 0.56 | $ (1.07) |
Diluted | $ 0.55 | $ (1.07) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
Cash | $ 37,929 | $ 34,510 |
Accounts receivable | 12,217 | 9,996 |
Prepaids and other | 4,024 | 3,530 |
Product inventory | 0 | 5,828 |
Current assets | 54,170 | 53,864 |
Non-Current | ||
Intangible exploration and evaluation assets | 2,673 | 584 |
Property and equipment | ||
Petroleum and natural gas assets | 173,804 | 140,059 |
Other | 2,202 | 2,917 |
Deferred taxes | 6,246 | 3,723 |
Assets | 239,095 | 201,147 |
Current | ||
Accounts payable and accrued liabilities | 26,112 | 20,176 |
Current portion of share-based compensation liabilities | 6,174 | 1,491 |
Derivative commodity contracts | 88 | 398 |
Current portion of lease obligations | 764 | 1,553 |
Current portion of long-term debt | 0 | 14,897 |
Current liabilities | 33,138 | 38,515 |
Non-Current | ||
Long-term debt | 3,040 | 6,567 |
Asset retirement obligations | 14,102 | 13,042 |
Share-based compensation liabilities | 3,959 | 544 |
Lease obligations | 36 | 461 |
Deferred taxes | 6,246 | 3,723 |
Liabilities | 60,521 | 62,852 |
SHAREHOLDERS' EQUITY | ||
Share capital | 153,021 | 152,805 |
Accumulated other comprehensive income | 1,838 | 1,900 |
Contributed surplus | 24,896 | 25,109 |
Deficit | (1,181) | (41,519) |
Equity | 178,574 | 138,295 |
Equity and liabilities | $ 239,095 | $ 201,147 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Share Capital [member] | Accumulated Other Comprehensive Income [member] | Contributed Surplus [member] | (Deficit) Retained Earnings [member] |
Balance, beginning of year at Dec. 31, 2019 | $ 152,805 | $ 1,134 | $ 24,673 | $ 35,878 | |
Stock options exercised | $ 0 | 0 | |||
Transfer from contributed surplus on exercise of options | 0 | ||||
Currency translation adjustment | 766 | 766 | |||
Share-based compensation expense | 436 | ||||
Transfer to share capital on exercise of options | 0 | ||||
Net earnings (loss) | (77,397) | (77,397) | |||
Balance, end of year at Dec. 31, 2020 | 138,295 | 152,805 | 1,900 | 25,109 | (41,519) |
Stock options exercised | (340) | (340) | |||
Transfer from contributed surplus on exercise of options | 556 | 556 | |||
Currency translation adjustment | (62) | (62) | |||
Share-based compensation expense | 343 | ||||
Transfer to share capital on exercise of options | (556) | ||||
Net earnings (loss) | 40,338 | 40,338 | |||
Balance, end of year at Dec. 31, 2021 | $ 178,574 | $ 153,021 | $ 1,838 | $ 24,896 | $ (1,181) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING | ||
Net earnings (loss) | $ 40,338 | $ (77,397) |
Adjustments for: | ||
Depletion, depreciation and amortization | 25,434 | 31,049 |
Asset retirement obligation accretion | 207 | 259 |
Impairment (recovery) loss | (31,521) | 73,495 |
Share-based compensation | 9,267 | 857 |
Finance costs | 1,141 | 2,520 |
Unrealized loss on financial instruments | 88 | 180 |
Unrealized loss (gain) on foreign currency translation | 12 | (62) |
Asset retirement obligations settled | (135) | (458) |
Changes in working capital | 131 | 1,266 |
Net cash generated by operating activities | 44,962 | 31,709 |
INVESTING | ||
Additions to intangible exploration and evaluation assets | (2,089) | (337) |
Additions to petroleum and natural gas assets | (24,636) | (6,726) |
Additions to other assets | (97) | (435) |
Changes in working capital | 7,601 | (3,544) |
Net cash used in investing activities | (19,221) | (11,042) |
FINANCING | ||
Issue of common shares | (340) | 0 |
Interest paid | (856) | (1,918) |
Increase in long-term debt | 415 | 406 |
Payments on lease obligations | (1,932) | (1,703) |
Repayments of long-term debt | (18,937) | (16,504) |
Changes in working capital | (365) | 161 |
Net cash used in financing activities | (22,015) | (19,558) |
Currency translation differences relating to cash | (307) | 150 |
NET INCREASE IN CASH | 3,419 | 1,259 |
CASH, BEGINNING OF YEAR | 34,510 | 33,251 |
CASH, END OF YEAR | $ 37,929 | $ 34,510 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of I F R S Compliance [Abstract] | |
Corporate Information | 1. CORPORATE INFORMATION TransGlobe Energy Corporation (“TransGlobe” or the “Company”) and its subsidiaries are engaged in oil and natural gas exploration, development and production, and the acquisition of oil and natural gas properties. The Company’s shares are traded on the Toronto Stock Exchange (“TSX”), the London Stock Exchange’s Alternative Investment Market (“AIM”) and the Capital Market of the NASDAQ Stock Market (“NASDAQ”). TransGlobe is incorporated in Alberta, Canada and the address of its principal place of business is Suite 900, 444 – 5 th |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of I F R S Compliance [Abstract] | |
Basis of Preparation | 2. BASIS OF PREPARATION The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The accounting policies used in the preparation of the Consolidated Financial Statements are described in Note 3 Significant Accounting Policies The Company prepared the Consolidated Financial Statements on a going concern basis, which contemplates the realization of assets and liabilities in the normal course of business as they become due. Accordingly, the Consolidated Financial Statements have been prepared on a historical cost basis, except for cash, derivative commodity contracts and share-based compensation liabilities that have been measured at fair value. The method used to measure fair value is discussed further in Notes 3 and 5. The Consolidated Financial Statements are presented and expressed in United States dollars (“US$”), unless otherwise noted. All references to $ are to United States dollars and references to C$ are to Canadian dollars. The Consolidated Financial Statements were authorized for issue by the Board of Directors on March 1 6 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all subsidiaries and periods presented in these Consolidated Financial Statements. Basis of consolidation The Consolidated Financial Statements include the financial statements of the Company and its wholly-owned, controlled subsidiaries. Control exists when the Company has the power to govern the financial and operating policies of an entity, it is exposed to or has rights to variable returns associated with its involvement in the entity, and it has the ability to use that power to influence the amount of returns it is exposed to or has rights to. In assessing control, potential voting rights need to be considered. All subsidiaries of the Company are wholly-owned by the parent company, TransGlobe Energy Corporation. All intra-company transactions, balances, income and expenses, unrealized gains and losses are eliminated on consolidation. Foreign currency translation The Consolidated Financial Statements are presented in U.S. dollars. The Company’s functional currency is the Canadian dollar, and the functional currency of all subsidiaries is the U.S. dollar. Foreign currency translations include the translation of foreign currency transactions and translation of the Canadian operations. Foreign currency translations occur when translating transactions in foreign currencies to the applicable functional currency of TransGlobe Energy Corporation and its subsidiaries. Gains and losses from foreign currency transactions are recorded as foreign exchange gains or losses. Foreign currency transaction translations occur as follows: • Income and expenses are translated at the prevailing rates on the date of the transaction • Non-monetary • Monetary items are translated at the prevailing rates at the balance sheet date Translation gains and losses occur when translating the financial statements of non-U.S. • Income and expenses are translated at the date of the transaction • Assets and liabilities are translated at the prevailing rates on the balance sheet date Cash Cash comprises cash on hand. As at December 31, 2021, all of the Company’s cash is on deposit with high credit-quality financial institutions. Financial instruments Financial instruments are measured at fair value on initial recognition. Measurement in subsequent periods depends on the classification of the financial instrument: • Fair value through profit or loss - subsequently carried at fair value with changes recognized in net earnings (loss). Financial instruments under this classification include cash , • Amortized cost - subsequently carried at amortized cost using the effective interest method. Financial instruments under this classification include accounts receivable, accounts payable and accrued liabilities and long-term debt. The Company enters into certain financial derivative contracts from time to time in order to reduce its exposure to market risks from fluctuations in commodity prices. These instruments are not used for trading or speculative purposes. The Company does not designate financial derivative contracts as effective accounting hedges, and thus does not apply hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, the Company’s policy is to classify all financial derivative contracts at fair value through profit or loss and to record them on the Consolidated Balance Sheet at fair value with a corresponding gain or loss in net earnings (loss). Attributable transaction costs are recognized in net earnings (loss) when incurred. The estimated fair value of all derivative instruments is based on quoted market prices and/or third-party market indications and forecasts. Embedded derivatives are derivatives embedded in a host contract. They are recorded separately from the host contract when their economic characteristics and risks are not closely related to those of the host contract; when the terms of the embedded derivatives are the same as those of a freestanding derivative; and when the combined contract is not measured at fair value through profit or loss. Refer to Note 5 for the classification and measurement of these financial instruments. Share capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Leases A contract is, or contains, a lease if the contract provides the right to control the use of an identified asset for a period of time in exchange for consideration. A lease obligation is recognized at the commencement of the lease term measured as the present value of the lease payments not already paid at that date. Interest expense is recognized on the lease obligations using the effective interest rate method and net payments are applied against the lease obligation. At the commencement date, a corresponding right-of-use right-of-use Property and equipment and intangible exploration and evaluation assets Exploration and evaluation assets Exploration and evaluation (“E&E”) costs related to each license/prospect are initially capitalized within “intangible exploration and evaluation assets”. Such E&E costs may include costs of license acquisition, technical services and studies, seismic acquisition, exploration drilling and testing, directly attributable expenses, including remuneration of production personnel and supervisory management, and the projected costs of retiring the assets (if any), but do not include pre-licensing Intangible exploration and evaluation assets are not depleted. They are carried forward until technical feasibility and commercial viability of extracting a mineral resource is determined, at which point they are transferred to petroleum and natural gas (“PNG”) assets. The technical feasibility and commercial viability is considered to be determined when proved and/or probable reserves are determined to exist or they can be empirically supported with actual production data or conclusive formation tests. Petroleum and natural gas assets PNG assets and other assets are measured Gains and losses on disposal of items of property and equipment, including oil and natural gas interests, are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net earnings (loss) immediately. Subsequent costs Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of property and equipment are recognized as petroleum properties or other assets only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Such capitalized property and equipment generally represent costs incurred in developing proved and/or probable reserves and bringing in or enhancing production from such reserves, and are accumulated on a well, field or geotechnical area basis, together with the discounted value of estimated future costs of asset retirement obligations. When components of PNG assets are replaced, disposed of or no longer in use, the carrying amount is derecognized. The costs of the day-to-day Depletion, depreciation and amortization The depletion, depreciation and amortization of PNG assets and other assets are recognized in net earnings (loss). The net carrying value of the PNG assets included in petroleum properties is depleted using the unit of production method by reference to the ratio of production to the related proved plus probable reserves using estimated future prices and costs. Costs subject to depletion include estimated future development costs necessary to bring those reserves into production. These estimates are reviewed by independent reserves engineers at least annually and determined in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (the “ COGE Handbook 51-101 Standards of Disclosure of Oil and Gas Activities Furniture and fixtures are depreciated at declining balance rates of 20% to 30%, whereas vehicles and leasehold improvements are depreciated on a straight-line basis over their estimated useful lives. Depreciation methods, useful lives and residual values are reviewed at each reporting date. Product inventory Product inventory consists of the Company’s unsold Egypt entitlement crude oil barrels, valued at the lower of cost, using the first-in, first-out Overlift liability Overlift refers to a situation where the Company lifts barrels in excess of its entitlement crude oil inventory at the time of sale. An overlift liability represents an obligation for the Company to deliver the equivalent future entitlement production. Settlement of the overlift liability occurs when this entitlement production is delivered or when there is an agreement in place to offset amounts owed from the counterparty. At the time of an overlift, the Company recognizes the revenue from the cargo lifting, with an equivalent cost recorded to an expense resulting in no net earnings impact related to the overlifted barrels during the period. Overlift liabilities are valued based on the Dated Brent oil price, less Gharib quality differential, at the balance sheet date. A gain/loss on overlifted oil volumes is recorded on the difference between the original liability and the fair value of the liability at the balance sheet date. Impairment Financial assets carried at amortized cost TransGlobe applies the simplified approach to providing for expected credit losses (“ECL”) prescribed by IFRS 9 Financial Instruments (“IFRS 9”) which permits the use of the lifetime expected loss provision for all trade receivables carried at amortized cost. At each reporting date, the Company measures the lifetime expected loss provision taking into consideration TransGlobe’s historical credit loss experience as well as forward-looking information in order to establish loss rates. The amount recognized for ECL that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized in net earnings (loss). Non-financial At each reporting date, the carrying amounts of the Company’s non-financial For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit). The recoverable amount of an asset or a cash-generating unit (“CGU”) is the greater of its value in use and its fair value less costs to sell. The Company’s CGUs are not larger than a segment. In assessing both fair value less costs to sell and value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings (loss). For PNG assets, fair value less costs to sell and value in use is generally computed by reference to the present value of the future cash flows expected to be derived from production of proved plus probable reserves. E&E assets are tested for impairment when they are transferred to petroleum properties and also if facts and circumstances suggest that the carrying amount of E&E assets may exceed the recoverable amount. Impairment indicators are evaluated at a CGU level. Indication of impairment includes: 1. Expiry or impending expiry of lease with no expectation of renewal; 2. Lack of budget or plans for substantive expenditures on further E&E; 3. Cessation of E&E activities due to a lack of commercially viable discoveries; and 4. Carrying amounts of E&E assets are unlikely to be recovered in full from a successful development project. Impairment losses recognized in prior periods are assessed at each reporting date for indication that the loss has decreased or no longer exists. An impairment loss may be reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation or amortization, if no impairment loss had been recognized. Share-based payment transactions Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which equity instruments are granted and is recognized as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined by using the lattice-based trinomial option pricing model. An estimated forfeiture rate is taken into consideration when assigning a fair value to options granted such that no expense is recognized for awards that do not ultimately vest. At each financial reporting date before vesting, the cumulative expense is calculated, which represents the extent to which the vesting period has expired and management’s best estimate of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous financial reporting date is recognized in net earnings (loss), with a corresponding entry in contributed surplus in equity. When the terms of an equity-settled award are modified or a new award is designated as replacing a canceled or settled award, the cost based on the original award terms continues to be recognized over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognized if this difference is negative. Cash-settled transactions The expense related to the share units granted under these plans is measured at fair value based on the estimated grant date share price fair value of the respective awards, net of estimated forfeitures. The expense is recognized over the vesting period, with a corresponding liability recognized on the Consolidated Balance Sheet. The grant date fair value of cash-settled units granted to employees is recognized as compensation expense within general and administrative expenses, with a corresponding increase in share-based compensation liabilities over the period that the employees become unconditionally entitled to the units. The amount recognized as an expense over the related service period is adjusted to reflect the actual number of units that eventually vest and considers both non-market re-measured Provisions and asset retirement obligations A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are not recognized for future operating losses. The Company provides for asset retirement obligations on all of its Canadian operations based on current legislation and industry operating practices. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset. This increase is depleted with the related depletion unit and is allocated to a CGU for impairment testing. The liability is increased each reporting period to reflect the passage of time with a corresponding charge to accretion expense. The asset retirement obligation can also increase or decrease due to changes in the estimated timing of cash flows, changes in the discount rate and/or changes in the original estimated undiscounted costs. Increases or decreases in the obligation will result in a corresponding change in the carrying amount of the related asset. Actual costs incurred upon settlement of the asset retirement obligation are charged against the asset retirement obligation to the extent of the liability recorded. Asset retirement obligations are measured at each reporting period to reflect the discount rates in effect at that time. On an annual basis, the Company reviews its estimates of the expected costs to reclaim the net interest in its wells and facilities. Resulting changes are accounted for prospectively as a change in estimate. In accordance with all of the Company’s Production Sharing Agreements and Production Sharing Concessions (collectively defined as “PSCs”), the Company does not, at any time, hold title to the lands on which it operates. In Egypt, under model concession agreements and the Fuel Material Law, liabilities in respect of decommissioning movable and immovable assets (other than wells) passes to the Egyptian Government through the transfer of ownership from the contractor to the government under the cost recovery process. In relation to petroleum wells, under good oilfield practices, the contractor is responsible for decommissioning non-producing Corporation (“EGPC”) As at December 31, 2021 there is no ARO associated with the Egypt PSCs. Revenue recognition The Company’s revenue is derived exclusively from contracts with customers, except for immaterial amounts related to interest and other income. Royalties are considered to be part of the price of the sale transaction and are therefore presented as a reduction to revenue. Revenue associated with the sale of crude oil, natural gas and natural gas liquids (“NGLs”) is measured based on the consideration specified in contracts with customers. Revenue from contracts with customers is recognized when the Company satisfies a performance obligation by transferring a good or service to a customer. A good or service is transferred when the customer obtains control of the good or service. The transfer of control of oil, natural gas and NGLs usually coincides with title passing to the customer and the customer taking physical possession. TransGlobe mainly satisfies its performance obligations at a point in time and the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. Revenues associated with the sales of the Company’s crude oil in Egypt are recognized by reference to actual volumes sold and quoted market prices in active markets (Dated Brent), adjusted according to specific terms and conditions as applicable per the sales contracts. Revenue is measured at the fair value of the consideration received or receivable. For reporting purposes, the Company records the government’s share of production as royalties and taxes as all royalties and taxes are paid out of the government’s share of production. Revenues from the sale of crude oil, natural gas, condensate and NGLs in Canada are recognized by reference to actual volumes delivered at contracted delivery points and prices. Prices are determined by reference to quoted market prices in active markets (crude oil - NYMEX WTI, natural gas - AECO C, condensate - NYMEX WTI, and NGLs - various based on product), adjusted according to specific terms and conditions applicable per the sales contracts. Revenues are recognized prior to the deduction of transportation costs. Revenues are measured at the fair value of the consideration received. TransGlobe pays royalties to the Alberta provincial government and other mineral rights owners in accordance with the established royalty regime. Revenue segregated by product type and geographical market is disclosed in Note 2 4 Finance revenue and costs Finance revenue comprises interest income on funds invested. Interest income is recognized as it accrues in net earnings (loss), using the effective interest method. Finance costs comprise interest expense on borrowings. Borrowing costs incurred for qualifying assets are capitalized during the period of time that is required to complete and prepare the assets for their intended use or sale. Qualifying assets are comprised of those significant assets that require a period greater than one year to be available for their intended use. All other borrowing costs are recognized in net earnings (loss). Income tax Income tax expense is comprised of current and deferred tax. TransGlobe is subject to income taxes based on the tax legislation of each respective country in which TransGlobe conducts business. Current tax Current tax assets and liabilities for the current and prior periods are measured as the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the date of the Consolidated Financial Statements. The Company’s contractual arrangements in Egypt stipulate that income taxes are paid by the government out of its entitlement share of production sharing oil. Such amounts are included in current income tax expense at the statutory rate in effect at the time of production. Deferred tax The Company determines the amount of deferred income tax assets and liabilities based on the difference between the carrying amounts of the assets and liabilities reported for financial accounting purposes from those reported for tax. Deferred income tax assets and liabilities are measured using the substantively enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. Deferred income tax assets are recognized to the extent it is probable the Company will have sufficient future taxable earnings available against which the unused tax losses can be utilized. Joint arrangements A joint arrangement involves joint control and offers joint ownership by the Company and other joint interest partners of the financial and operating policies, and of the assets associated with the arrangement. Joint arrangements are classified into one of two categories: joint operations or joint ventures. A joint operation is a joint arrangement whereby the Company and the other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. Parties involved in joint operations must recognize in relation to their interests in the joint operation their proportionate share of the revenues, expenses, assets and liabilities. A joint venture is a joint arrangement whereby the Company and the other parties that have joint control of the arrangement have rights to the net assets of the arrangement. Parties involved in joint ventures must recognize their interests in joint ventures as investments and must account for that investment using the equity method. In Canada, the Company conducts some of its oil and gas production activities through joint operations and the Consolidated Financial Statements reflect only the Company’s proportionate interest in such activities. Joint control exists for contractual agreements governing TransGlobe’s assets whereby TransGlobe has less than 100% working interest, all of the partners have control of the arrangement collectively, and spending on the project requires the unanimous consent of all parties that collectively control the arrangement and share the associated risks. TransGlobe does not have any joint arrangements that are individually material to the Company or that are structured through joint venture arrangements. In Egypt, joint arrangements in which the Company Future Accounting Pronouncements TransGlobe plans to adopt the following amendment to accounting standards, issued by the IASB that is effective for the annual periods beginning on or after January 1, 2022. The pronouncement will be adopted on its respective effective date, however; is not expected to have a material impact on the financial statements. Amendments to IAS 1 Presentation of Financial Statements In January 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements, |
Critical Judgments and Accounti
Critical Judgments and Accounting Estimates | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of I F R S Compliance [Abstract] | |
Critical Judgments and Accounting Estimates | 4. CRITICAL JUDGMENTS AND ACCOUNTING ESTIMATES Timely preparation of financial statements in conformity with IFRS as issued by the International Accounting Standards Board requires that management make estimates and assumptions and use judgments that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future confirming events occur. The effect of these estimates, assumptions and the use of judgments are explained throughout the notes to the Consolidated Financial Statements. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. The key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. Recoverability of asset carrying values The recoverability of PNG asset carrying values are assessed at the CGU level. Determination of what constitutes a CGU is subject to management judgment of the lowest level at which there are identifiable cash inflows that are largely independent of the cash inflows of other groups of assets or properties. The factors used by TransGlobe to determine CGUs may vary by country due to unique operating and geographic circumstances in each country. In general, TransGlobe assesses the following factors in determining whether a group of assets generate largely independent cash inflows: • geographic proximity of the assets within a group to one another; • geographic proximity of the group of assets to other groups of assets; and • homogeneity of the production from the group of assets and the sharing of infrastructure used to process and/or transport production. In Egypt, each PSC is considered a separate CGU. In Canada, CGUs are determined by regional geography and one CGU has been identified. The asset composition of a CGU can directly impact the recoverability of the assets included therein. In assessing the recoverability of the Company’s petroleum properties, each CGU’s carrying value is compared to its recoverable amount, defined as the greater of its fair value less costs to sell and value-in-use. T he are after-tax Key input estimates used in the determination of cash flows from oil and natural gas reserves include the following: • Reserves - There are numerous uncertainties inherent in estimating oil and gas reserves. An external reserves engineering report which incorporates a full evaluation of reserves is prepared on an annual basis with internal reserves updates completed at each quarterly period. Estimating reserves is highly complex, requiring many judgments including forward price estimates, production costs, and recovery rates based on available geological, geophysical, engineering and economic data. Changes in these judgments may have a material impact on the estimated reserves. These estimates may change, resulting in either negative or positive impacts on net earnings (loss) as further information becomes available and as the economic environment changes. • Commodity prices - Forward price estimates of crude oil and natural gas prices are incorporated into the determination of expected future net cash flows. Commodity prices have fluctuated significantly in recent years due to global and regional factors including supply and demand fundamentals, inventory levels, foreign exchange rates, economic, and geopolitical factors. • Discount rate - The discount rate used to determine the net present value of future cash flows is based on the Company’s estimated weighted average cost of capital. Changes in the economic environment could change the Company’s weighted average cost of capital. Reserves and resources are used in the units of production calculation for depletion, depreciation and amortization. Depletion of petroleum properties is calculated based on total proved plus probable reserves as well as estimated future development costs associated with these reserves as determined by the Company’s independent reserves evaluator. See above for discussion of estimates and judgments involved in reserves estimation. Income taxes Related assets and liabilities are recognized for the estimated tax consequences between amounts included in the Consolidated Financial Statements and their tax base using substantively enacted future income tax rates. Timing of future revenue streams and future capital spending changes can affect the timing of any temporary differences, and accordingly affect the amount of the deferred tax asset or liability calculated at a point in time. Tax interpretations, regulations and legislation in the various jurisdictions in which TransGlobe and its subsidiaries operate are subject to change and interpretation. Such changes can affect the timing of the reversal of temporary tax differences, the tax rates in effect when such differences reverse and TransGlobe’s ability to use tax losses and other tax pools in the future. The Company’s income tax filings are subject to audit by taxation authorities in different jurisdictions and the results of such audits may increase or decrease the tax liability. The determination of current and deferred tax amounts recognized in the Consolidated Financial Statements are based on management’s assessment of the tax positions, which includes consideration of their technical merits, communications with tax authorities and management’s view of the most likely outcome. These differences could materially impact net earnings (loss). Financial instruments The fair values of financial instruments are estimated based upon market and third-party inputs. These estimates are subject to change with fluctuations in commodity prices, interest rates, foreign currency exchange rates and estimates of non-performance Share-based payments The fair value estimates of equity-settled and cash-settled share-based payment awards depend on certain assumptions including share price volatility, risk-free interest rate, the term of the awards, and the forfeiture rate which, by their nature, are subject to measurement uncertainty. The fair value estimate of TransGlobe’s Performance Share Units (“PSUs”) is dependent upon an adjustment to the final number of PSU awards that eventually vest based on a performance multiplier that is estimated by management. Asset retirement obligations The provision for site restoration and abandonment in Canada is based on current legal and constructive requirements, technology, price levels and expected plans for remediation. Actual costs and cash outflows can differ from estimates because of changes in laws and regulations, public expectations, market conditions, discovery and analysis of site conditions and changes in technology. Recoverability of accounts receivable The recoverability of accounts receivable due from EGPC is assessed to determine the carrying value of accounts receivable on the Company’s Consolidated Balance Sheets. Management judgment is required in performing the recoverability assessment. No material credit losses have been experienced to date, and the Company expects to collect the accounts receivable balance in full. E&E Assets Management uses judgment to determine whether a sufficient amount of economically recoverable reserves have been discovered. This requires estimates of the quantity and realizable value of a discovery. E&E assets are subject to ongoing technical, commercial and management review to confirm the continued intent to establish the technical feasibility and commercial viability of the discovery. Leases Management uses judgement to determine the incremental borrowing rate and lease term related to the application of IFRS 16. Incremental borrowing rates are based on judgments including economic environment, term, currency, and the underlying risk inherent to the asset. The carrying amount of the right-of-use |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Financial Instruments and Risk Management | 5. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Fair values of financial instruments Financial instruments include cash, accounts receivable, derivative commodity contracts, accounts payable and accrued liabilities, lease obligations and long-term debt. The Company has classified its cash and derivative commodity contracts as fair value through profit or loss. Both are measured at fair value with subsequent changes recognized through net earnings (loss). Accounts receivable are classified as assets at amortized cost; accounts payable and accrued liabilities, lease obligations and long-term debt are classified as liabilities at amortized cost, all of which are measured initially at fair value, and subsequently at amortized cost. Transaction costs attributable to financial instruments carried at amortized cost are included in the initial measurement of the financial instrument and are subsequently amortized using the effective interest rate method. Carrying value and fair value of financial assets and liabilities are summarized as follows: December 31, 2021 December 31, 2020 Classification ($000s) Carrying Value Fair Value Carrying Value Fair Value Financial assets at fair value through profit or loss 37,929 37,929 34,510 34,510 Financial assets at amortized cost 12,217 12,217 9,996 9,996 Financial liabilities at fair value through profit or loss 88 88 398 398 Financial liabilities at amortized cost 29,952 29,952 43,654 43,757 Assets and liabilities as at December 31, 2021 that are measured at fair value are classified into levels reflecting the method used to make the measurements. Fair values of assets and liabilities included in Level 1 are determined by reference to quoted prices in active markets for identical assets and liabilities. Assets and liabilities in Level 2 include valuations using inputs other than quoted prices for which all significant inputs are observable, either directly or indirectly. Level 3 valuations are based on inputs that are unobservable and significant to the overall fair value measurement. The Company’s cash and derivative commodity contracts are assessed on the fair value hierarchy described above. TransGlobe’s cash is classified as Level 1. Derivative commodity contracts are classified as Level 2. Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy level. There were no transfers between levels in the fair value hierarchy in the period. Derivative commodity contracts The nature of TransGlobe’s operations exposes it to fluctuations in commodity prices, interest rates and foreign currency exchange rates. TransGlobe monitors and, when appropriate, uses derivative financial instruments to manage its exposure to these fluctuations. All transactions of this nature entered into by TransGlobe are related to future crude oil and natural gas production. TransGlobe does not use derivative financial instruments for speculative purposes. TransGlobe has elected not to designate any of its derivative financial instruments as accounting hedges and thus accounts for changes in fair value in net earnings (loss) at each reporting period. TransGlobe has not obtained collateral or other security to support its financial derivatives as management reviews the creditworthiness of its counterparties prior to entering into derivative contracts. The derivative financial instruments are initiated within the guidelines of the Company’s corporate hedging policy. This includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. In conjunction with the prepayment agreement (see Note 1 7 was was The prepayment agreement matured on December 31, 2021. In conjunction with the recently renewed revolving Canadian reserves-based lending facility with ATB, the Company is required to enter into hedging arrangements based on its debt utilization. If utilization is below 50%, TransGlobe is required to hedge 25% of its annual forecasted average daily Canadian production of oil and natural gas volumes (net of royalties); utilization of between 50%-69% The following table summarizes TransGlobe’s outstanding derivative commodity contract positions as at December 31, 2021, the fair values of which have been presented on the Consolidated Balance Sheet: Financial AECO natural gas contracts Period Hedged Contract Remaining Volume (GJ) Daily Volume (GJ) Bought Put Sold Call C$/GJ Jan 2022 - Mar 2022 Collar 351,000 3,900 2.50 4.20 Apr 2022 - Jun 2022 Collar 354,900 3,900 2.50 3.35 Jul 2022 - Sep 2022 Collar 358,800 3,900 2.50 3.10 Oct 2022 - Dec 2022 Collar 358,800 3,900 2.50 4.00 The gains and losses on financial instruments for 2021 and 2020 are comprised as follows: Years Ended December 31 ($000s) 2021 2020 Realized derivative loss (gain) on derivative commodity contracts during the year 10,475 (6,801 ) Unrealized derivative loss on commodity contracts outstanding at year end 88 180 Loss (gain) on financial instruments 10,563 (6,621 ) Overview of Risk Management The Company’s activities expose it to a variety of financial risks that arise as a result of its exploration, development, production and financing activities: • Credit risk • Market risk • Liquidity risk The Board of Directors and Audit Committee oversee management’s establishment and execution of the Company’s risk management framework. Management has implemented and monitors compliance with risk management policies. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company’s activities. Credit risk Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to fulfill their contractual obligations. The Company’s exposure to credit risk primarily relates to cash and accounts receivable, the majority of which are in respect of oil and natural gas operations. The Company generally extends unsecured credit to these parties and therefore the collection of these amounts may be affected by changes in economic or other conditions. The Company has not experienced any material credit losses in its cash investments or in the collection of accounts receivable to date. TransGlobe’s accounts receivable related to the Canadian operations are with customers and joint interest partners in the petroleum and natural gas industry, and are subject to normal industry credit risks. Receivables from petroleum and natural gas marketers are normally collected in due course. The Company currently sells its production to several purchasers under standard industry sale and payment terms. Purchasers of TransGlobe’s natural gas, crude oil and natural gas liquids are subject to a periodic internal credit review to minimize the risk of non-payment. Trade and other receivables are analyzed in the table below. ($000s) December 31, 2021 December 31, 2020 Neither impaired nor past due 4,022 6,542 Not impaired and past due in the following period: Within 30 days 6,067 2,255 31-60 851 34 61-90 608 510 Over 90 days 669 655 Accounts receivable 12,217 9,996 The Company sold two cargoes of Gharib blend crude in Egypt during 2021 (2020 - two). Depending on the Company’s assessment of the credit of crude purchasers, they may be required to post irrevocable letters of credit to support the sales prior to the cargo liftings. During 2021, the Company also completed monthly sales of inventoried entitlement crude oil to EGPC for a total of 1,120.0 Mbbls with total proceeds of $63.5 million. As at December 31, 2021, $6.1 million (December 31, 2020 – $6.0 million) of the total accounts receivable balance of $12.2 million (December 31, 2020 – $10.0 million) is due from EGPC. Prior credit losses in the collection of accounts receivable by TransGlobe have been negligible and the Company does not anticipate any significant future credit losses based on forward looking information. Accordingly, no provision has been recorded for ECL. Market risk Market risk is the risk or uncertainty arising from possible market price movements and the associated impact on future performance of the business. The market price movements that the Company is exposed to include commodity prices, foreign currency exchange rates and interest rates, all of which could adversely affect the value of the Company’s financial assets, liabilities and financial results. Commodity price risk The Company’s operational results and financial condition are partially dependent on the commodity prices received for its production of oil, natural gas and NGLs. The Company is exposed to commodity price risk on its derivative assets and liabilities which are used as part of the Company’s risk management program to mitigate the effects of changes in commodity prices on future cash flows. While transactions of this nature relate to forecasted future petroleum and natural gas production, TransGlobe does not designate these derivative assets and liabilities as accounting hedges. As such, changes in commodity prices impact the fair value of derivative instruments and the corresponding gains or losses on derivative instruments. The estimated fair value of unrealized commodity contracts is reported on the Consolidated Balance Sheets, with any change in the unrealized positions recorded to net earnings (loss). The Company assesses these instruments on the fair value hierarchy and has classified the determination of fair value of these instruments as Level 2, as the fair values of these transactions are based on an approximation of the amounts that would have been received from counterparties to settle the transactions outstanding as at the date of the Consolidated Balance Sheets with reference to forward prices and market values provided by independent sources. The actual amounts realized may differ from these estimates. Foreign currency exchange risk As the Company’s business is conducted primarily in U.S. dollars and its financial instruments are primarily denominated in U.S. dollars, the Company’s exposure to foreign currency exchange risk relates primarily to certain cash, accounts receivable, long-term debt, lease obligations and accounts payable and accrued liabilities denominated in Canadian dollars. When assessing the potential impact of foreign currency exchange risk, the Company believes that 10% volatility is a reasonable measure. The Company estimates that a 10% increase in the value of the Canadian dollar against the U.S. dollar would decre a earnings increase earnings The Company is also exposed to foreign currency exchange risk on cash balances denominated in Egyptian pounds. Some collections of accounts receivable from the Egyptian Government are received in Egyptian pounds, and while the Company is generally able to spend the Egyptian pounds received on accounts payable denominated in Egyptian pounds, there remains foreign currency exchange risk exposure on Egyptian pound cash balances. Using month-end month-end decrease earnings increase earnings The Company maintains nominal balances of British Pounds sterling to pay in-country Interest rate risk Fluctuations in interest rates could result in a significant change in the amount the Company pays to service variable interest debt. No derivative contracts were entered into during 2021 to mitigate interest rate risk. When assessing interest rate risk applicable to the Company’s variable interest debt, the Company believes 1% volatility is a reasonable measure. The effect of interest rates increasing by 1% would de crease e arnings increase earning Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. 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 necessary to maintain and increase production and proved reserves, to acquire strategic oil and gas assets and to repay debt. The Company actively maintains credit facilities to ensure it has sufficient available funds to meet current and foreseeable financial requirements at a reasonable cost. The following are the contractual maturities of financial liabilities at December 31, 2021: Payment Due by Period 1 ($000s) Recognized in Financial Statements Contractual Cash Flows Less than 1 year 1-3 years 4-5 years More than 5 years Accounts payable and accrued liabilities Yes-Liability 26,112 26,112 - - - Long-term debt Yes-Liability 3,040 - 3,040 - - Lease obligations 2 Yes-Liability 800 764 36 - - Drilling commitment No 1,000 1,000 - - - Share-based compensation liabilities Yes-Liability 10,133 6,174 3,959 - - Derivative commodity contracts Yes-Liability 88 88 - - - Equipment and facility leases 3 No 481 481 - - - Total 41,654 34,619 7,035 - - 1 Payments denominated in foreign currencies have been translated at December 31, 2021 exchange rates 2 These amounts include the notional principal and interest payments. 3 Equipment lease includes one workover rig. As at December 31, 2021, the Company had $17.7 million of revolving credit facilities with $3.0 million drawn and $14.7 million available. During 2021, the prepayment agreement with Mercuria 7 3.9 million ($3.0 million) was drawn and outstanding. During 2021, the Company repaid C$5.0 million ($3.9 million) and had drawings of C$0.5 million ($0.4 million) on this facility (See Note 17). The Company actively monitors its liquidity to ensure that its 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. Capital disclosures TransGlobe’s objective when managing capital is to ensure the Company will have the financial capacity, liquidity and flexibility to fund the ongoing exploration and development of its petroleum assets. The Company’s financial objectives and strategy have remained substantially unchanged over the last two completed fiscal years. These objectives and strategy are reviewed on an annual basis. The Company was subject to, and in compliance with, financial covenants as at December 31, 2021 and 2020. TransGlobe defines and computes its capital as follows: Years Ended December 31 ($000s) 2021 2020 Long-term debt, including the current portion 3,040 21,464 Current assets (54,170 ) (53,864 ) Current liabilities, excluding the current portion of long-term debt 33,138 23,618 Net debt (17,992 ) (8,782 ) Shareholder’s equity 178,574 138,295 Total capital 160,582 129,513 |
Other Revenue
Other Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Other Revenue [Abstract] | |
Other Revenue | 6. OTHER REVENUE Other revenue includes funding received under the Alberta Site Rehabilitation Program (ASRP). Government grants are recognized when the Company has reasonable assurance that it has complied with the relevant conditions of the grant and that it will be received. |
Finance Revenue and Costs
Finance Revenue and Costs | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Finance Revenue and Costs | 7. FINANCE REVENUE AND COSTS Finance revenue relates to interest earned on the Company’s bank account balances. Finance costs recognized in net earnings (loss) were as follows: Years Ended December 31 ($000s) 2021 2020 Interest on long-term debt 536 1,597 Interest on borrowing base facility 320 317 Amortization of deferred financing costs 103 395 Interest on lease obligations 182 211 Finance costs 1,141 2,520 Interest paid 856 1,918 |
Selling Costs
Selling Costs | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Selling Costs | 8. SELLING COSTS Selling costs include transportation and marketing costs associated with the sale of the Company’s Egyptian crude oil production to third-party buyers and EGPC. The Company completed two direct crude oil sales to third-party buyers during the year ended December 31, 2021 (2020 - two). The Company also completed monthly sales of inventoried entitlement crude oil to EGPC in 2021 and 2020. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts Receivable | 9. ACCOUNTS RECEIVABLE Accounts receivable are comprised principally of amounts owed from EGPC. There were no amounts due from related parties and no loans to management or employees as at December 31, 2021 or December 31, 2020. |
Product Inventory
Product Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Product Inventory | 10. PRODUCT INVENTORY Product inventory consists of the Company’s entitlement crude oil barrels in Egypt, which are valued at the lower of cost or net realizable value. Costs include operating expenses and depletion associated with crude oil entitlement barrels and are determined on a concession by concession basis. These amounts are initially capitalized and expensed when sold. As at December 31, 2021, the Company held nil crude oil in inventory (December 31, 2020 – mbbls valued at approximately $ . During 2021, product inventory of $ million was expensed (2020 - $ million expensed). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 11. INCOME TAXES The Company’s deferred income tax assets and liabilities are as follows: ($000s) 2021 2020 Deferred income tax asset and liability, beginning of year - - Expenses related to the origination and reversal of temporary differences for: Property and equipment 10,390 (25,507 ) Non-capital 1,580 (4,459 ) Long-term liabilities - - Share issue expenses - - Changes in unrecognized tax benefits (11,968 ) 29,967 Deferred income tax expense recognized in net earnings (loss) 6,246 3,723 Deferred income tax recovery recognized in net earnings (loss) (6,246 ) (3,723 ) Deferred income tax asset, end of year 6,246 3,723 Deferred income tax liability, end of year (6,246 ) (3,723 ) The Company has non-capital 2041 Current income taxes represent income taxes incurred and paid under the laws of Egypt pursuant to the PSCs on the West Gharib, West Bakr, NW Gharib and South Ghazalat concessions. Income taxes vary from the amount that would be computed by applying the average Canadian statutory income tax rate of 23% (2020 – 24%) to income before taxes as follows: ($000s) 2021 2020 Income taxes calculated at the Canadian statutory rate 14,432 (15,328 ) Increases (decreases) in income taxes resulting from: Non-deductible 2,539 5,260 Changes in unrecognized tax benefits (11,968 ) 29,966 Effect of tax rates in foreign jurisdictions 1 16,176 (6,562 ) Changes in tax rates and other 1,232 194 Income tax expense - current 22,411 13,530 1 The statutory tax rate in Egypt is 40.55%. The Company’s consolidated effective income tax rate for 2021 was 35.7% (2020 – 21.2%). |
Intangible Exploration and Eval
Intangible Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Exploration and Evaluation Assets | 12. INTANGIBLE EXPLORATION AND EVALUATION ASSETS The following table reconciles the changes in TransGlobe’s exploration and evaluation assets: ($000s) 2021 2020 Balance, beginning of year 584 33,706 Additions to exploration and evaluation assets 2,089 337 Impairment loss - (33,459 ) Balance, end of year 2,673 584 At December 31, 2021, there were no indicators of impairment present on the Company’s E&E assets. In 2020, the disruption experienced by the industry, related to the effects caused by the COVID-19 pandemic, which began during the first quarter of 2020 resulted in the Company identifying indicators of impairment on its intangible exploration and evaluation (“E&E”) assets as at March 31, 2020. Further consideration was given to the scale of exploration results compared to investments to date and consideration of the uncertainty of the timing of additional exploration activities in these areas given the current economic environment. non-cash Exploration and evaluation assets as at December 31, 2021 includes $0.6 million in Canada (December 31, 2020- and $2.1 million in South Ghazalat (December 31, 2020- $nil). |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property and Equipment | 13. PROPERTY AND EQUIPMENT The following table reconciles the changes in TransGlobe’s property and equipment assets: ($000s) PNG Assets Other Assets Total Cost Balance at December 31, 2019 712,552 19,267 731,819 Increase in right-of-use 1,650 49 1,699 Additions 6,726 435 7,161 Change in estimate for asset retirement obligations (624 ) - (624 ) Balance at December 31, 2020 720,304 19,751 740,055 Increase in right-of-use - 536 536 Additions 24,636 97 24,733 Change in estimate for asset retirement obligations (Note 1 4 1,000 - 1,000 Balance at December 31, 2021 745,940 20,384 766,324 Accumulated depreciation, depletion, amortization and impairment losses Balance at December 31, 2019 518,408 14,971 533,379 Depletion, depreciation and amortization for the year 1 24,786 1,863 26,649 Impairment los s 40,036 - 40,036 Balance at December 31, 2020 583,230 16,834 600,064 Depletion, depreciation and amortization for the year 1 23,338 1,348 24,686 Impairment reversal (31,521 ) - (31,521 ) Balance at December 31, 2021 575,047 18,182 593,229 Foreign Exchange Balance at December 31, 2019 2,006 - 2,006 Currency translation adjustments 979 - 979 Balance at December 31, 2020 2,985 - 2,985 Currency translation adjustments (74 ) - (74 ) Balance at December 31, 2021 2,911 - 2,911 Net book value At December 31, 2020 140,059 2,917 142,976 At December 31, 2021 173,804 2,202 176,006 1 Depletion, depreciation and amortization for the period includes amounts capitalized to product inventory for barrels produced but not sold in the period. At September 30, 2021 indicators of impairment reversal were present on the Company’s PNG assets in the West Gharib, West Bakr, North West Gharib and Canada cash-generating units (“CGU”) due to an increase and stabilization in forecasted commodity prices. As a result of the indicators of impairment reversal, the Company performed impairment reversal calculations at September 30, 2021 on the identified CGUs based on fair value less costs to sell (fair value hierarchy Level 3), using estimated after-tax TRANSGLOBE ENERGY CORPORATION TSX & AIM: TGL NASDAQ: TGA Egypt 1 Canada 1 Brent Crude Oil WTI Oil AECO Gas Edmonton Pentane Edmonton Butane Edmonton Spec Ethane Exchange Rate Year $/Bbl $/Bbl $C/Mcf $C/Bbl $C/Bbl $C/Bbl $C/Bbl USD/CAD 2021 70.30 67.33 3.52 96.20 78.47 65.84 13.69 0.790 2022 75.00 72.00 3.75 91.19 59.87 47.04 12.16 0.795 2023 72.51 69.01 3.20 85.01 48.38 32.26 10.26 0.800 2024 71.24 67.24 2.99 82.78 46.96 31.31 9.56 0.800 2025 72.66 68.58 3.05 84.42 47.90 31.94 9.77 0.800 2026 74.12 69.96 3.12 86.12 48.86 32.57 9.98 0.800 2027 75.59 71.35 3.17 87.84 49.84 33.23 10.18 0.800 2028 77.11 72.78 3.24 89.60 50.83 33.89 10.41 0.800 2029 78.66 74.24 3.31 91.39 51.85 34.57 10.63 0.800 2030 80.22 75.72 3.37 93.22 52.89 35.26 10.86 0.800 Thereafter 2 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr 0.800 1 GLJ Petroleum Consultants Ltd. (“GLJ”) price forecasts, effective October 1, 2021. 2 Percentage change represents the increase in each year after 2030 to the end of the reserves life. Based on the results of the impairment reversal calculations completed, recoverable amounts were determined to be greater than the carrying values of the CGUs tested resulting in $31.5 million of impairment reversal being recorded: CGU 2021 1 2020 West Gharib (20,527 ) 24,769 West Bakr (4,615 ) 6,610 North West Gharib (3,028 ) 4,596 Canada (3,351 ) 4,061 Total (31,521 ) 40,036 1 The impairment reversal for all CGUs was limited to total accumulated impairments less subsequent depletion. At December 31, 2021, there were no impairment indicators present on the Company’s D&P assets. The collapse in commodity prices during the first quarter of 2020 and the resulting impact to the Company resulted in an increase in the market capitalization deficit from December 31, 2019 which led the Company to conclude there were indicators of impairment present on its petroleum and natural gas (“PNG”) assets as at March 31, 2020. Impairment tests were carried out at March 31, 2020 on all of its cash-generating units (“CGU”) and were based on fair value less costs to sell calculations (fair value hierarchy Level 3), using estimated after-tax cash discounted cash flows on proved plus probable reserves. The Company used discount rates based on a calculated cost of capital of 15% in Egypt and 11% in Canada along with the following commodity price estimates: Egypt 1 Canada 1 Brent Crude Oil WTI Oil AECO Gas Edmonton Pentane Edmonton Butane Edmonton Spec Ethane Exchange Rate Year $/Bbl $/Bbl $C/Mcf $C/Bbl $C/Bbl $C/Bbl $C/Bbl USD/CAD 2020 34.00 30.00 1.95 37.47 21.23 9.61 5.99 0.720 2021 45.50 41.00 2.25 52.05 33.08 19.18 7.01 0.730 2022 52.50 47.50 2.35 61.56 39.52 25.41 7.36 0.735 2023 57.50 52.50 2.45 68.92 45.57 28.89 7.71 0.740 2024 62.50 57.50 2.55 75.84 50.99 32.32 8.05 0.745 2025 62.95 58.95 2.65 77.27 52.02 32.97 8.39 0.750 2026 64.13 60.13 2.70 78.84 53.14 33.68 8.57 0.750 2027 65.33 61.33 2.76 80.44 54.27 34.40 8.76 0.750 2028 66.56 62.56 2.81 82.08 55.44 35.14 8.94 0.750 2029 67.81 63.81 2.87 83.75 56.62 35.89 9.13 0.750 Thereafter 2 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr 0.750 1 GLJ Petroleum Consultants Ltd. (“GLJ”) price forecasts, effective April 1, 202 0 2 Percentage change represents the increase in each year after 2029 to the end of the reserves life. The 2020 impairment losses were recorded in Q1-2020 to reduce the carrying value of these PNG assets to their recoverable amounts, which was million in West Gharib, $55.0 million in West Bakr, $nil in North West Gharib and million in Canada as at March 31, 2020. There were no further impairment losses recorded in the fiscal year ending December 31, 2020. The following table discloses the carrying amount and depreciation charge for right-of-use ($000s) PNG Assets Other Assets Total Net book value at January 1, 2020 374 1,285 1,659 Increase in right-of-use 1650 49 1,699 Depreciation for the year (581 ) (937 ) (1,518 ) Net book value at December 31, 2020 1,443 397 1,840 Increase in right-of-use - 536 536 Depreciation for the year (1,067 ) (687 ) (1,754 ) Net book value at December 31, 2021 376 246 622 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions Contingent Liabilities And Contingent Assets [Abstract] | |
Asset Retirement Obligation | 1 4 The following table reconciles the change in TransGlobe’s asset retirement obligation: ($000s) 2021 2020 Balance, beginning of year 13,042 13,612 Changes in estimates for asset retirement obligations and additional obligations recognized 1,000 (624 ) Obligations settled (135 ) (458 ) Asset retirement obligation accretion 207 259 Effect of movements in foreign exchange rates (12 ) 253 Balance, end of year 14,102 13,042 As at December 31, 2021, the entire asset retirement obligation balance relates to the Company’s Canadian operations. TransGlobe has estimated the net present value of its asset retirement obligation to be $14.1 million as at December 31, 2021 (2020 - $13.0 million) based on a total undiscounted future liability of $18.8 million (2020 - $18.5 million). These payments are expected to be made between 2022 and 2066. TransGlobe calculated the present value of the obligations using discount rates between 0.95% and 1.68% As at December 31, 2021 there is no ARO associated with the Egypt production sharing concessions. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Lease Obligations | 1 5 The following table reconciles TransGlobe’s lease obligations: ($000s) As at December 31, 2021 As at December 31, 2020 Less than 1 year 783 1,760 1 - 3 years 36 434 Total lease payments 819 2,194 Amounts representing interest 19 180 Present value of net lease payments 800 2,014 Current portion of lease obligations 764 1,553 Non-current 36 461 During the year ended December 31, 2021, the Company spent 20 20 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts Payable and Accrued Liabilities | 1 6 Accounts payable and accrued liabilities are comprised of current trade payables and accrued expenses due to third-parties. amounts due to related parties as at December 31, 2021 or December 31, 2020. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Long-term Debt | 1 7 The following table reconciles the changes in TransGlobe’s long-term debt, including the current portion: ($000s) 2021 2020 Balance, beginning of year 21,464 37,041 Draws on revolving credit facility 415 406 Repayment of long-term debt (18,937 ) (16,504 ) Amortization of deferred financing costs 103 395 Effects of movements in foreign exchange rates (5 ) 126 Balance, end of year 3,040 21,464 Current portion of long-term debt - (14,897 ) Non-current portion of long-term deb t 3,040 6,567 The Company’s interest-bearing loans and borrowings are measured at amortized cost. Based on the Company’s current forecast of future production and prices the estimated future debt payments on long-term debt as of December 31, 2021 are as follows: ($000s) Prepayment Reserves Based Total 202 3 - 3,040 3,040 Prepayment Agreement ($000s) As at As at Prepayment agreement - amount drawn - 15,000 Deferred financing costs - (103 ) - 14,897 On February 10, 2017, the Company completed a $75 million crude oil prepayment agreement between its wholly-owned subsidiary, TransGlobe Petroleum International Inc. (“TPI”) and Mercuria. TPI’s obligations under the prepayment agreement were guaranteed by the Company and the subsidiaries of TPI (the “Guarantors”). The obligations of TPI and the Guarantors were supported by, among other things, a pledge of equity held by the Company in TPI and a pledge of equity held by TPI in its subsidiaries. The funding arrangement had an initial term of initially set to mature on March 31, 2021. Effective March 31, 2020 the Company received a six month extension on the prepayment agreement. On September 27, 2021 the prepayment agreement was amended to $10.0 million (undrawn) and further extended to December 31, 2021 to coincide with the expiry of TransGlobe’s remaining Brent crude oil hedges. Advances bore interest at a rate of LIBOR plus . The funding arrangement was revolving with each advance to be satisfied through the delivery of crude oil to Mercuria. Further advances became available upon delivery of crude oil to Mercuria up to a maximum of million and were subject to compliance with the other terms and conditions of the prepayment agreement. The prepayment agreement was initially recognized at fair value, net of financing costs, and was subsequently measured at amortized cost. Financing costs of million were amortized over the term of the prepayment agreement using the effective interest rate method. The Company was subject to certain financial covenants in accordance with the terms of the prepayment agreement. These covenants were tested on June 30 and December 31 of each year for the life of the prepayment agreement. The financial covenants included financial measures defined within the prepayment agreement that are not defined under IFRS. These financial measures were defined by the prepayment agreement as follows: • the ratio of the Company’s total consolidated indebtedness (calculated by including any outstanding letters of credit or bank guarantees and adding back any cash held by the Company on a consolidated basis) on each financial covenant test date to the Company’s consolidated net cash generated by (used in) operating activities (where net cash generated includes the fair market value of crude oil inventory held as at the financial covenant test date) for the trailing 12 month period ending on that financial covenant test date could was • the ratio of Current Assets of the Company on a consolidated basis (calculated, in the case of crude oil inventory, by adjusting the value to market value) to Current Liabilities of the Company on a consolidated basis on each financial covenant test date coul d 1.00 1.00 wa :1.00; and • the ratio of the parent’s non-consolidated could was . As at December 31, 2020, the Company was in compliance with all the financial covenants under the prepayment agreement which matured at year end fully repaid. The Company was also subject to a cover ratio provision. The cover ratio, defined as the value of the Company’s Egyptian forecasted entitlement crude oil production on a forward 12-month :1.00. Prepayment service obligations included the principal outstanding of the advances at the time and any costs, fees, expenses, interest and other amounts outstanding or forecasted to be due during the applicable prepayment period. In the event the cover ratio fell below :1.00, TransGlobe was required to: • reimburse in cash the relevant portion of the advances such that the cover ratio becomes equal to or greater than 1.25 • amend the initial commercial contract to extend its duration and amend the maturity date under the agreement. The cover ratio as at December 31, 2020 was 5.08 :1.00; the Company was in compliance with the cover ratio provision under the prepayment agreement. During the third quarter of 2021, the Company repaid the remaining $10.0 million outstanding under the prepayment agreement in full. The Mercuria prepayment agreement matured on December 31, 2021. Reserves-Based Lending Facility ($000s) December 31, 2021 December 31, 2020 Reserves-based lending facility - amount drawn 3,040 6,567 As at December 31, 2020 the Company had in place a revolving Canadian reserves-based lending facility with ATB Financial totaling C$15.0 million ($11.0 million). On June 4, 2021, the ATB facility was renewed for C$22.5 million ($17.7 million), of which C$3.9 million ($3.0 million) was drawn at December 31, 2021 (December 31, 2020 - million/ million). Under the renewed agreement, the Company is required to enter into hedging arrangements based on its debt utilization. If utilization is below 50%, TransGlobe is required to hedge 25% of its annual forecasted average daily Canadian production of oil and natural gas volumes (net of royalties); utilization of between 50%-69% requires a hedge of 50%; utilization of 70% and above requires a hedge of 60%. There were no other changes to the key terms of the agreement from December 31, 2020. During the year ended December 31, 2021, the Company repaid C$5.0 million ($3.9 million) and drew The facility borrowing base is re-calculated re-calculates The Company may request an extension of the term date by no later than 90 days prior to the then-current term date, and the lender may in its sole discretion agree to extend the term date for a further period of 364 days. Unless extended, before May 30, 2022 2020: company’s net debt to trailing cash flow ratio. The revolving reserves- • the Company shall not permit the working capital ratio (calculated as current assets plus any undrawn availability under the facility, to current liabilities less any amount drawn under the facility) to fall below 1.00:1.00. The working capital ratio as at December 31, 202 1 • the Company shall not permit the ratio of net debt to trailing cash flows as at the end of any fiscal quarter to exceed 3.00:1.00. According to the agreement net debt is, as of the end of any fiscal quarter and as determined in accordance with IFRS on a non-consolidated 1 As at December 31, 2021 and 2020, the Company was in compliance with all the financial covenants under the reserves-based lending facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions Contingent Liabilities And Contingent Assets [Abstract] | |
Commitments and Contingencies | 1 8 As part of its normal business, the Company entered into arrangements and incurred obligations that will impact the Company’s future operations and liquidity. The principal commitments of the Company are as follows: Payment Due by Period 1 ($000s) Recognized in Financial Statements Contractual Cash Flows Less than 1 year 1-3 years 4-5 years More than 5 years Accounts payable and accrued liabilities Yes-Liability 26,112 26,112 - - - Long-term debt Yes-Liability 3,040 - 3,040 - - Lease obligations2 Yes-Liability 800 764 36 - - Drilling commitment No 1,000 1,000 - - - Share-based compensation Yes-Liability 10,133 6,174 3,959 - - Derivative commodity contracts Yes-Liability 88 88 - - - Equipment and facility leases3 No 481 481 - - - Total 41,654 34,619 7,035 - - 1 Payments denominated in foreign currencies have been translated at December 31, 2021 exchange rates. 2 These amounts include the notional principal and interest payments. 3 Equipment lease includes one workover rig. Pursuant to the approved South Ghazalat development lease, the Company is committed to drill one exploration well during the initial four year period of the 20 year development lease. The Company ha d million which was met . In the normal course of its operations, the Company may be subject to litigation and claims. Although it is not possible to estimate the extent of potential costs, if any, management believes that the ultimate resolution of such contingencies would not have a material adverse impact on the results of operations, financial position or liquidity of the Company. On March 31, 2015, TG Holdings Yemen, Inc. (“TG Holdings”), a wholly-owned subsidiary of TransGlobe, relinquished its 13.8% interest in a concession in western Yemen known as “Block 32”. In 2018, the Ministry of Oil and Minerals of the Republic of Yemen (“MOM”) raised claims against the contractor parties, including TG Holdings. The claims variously related to accounting practices, environmental and asset integrity/retirement claims, claims related to payment of customs duties and penalties, claims related to amounts allegedly owing to third parties for employment and facilities usage claims, and claims related to the handover of the concession. A decision was rendered by the arbitral tribunal with an effective date of March 31, 2021. The final award determined that the contractor parties, including TG Holdings, are entitled to their share of Production Sharing Oil that was lifted by MOM in the amount of $5.0 million. The award also determined that the contractor parties, including TG Holdings, are jointly and severally liable for certain costs in the amount of $6.5 million. The Company is not aware of any material provisions or other contingent liabilities as at December 31, 2021. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital Reserves And Other Equity Interest [Abstract] | |
Share Capital | 19 The Company is authorized to issue an unlimited number of common shares with no par value. Shares in issue as at December 31, 2021 and December 31, 2020 are outlined below: Years Ended December 31, 2021 Year Ended December 31, 2020 (000s) Shares Amount ($) Shares Amount ($) Balance, beginning of year 72,543 152,805 72,543 152,805 Stock options exercised 232 (340 ) - - - 556 - - Balance, end of year 72,775 153,021 72,543 152,805 |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Payment Arrangements [Abstract] | |
Share-based Payments | 2 0 Stock option plan The Company operates a stock option plan (the “Plan”) to provide equity-settled share-based remuneration to directors, officers and employees. The number of common shares that may be issued pursuant to the exercise of options awarded under the Plan and all other Security-Based Compensation Arrangements of the Company is 10% of the common shares outstanding from time to time. All incentive stock options granted under the Plan have a per-share The following tables summarize information about the stock options outstanding and exercisable at the dates indicated: 2021 2020 (000s) Number of Options Weighted-Average Exercise Price ($C) Number of Options Weighted-Average Exercise Price ($C) Options outstanding, beginning of year 4,589 2.16 4,481 2.86 Granted 402 2.16 819 0.79 Exercise d (906 ) 2.34 - - Expired (1,002 ) 2.19 (711 ) 4.99 Options outstanding, end of year 3,083 2.10 4,589 2.16 Options exercisable, end of year 1,810 2.35 2,797 2.35 Options Outstanding Options Exercisable Exercise Price (C$) Number Weighted- Weighted- (C$) Number Weighted- Weighted- 0.79 - 1.48 819 3.4 0.79 273 3.4 0.79 1.49 - 2.39 684 2.6 2.16 282 0.4 2.16 2.4 0 604 1.4 2.62 604 1.4 2.62 2.74 - 2.83 976 2.2 2.83 651 2.2 2.83 3,083 2.5 2.10 1,810 1.8 2.35 Compensation expense of $0.3 million was recorded during the year ended December 31, 2021 (2020 - $0.4 million) in general and administrative expenses in the Consolidated Statements of Earnings (Loss) and Comprehensive Earnings (Loss) and Changes in Shareholders’ Equity in respect of stock options. The fair value of all common stock options granted is estimated on the date of grant using the lattice-based trinomial option pricing model. The weighted average fair value of options granted during the period and the assumptions used in their determination are noted below: 2021 2020 Weighted average fair market value per option (C$) 0.83 0.29 Risk free interest rate 1.00 % 0.37 % Expected volatility (based on actual historical volatility) 61.48 % 58.36 % Dividend rate - - Suboptimal exercise factor 1.25 1.25 All options granted vest annually over a three-year period and expire five years after the grant date. During the year ended December 31, 2021, employees exercised 0.9 million stock options valued at C Restricted share unit, performance share unit and deferred share unit plans In May 2014, the Company implemented a restricted share unit (“RSU”) plan, a performance share unit (“PSU”) plan and a deferred share unit (“DSU”) plan. RSUs may be issued to directors, officers and employees of the Company, and each RSU entitles the holder to a cash payment equal to the fair market value of a TransGlobe common share on the vesting date of the RSU. All RSUs granted vest annually over a three-year period, and all must be settled within 30 days of their respective vesting dates. PSUs are similar to RSUs, except that the number of PSUs that ultimately vest is further dependent upon an adjustment to the final number of PSU awards that eventually vest based on a performance multiplier. The performance multiplier is based on TransGlobe’s relative total shareholder return performance compared to a defined peer group. The performance multiplier is calculated at the time of payment and can result in cash compensation issued upon vesting of the PSUs ranging from 0% to 200% of the original PSU grant. All PSUs granted vest on the third anniversary of their grant date, and all must be settled within 60 days of their vesting dates. DSUs are similar to RSUs, except that they become fully vested on the date of grant and are only issued to directors of the Company. Distributions under the DSU plan do not occur until the retirement of the DSU holder from the Company’s Board of Directors. The number of RSUs, PSUs and DSUs outstanding as at December 31, 2021 are as follows: (000s) RSUs PSUs DSUs Units outstanding, December 31, 2019 839 1,640 589 Granted 689 1,196 392 Exercised (385 ) (431 ) (155 ) Forfeited (308 ) (133 ) - Units outstanding, December 31, 2020 835 2,272 826 Granted 362 602 200 Exercised / Expired (346 ) (592 ) (94 ) Forfeited (28 ) - - Units outstanding, December 31, 2021 823 2,282 932 Compensation expense of $8.9 million was recorded in general and administrative expenses in the Consolidated Statement of Earnings (Loss) and Comprehensive Earnings (Loss) during the year ended December 31, 2021 in respect of share units granted under the three plans described above (2020 - $0.4 million). |
Per Share Amounts
Per Share Amounts | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Per Share Amounts | 21. PER SHARE AMOUNTS The basic weighted-average number of common shares outstanding for the year ended December 31, 2021 was 72,544,000 (2020 – The diluted weighted-average number of common shares outstanding for the year ended December 31, 2021 was 73,181,834 (2020 – diluted 72,542,071). These outstanding share amounts were used to calculate net earnings (loss) per share in the respective periods. In determining diluted net earnings (loss) per share, the Company assumes that the proceeds received from the exercise of “in-the-money” |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Related Party Disclosures | 22. RELATED PARTY DISCLOSURES Details of controlled and consolidated entities active as at December 31, 2021 are as follows*: Country of Incorporation Ownership Interest 2021 Ownership Interest 2020 TG Energy UK Ltd United Kingdom 100% 100% TransGlobe Petroleum International Inc. Turks & Caicos 100% 100% TG Holdings Yemen Inc. Turks & Caicos 100% 100% TransGlobe West Bakr Inc. Turks & Caicos 100% 100% TransGlobe West Gharib Inc. Turks & Caicos 100% 100% TG Energy Marketing Inc. Turks & Caicos 100% 100% TG NW Gharib Inc. Turks & Caicos 100% 100% TG S Ghazalat Inc. Turks & Caicos 100% 100% * Includes only entities that were active as at December 31, 2021. |
Compensation of Key Management
Compensation of Key Management Personnel | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Of Key Management Personnel [Abstract] | |
Compensation of Key Management Personnel | 23. COMPENSATION OF KEY MANAGEMENT PERSONNEL Key management personnel have been identified as the Board of Directors and the three executive officers of the Company (2020 – three executive officers). Salaries, incentives and short-term benefits are composed of salaries and directors’ fees, annual bonuses, and other benefits. Share-based compensation includes compensation to TransGlobe’s key management personnel under the PSU, DSU and stock option Plans. The compensation relating to key management personnel is as follows: ($000s) 2021 2020 Salaries, incentives and short-term benefits 2,231 1,762 Share-based compensation 1,324 826 Total 3,555 2,588 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Segmented Information | 24. SEGMENTED INFORMATION The Company has two reportable segments for the years ended December 31, 2021 and December 31, 2020: the Arab Republic of Egypt and Canada. The Company, through its operating segments, is engaged primarily in oil exploration, development and production and the acquisition of oil and gas properties. In presenting information on the basis of operating segments, segment revenue is based on the geographical location of assets which is also consistent with the location of the segment customers. Segmented assets are also based on the geographical location of the assets. There are no inter-segment sales. The accounting policies of the operating segments are the same as policies Years Ended December 31 2021 2020 2021 2020 2021 2020 2021 2020 ($000s) Egypt Canada Corporate Total Revenue Oil sales 257,338 173,086 18,225 8,679 - - 275,563 181,765 Natural gas sales - - 4,984 2,815 - - 4,984 2,815 Natural gas liquids sales - - 8,686 4,191 - - 8,686 4,191 Overlift 14,723 - - - - - 14,723 - Less: royalties (129,891 ) (71,741 ) (5,059 ) (2,355 ) - - (134,950 ) (74,096 ) Petroleum and natural gas sales, net of royalties 142,170 101,345 26,836 13,330 - - 169,006 114,675 Finance revenue - 16 - - 9 90 9 106 Other revenue - - - - 32 641 32 641 Total segmented revenue 142,170 101,361 26,836 13,330 41 731 169,047 115,422 Segmented expenses Production and operating 54,379 58,305 7,051 6,157 - - 61,430 64,462 Overlift 14,723 - - - - - 14,723 - Selling costs 3,921 2,111 - - - - 3,921 2,111 General and administrative 4,574 4,781 1,019 920 14,760 6,289 20,353 11,990 Foreign exchange loss - - - - 47 24 47 24 Finance costs 797 2,159 337 343 7 18 1,141 2,520 Depletion, depreciation and amortization 17,120 22,927 7,905 7,320 409 802 25,434 31,049 Asset retirement obligation accretion - - 207 259 - - 207 259 Loss (gain) on financial instruments 9,783 (6,621 ) 780 - - - 10,563 (6,621 ) Impairment (reversal) loss (28,170 ) 69,434 (3,351 ) 4,061 - - (31,521 ) 73,495 Income tax expense 22,411 13,530 - - - - 22,411 13,530 Segmented net earnings (loss) 42,632 (65,265 ) 12,888 (5,730 ) (15,182 ) (6,402 ) 40,338 (77,397 ) Capital expenditures Exploration and development 14,561 5,256 12,222 2,067 - - 26,783 7,323 Corporate - - - - 39 175 39 175 Total capital expenditures 14,561 5,256 12,222 2,067 39 175 26,822 7,498 The carrying amounts of reportable segment assets and liabilities are as follows: As at December 31, 2021 As at December 31, 2020 ($000s) Egypt Canada Corporate Total Egypt Canada Corporate Total Assets Cash 27,966 2,248 7,715 37,929 25,236 1,831 7,443 34,510 Accounts receivable 7,335 4,352 530 12,217 6,594 2,821 581 9,996 Intangible exploration and evaluation assets 2,089 584 - 2,673 - 584 - 584 Property and equipment Petroleum and natural gas assets 95,478 78,326 - 173,804 70,331 69,728 - 140,059 Other assets 1,304 20 878 2,202 1,985 11 921 2,917 Other 2,926 312 786 4,024 8,335 331 692 9,358 Deferred taxes 6,246 - - 6,246 3,723 - - 3,723 Total segmented assets 143,344 85,842 9,909 239,095 116,204 75,306 9,637 201,147 Liabilities Accounts payable and accrued liabilities 18,193 4,117 3,802 26,112 14,342 2,040 3,794 20,176 Share-based compensation liabilities - - 10,133 10,133 - - 2,035 2,035 Derivative commodity contracts - 88 - 88 398 - - 398 Long-term debt - 3,040 - 3,040 14,897 6,567 - 21,464 Asset retirement obligation - 14,102 - 14,102 - 13,042 - 13,042 Lease obligation 452 89 259 800 1,466 302 246 2,014 Deferred taxes 6,246 - - 6,246 3,723 - - 3,723 Total segmented liabilities 24,891 21,436 14,194 60,521 34,826 21,951 6,075 62,852 |
Supplemental Cash flow Informat
Supplemental Cash flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Supplemental Cash flow Information | 25. SUPPLEMENTAL CASH FLOW INFORMATION Changes in non-cash Years ended December 31 ($000s) 2021 2020 Operating activities (Increase) decrease in current assets Accounts receivable (2,220 ) 685 Prepaids and other (202 ) 886 Product inventory 1 5,079 7,288 (Decrease) increase Accounts payable and accrued liabilities 2 (5,941 ) (7,523 ) Share-based compensation liabilities 3,415 (70 ) Total changes in non-cash 131 1,266 Investing activities Increase (decrease) in current liabilities Accounts payable and accrued liabilities 7,601 (3,544 ) Total changes in non-cash 7,601 (3,544 ) Financing activities (Increase) decrease in current liabilities Other liabilities (365 ) 161 Total changes in non-cash (365 ) 161 1 The change in non-cash 2 Inclusive of changes in current portion of share-based compensation liabilities. |
Supplemental Employee Compensat
Supplemental Employee Compensation Expense Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Supplemental Employee Compensation Expense Information Explanatory [Abstract] | |
Supplemental Employee Compensation Expense Information | 26. SUPPLEMENTAL EMPLOYEE COMPENSATION EXPENSE INFORMATION TransGlobe’s Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) is prepared primarily by nature of item, with the exception of employee compensation expense which is included in both production and operating, and general and administrative (“G&A”) expense line items. The following table details the amount of total employee compensation expense included in production and operating expense and G&A expense line items: ($000s) 2021 2020 Production and operating 3,547 3,569 G&A 12,804 5,207 Total 16,351 8,776 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
DisclosureOfEventsAfterReportingPeriod [Abstract] | |
Subsequent Events | 27. SUBSEQUENT EVENTS In December of 2021, the Company announced that its agreement with EGPC to merge, amend and extend its three existing Eastern Desert concessions (the “Agreement”) had been ratified into Egyptian Law. The effective date of the new Agreement will be February 01, 2020 (the “Effective Date”). Subsequent to year-end, the Company remitted the initial modernization payment of million and signature bonus of $1.0 million as part of the conditions precedent to the official signing of the Agreement, which occurred on January 19, 2022. In accordance with the Agreement, TransGlobe made another modernization payment to EGPC in the amount of $10.0 million on February 1, 2022. As previously disclosed, the total modernization payment is $65.0 million and will be payable over six years from the Effective Date of the agreement; $15.0 million due prior to signing and five further instalments of $10.0 million payable annually from February 01, 2022 – February 01, 2026. It is expected that the Agreement will impact management’s assessment of impairment reversal and its CGU determination. This will be fully assessed and concluded upon in the first half of 2022. On March 16, 2022 the Company declared a dividend of $0.10 per common share, which will be paid in cash on May 12, 2022 to shareholders of record on April 29, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies Changes In Accounting Estimates And Errors [Abstract] | |
Basis of consolidation | Basis of consolidation The Consolidated Financial Statements include the financial statements of the Company and its wholly-owned, controlled subsidiaries. Control exists when the Company has the power to govern the financial and operating policies of an entity, it is exposed to or has rights to variable returns associated with its involvement in the entity, and it has the ability to use that power to influence the amount of returns it is exposed to or has rights to. In assessing control, potential voting rights need to be considered. All subsidiaries of the Company are wholly-owned by the parent company, TransGlobe Energy Corporation. All intra-company transactions, balances, income and expenses, unrealized gains and losses are eliminated on consolidation. |
Foreign currency translation | Foreign currency translation The Consolidated Financial Statements are presented in U.S. dollars. The Company’s functional currency is the Canadian dollar, and the functional currency of all subsidiaries is the U.S. dollar. Foreign currency translations include the translation of foreign currency transactions and translation of the Canadian operations. Foreign currency translations occur when translating transactions in foreign currencies to the applicable functional currency of TransGlobe Energy Corporation and its subsidiaries. Gains and losses from foreign currency transactions are recorded as foreign exchange gains or losses. Foreign currency transaction translations occur as follows: • Income and expenses are translated at the prevailing rates on the date of the transaction • Non-monetary • Monetary items are translated at the prevailing rates at the balance sheet date Translation gains and losses occur when translating the financial statements of non-U.S. • Income and expenses are translated at the date of the transaction • Assets and liabilities are translated at the prevailing rates on the balance sheet date |
Cash | Cash Cash comprises cash on hand. As at December 31, 2021, all of the Company’s cash is on deposit with high credit-quality financial institutions. |
Financial instruments | Financial instruments Financial instruments are measured at fair value on initial recognition. Measurement in subsequent periods depends on the classification of the financial instrument: • Fair value through profit or loss - subsequently carried at fair value with changes recognized in net earnings (loss). Financial instruments under this classification include cash , • Amortized cost - subsequently carried at amortized cost using the effective interest method. Financial instruments under this classification include accounts receivable, accounts payable and accrued liabilities and long-term debt. The Company enters into certain financial derivative contracts from time to time in order to reduce its exposure to market risks from fluctuations in commodity prices. These instruments are not used for trading or speculative purposes. The Company does not designate financial derivative contracts as effective accounting hedges, and thus does not apply hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, the Company’s policy is to classify all financial derivative contracts at fair value through profit or loss and to record them on the Consolidated Balance Sheet at fair value with a corresponding gain or loss in net earnings (loss). Attributable transaction costs are recognized in net earnings (loss) when incurred. The estimated fair value of all derivative instruments is based on quoted market prices and/or third-party market indications and forecasts. Embedded derivatives are derivatives embedded in a host contract. They are recorded separately from the host contract when their economic characteristics and risks are not closely related to those of the host contract; when the terms of the embedded derivatives are the same as those of a freestanding derivative; and when the combined contract is not measured at fair value through profit or loss. Refer to Note 5 for the classification and measurement of these financial instruments. |
Share capital | Share capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. |
Leases | Leases A contract is, or contains, a lease if the contract provides the right to control the use of an identified asset for a period of time in exchange for consideration. A lease obligation is recognized at the commencement of the lease term measured as the present value of the lease payments not already paid at that date. Interest expense is recognized on the lease obligations using the effective interest rate method and net payments are applied against the lease obligation. At the commencement date, a corresponding right-of-use right-of-use |
Intangible exploration and evaluation assets | Exploration and evaluation assets Exploration and evaluation (“E&E”) costs related to each license/prospect are initially capitalized within “intangible exploration and evaluation assets”. Such E&E costs may include costs of license acquisition, technical services and studies, seismic acquisition, exploration drilling and testing, directly attributable expenses, including remuneration of production personnel and supervisory management, and the projected costs of retiring the assets (if any), but do not include pre-licensing Intangible exploration and evaluation assets are not depleted. They are carried forward until technical feasibility and commercial viability of extracting a mineral resource is determined, at which point they are transferred to petroleum and natural gas (“PNG”) assets. The technical feasibility and commercial viability is considered to be determined when proved and/or probable reserves are determined to exist or they can be empirically supported with actual production data or conclusive formation tests. |
Property and equipment | Petroleum and natural gas assets PNG assets and other assets are measured Gains and losses on disposal of items of property and equipment, including oil and natural gas interests, are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net earnings (loss) immediately. Subsequent costs Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of property and equipment are recognized as petroleum properties or other assets only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Such capitalized property and equipment generally represent costs incurred in developing proved and/or probable reserves and bringing in or enhancing production from such reserves, and are accumulated on a well, field or geotechnical area basis, together with the discounted value of estimated future costs of asset retirement obligations. When components of PNG assets are replaced, disposed of or no longer in use, the carrying amount is derecognized. The costs of the day-to-day Depletion, depreciation and amortization The depletion, depreciation and amortization of PNG assets and other assets are recognized in net earnings (loss). The net carrying value of the PNG assets included in petroleum properties is depleted using the unit of production method by reference to the ratio of production to the related proved plus probable reserves using estimated future prices and costs. Costs subject to depletion include estimated future development costs necessary to bring those reserves into production. These estimates are reviewed by independent reserves engineers at least annually and determined in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (the “ COGE Handbook 51-101 Standards of Disclosure of Oil and Gas Activities Furniture and fixtures are depreciated at declining balance rates of 20% to 30%, whereas vehicles and leasehold improvements are depreciated on a straight-line basis over their estimated useful lives. Depreciation methods, useful lives and residual values are reviewed at each reporting date. |
Product inventory | Product inventory Product inventory consists of the Company’s unsold Egypt entitlement crude oil barrels, valued at the lower of cost, using the first-in, first-out |
Overlift liability | Overlift liability Overlift refers to a situation where the Company lifts barrels in excess of its entitlement crude oil inventory at the time of sale. An overlift liability represents an obligation for the Company to deliver the equivalent future entitlement production. Settlement of the overlift liability occurs when this entitlement production is delivered or when there is an agreement in place to offset amounts owed from the counterparty. At the time of an overlift, the Company recognizes the revenue from the cargo lifting, with an equivalent cost recorded to an expense resulting in no net earnings impact related to the overlifted barrels during the period. Overlift liabilities are valued based on the Dated Brent oil price, less Gharib quality differential, at the balance sheet date. A gain/loss on overlifted oil volumes is recorded on the difference between the original liability and the fair value of the liability at the balance sheet date. |
Impairment | Impairment Financial assets carried at amortized cost TransGlobe applies the simplified approach to providing for expected credit losses (“ECL”) prescribed by IFRS 9 Financial Instruments (“IFRS 9”) which permits the use of the lifetime expected loss provision for all trade receivables carried at amortized cost. At each reporting date, the Company measures the lifetime expected loss provision taking into consideration TransGlobe’s historical credit loss experience as well as forward-looking information in order to establish loss rates. The amount recognized for ECL that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized in net earnings (loss). Non-financial At each reporting date, the carrying amounts of the Company’s non-financial For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit). The recoverable amount of an asset or a cash-generating unit (“CGU”) is the greater of its value in use and its fair value less costs to sell. The Company’s CGUs are not larger than a segment. In assessing both fair value less costs to sell and value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net earnings (loss). For PNG assets, fair value less costs to sell and value in use is generally computed by reference to the present value of the future cash flows expected to be derived from production of proved plus probable reserves. E&E assets are tested for impairment when they are transferred to petroleum properties and also if facts and circumstances suggest that the carrying amount of E&E assets may exceed the recoverable amount. Impairment indicators are evaluated at a CGU level. Indication of impairment includes: 1. Expiry or impending expiry of lease with no expectation of renewal; 2. Lack of budget or plans for substantive expenditures on further E&E; 3. Cessation of E&E activities due to a lack of commercially viable discoveries; and 4. Carrying amounts of E&E assets are unlikely to be recovered in full from a successful development project. Impairment losses recognized in prior periods are assessed at each reporting date for indication that the loss has decreased or no longer exists. An impairment loss may be reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation or amortization, if no impairment loss had been recognized. |
Share-based payment transactions | Share-based payment transactions Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which equity instruments are granted and is recognized as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined by using the lattice-based trinomial option pricing model. An estimated forfeiture rate is taken into consideration when assigning a fair value to options granted such that no expense is recognized for awards that do not ultimately vest. At each financial reporting date before vesting, the cumulative expense is calculated, which represents the extent to which the vesting period has expired and management’s best estimate of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous financial reporting date is recognized in net earnings (loss), with a corresponding entry in contributed surplus in equity. When the terms of an equity-settled award are modified or a new award is designated as replacing a canceled or settled award, the cost based on the original award terms continues to be recognized over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognized if this difference is negative. Cash-settled transactions The expense related to the share units granted under these plans is measured at fair value based on the estimated grant date share price fair value of the respective awards, net of estimated forfeitures. The expense is recognized over the vesting period, with a corresponding liability recognized on the Consolidated Balance Sheet. The grant date fair value of cash-settled units granted to employees is recognized as compensation expense within general and administrative expenses, with a corresponding increase in share-based compensation liabilities over the period that the employees become unconditionally entitled to the units. The amount recognized as an expense over the related service period is adjusted to reflect the actual number of units that eventually vest and considers both non-market re-measured |
Provisions and asset retirement obligations | Provisions and asset retirement obligations A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are not recognized for future operating losses. The Company provides for asset retirement obligations on all of its Canadian operations based on current legislation and industry operating practices. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset. This increase is depleted with the related depletion unit and is allocated to a CGU for impairment testing. The liability is increased each reporting period to reflect the passage of time with a corresponding charge to accretion expense. The asset retirement obligation can also increase or decrease due to changes in the estimated timing of cash flows, changes in the discount rate and/or changes in the original estimated undiscounted costs. Increases or decreases in the obligation will result in a corresponding change in the carrying amount of the related asset. Actual costs incurred upon settlement of the asset retirement obligation are charged against the asset retirement obligation to the extent of the liability recorded. Asset retirement obligations are measured at each reporting period to reflect the discount rates in effect at that time. On an annual basis, the Company reviews its estimates of the expected costs to reclaim the net interest in its wells and facilities. Resulting changes are accounted for prospectively as a change in estimate. In accordance with all of the Company’s Production Sharing Agreements and Production Sharing Concessions (collectively defined as “PSCs”), the Company does not, at any time, hold title to the lands on which it operates. In Egypt, under model concession agreements and the Fuel Material Law, liabilities in respect of decommissioning movable and immovable assets (other than wells) passes to the Egyptian Government through the transfer of ownership from the contractor to the government under the cost recovery process. In relation to petroleum wells, under good oilfield practices, the contractor is responsible for decommissioning non-producing Corporation (“EGPC”) As at December 31, 2021 there is no ARO associated with the Egypt PSCs. |
Revenue recognition | Revenue recognition The Company’s revenue is derived exclusively from contracts with customers, except for immaterial amounts related to interest and other income. Royalties are considered to be part of the price of the sale transaction and are therefore presented as a reduction to revenue. Revenue associated with the sale of crude oil, natural gas and natural gas liquids (“NGLs”) is measured based on the consideration specified in contracts with customers. Revenue from contracts with customers is recognized when the Company satisfies a performance obligation by transferring a good or service to a customer. A good or service is transferred when the customer obtains control of the good or service. The transfer of control of oil, natural gas and NGLs usually coincides with title passing to the customer and the customer taking physical possession. TransGlobe mainly satisfies its performance obligations at a point in time and the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. Revenues associated with the sales of the Company’s crude oil in Egypt are recognized by reference to actual volumes sold and quoted market prices in active markets (Dated Brent), adjusted according to specific terms and conditions as applicable per the sales contracts. Revenue is measured at the fair value of the consideration received or receivable. For reporting purposes, the Company records the government’s share of production as royalties and taxes as all royalties and taxes are paid out of the government’s share of production. Revenues from the sale of crude oil, natural gas, condensate and NGLs in Canada are recognized by reference to actual volumes delivered at contracted delivery points and prices. Prices are determined by reference to quoted market prices in active markets (crude oil - NYMEX WTI, natural gas - AECO C, condensate - NYMEX WTI, and NGLs - various based on product), adjusted according to specific terms and conditions applicable per the sales contracts. Revenues are recognized prior to the deduction of transportation costs. Revenues are measured at the fair value of the consideration received. TransGlobe pays royalties to the Alberta provincial government and other mineral rights owners in accordance with the established royalty regime. Revenue segregated by product type and geographical market is disclosed in Note 2 4 |
Finance revenue and costs | Finance revenue and costs Finance revenue comprises interest income on funds invested. Interest income is recognized as it accrues in net earnings (loss), using the effective interest method. Finance costs comprise interest expense on borrowings. Borrowing costs incurred for qualifying assets are capitalized during the period of time that is required to complete and prepare the assets for their intended use or sale. Qualifying assets are comprised of those significant assets that require a period greater than one year to be available for their intended use. All other borrowing costs are recognized in net earnings (loss). |
Income tax | Income tax Income tax expense is comprised of current and deferred tax. TransGlobe is subject to income taxes based on the tax legislation of each respective country in which TransGlobe conducts business. Current tax Current tax assets and liabilities for the current and prior periods are measured as the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the date of the Consolidated Financial Statements. The Company’s contractual arrangements in Egypt stipulate that income taxes are paid by the government out of its entitlement share of production sharing oil. Such amounts are included in current income tax expense at the statutory rate in effect at the time of production. Deferred tax The Company determines the amount of deferred income tax assets and liabilities based on the difference between the carrying amounts of the assets and liabilities reported for financial accounting purposes from those reported for tax. Deferred income tax assets and liabilities are measured using the substantively enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. Deferred income tax assets are recognized to the extent it is probable the Company will have sufficient future taxable earnings available against which the unused tax losses can be utilized. |
Joint arrangements | Joint arrangements A joint arrangement involves joint control and offers joint ownership by the Company and other joint interest partners of the financial and operating policies, and of the assets associated with the arrangement. Joint arrangements are classified into one of two categories: joint operations or joint ventures. A joint operation is a joint arrangement whereby the Company and the other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. Parties involved in joint operations must recognize in relation to their interests in the joint operation their proportionate share of the revenues, expenses, assets and liabilities. A joint venture is a joint arrangement whereby the Company and the other parties that have joint control of the arrangement have rights to the net assets of the arrangement. Parties involved in joint ventures must recognize their interests in joint ventures as investments and must account for that investment using the equity method. In Canada, the Company conducts some of its oil and gas production activities through joint operations and the Consolidated Financial Statements reflect only the Company’s proportionate interest in such activities. Joint control exists for contractual agreements governing TransGlobe’s assets whereby TransGlobe has less than 100% working interest, all of the partners have control of the arrangement collectively, and spending on the project requires the unanimous consent of all parties that collectively control the arrangement and share the associated risks. TransGlobe does not have any joint arrangements that are individually material to the Company or that are structured through joint venture arrangements. In Egypt, joint arrangements in which the Company |
Future accounting pronouncements | Future Accounting PronouncementsTransGlobe plans to adopt the following amendment to accounting standards, issued by the IASB that is effective for the annual periods beginning on or after January 1, 2022. The pronouncement will be adopted on its respective effective date, however; is not expected to have a material impact on the financial statements. |
Amendments to IAS 1 presentation of financial statements | Amendments to IAS 1 Presentation of Financial Statements In January 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements, to clarify its requirements for the presentation of liabilities as current or non-current in the statement of financial position. This will be effective on January 1, 2023. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Carrying value and fair value of financial assets | Carrying value and fair value of financial assets and liabilities are summarized as follows: December 31, 2021 December 31, 2020 Classification ($000s) Carrying Value Fair Value Carrying Value Fair Value Financial assets at fair value through profit or loss 37,929 37,929 34,510 34,510 Financial assets at amortized cost 12,217 12,217 9,996 9,996 Financial liabilities at fair value through profit or loss 88 88 398 398 Financial liabilities at amortized cost 29,952 29,952 43,654 43,757 |
Carrying value and fair value of financial liabilities | Carrying value and fair value of financial assets and liabilities are summarized as follows: December 31, 2021 December 31, 2020 Classification ($000s) Carrying Value Fair Value Carrying Value Fair Value Financial assets at fair value through profit or loss 37,929 37,929 34,510 34,510 Financial assets at amortized cost 12,217 12,217 9,996 9,996 Financial liabilities at fair value through profit or loss 88 88 398 398 Financial liabilities at amortized cost 29,952 29,952 43,654 43,757 |
Schedule of outstanding derivative commodity contract positions | The following table summarizes TransGlobe’s outstanding derivative commodity contract positions as at December 31, 2021, the fair values of which have been presented on the Consolidated Balance Sheet: Financial AECO natural gas contracts Period Hedged Contract Remaining Volume (GJ) Daily Volume (GJ) Bought Put Sold Call C$/GJ Jan 2022 - Mar 2022 Collar 351,000 3,900 2.50 4.20 Apr 2022 - Jun 2022 Collar 354,900 3,900 2.50 3.35 Jul 2022 - Sep 2022 Collar 358,800 3,900 2.50 3.10 Oct 2022 - Dec 2022 Collar 358,800 3,900 2.50 4.00 |
Schedule of loss on financial instruments | The gains and losses on financial instruments for 2021 and 2020 are comprised as follows: Years Ended December 31 ($000s) 2021 2020 Realized derivative loss (gain) on derivative commodity contracts during the year 10,475 (6,801 ) Unrealized derivative loss on commodity contracts outstanding at year end 88 180 Loss (gain) on financial instruments 10,563 (6,621 ) |
Schedule of credit risk relates to trade receivables | Trade and other receivables are analyzed in the table below. ($000s) December 31, 2021 December 31, 2020 Neither impaired nor past due 4,022 6,542 Not impaired and past due in the following period: Within 30 days 6,067 2,255 31-60 851 34 61-90 608 510 Over 90 days 669 655 Accounts receivable 12,217 9,996 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | The following are the contractual maturities of financial liabilities at December 31, 2021: Payment Due by Period 1 ($000s) Recognized in Financial Statements Contractual Cash Flows Less than 1 year 1-3 years 4-5 years More than 5 years Accounts payable and accrued liabilities Yes-Liability 26,112 26,112 - - - Long-term debt Yes-Liability 3,040 - 3,040 - - Lease obligations 2 Yes-Liability 800 764 36 - - Drilling commitment No 1,000 1,000 - - - Share-based compensation liabilities Yes-Liability 10,133 6,174 3,959 - - Derivative commodity contracts Yes-Liability 88 88 - - - Equipment and facility leases 3 No 481 481 - - - Total 41,654 34,619 7,035 - - 1 Payments denominated in foreign currencies have been translated at December 31, 2021 exchange rates 2 These amounts include the notional principal and interest payments. 3 Equipment lease includes one workover rig. |
Disclosure of objectives, policies and processes for managing capital [text block] | The Company was subject to, and in compliance with, financial covenants as at December 31, 2021 and 2020. TransGlobe defines and computes its capital as follows: Years Ended December 31 ($000s) 2021 2020 Long-term debt, including the current portion 3,040 21,464 Current assets (54,170 ) (53,864 ) Current liabilities, excluding the current portion of long-term debt 33,138 23,618 Net debt (17,992 ) (8,782 ) Shareholder’s equity 178,574 138,295 Total capital 160,582 129,513 |
Finance Revenue and Costs (Tabl
Finance Revenue and Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of finance costs recognized in earnings (loss) | Finance costs recognized in net earnings (loss) were as follows: Years Ended December 31 ($000s) 2021 2020 Interest on long-term debt 536 1,597 Interest on borrowing base facility 320 317 Amortization of deferred financing costs 103 395 Interest on lease obligations 182 211 Finance costs 1,141 2,520 Interest paid 856 1,918 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Disclosure of deferred income tax assets and liabilities | The Company’s deferred income tax assets and liabilities are as follows: ($000s) 2021 2020 Deferred income tax asset and liability, beginning of year - - Expenses related to the origination and reversal of temporary differences for: Property and equipment 10,390 (25,507 ) Non-capital 1,580 (4,459 ) Long-term liabilities - - Share issue expenses - - Changes in unrecognized tax benefits (11,968 ) 29,967 Deferred income tax expense recognized in net earnings (loss) 6,246 3,723 Deferred income tax recovery recognized in net earnings (loss) (6,246 ) (3,723 ) Deferred income tax asset, end of year 6,246 3,723 Deferred income tax liability, end of year (6,246 ) (3,723 ) |
Reconciliation of income tax expense | Income taxes vary from the amount that would be computed by applying the average Canadian statutory income tax rate of 23% (2020 – 24%) to income before taxes as follows: ($000s) 2021 2020 Income taxes calculated at the Canadian statutory rate 14,432 (15,328 ) Increases (decreases) in income taxes resulting from: Non-deductible 2,539 5,260 Changes in unrecognized tax benefits (11,968 ) 29,966 Effect of tax rates in foreign jurisdictions 1 16,176 (6,562 ) Changes in tax rates and other 1,232 194 Income tax expense - current 22,411 13,530 1 The statutory tax rate in Egypt is 40.55%. |
Intangible Exploration and Ev_2
Intangible Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of intangible exploration and evaluation assets | The following table reconciles the changes in TransGlobe’s exploration and evaluation assets: ($000s) 2021 2020 Balance, beginning of year 584 33,706 Additions to exploration and evaluation assets 2,089 337 Impairment loss - (33,459 ) Balance, end of year 2,673 584 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Reconciliation of the changes in property and equipment assets | The following table reconciles the changes in TransGlobe’s property and equipment assets: ($000s) PNG Assets Other Assets Total Cost Balance at December 31, 2019 712,552 19,267 731,819 Increase in right-of-use 1,650 49 1,699 Additions 6,726 435 7,161 Change in estimate for asset retirement obligations (624 ) - (624 ) Balance at December 31, 2020 720,304 19,751 740,055 Increase in right-of-use - 536 536 Additions 24,636 97 24,733 Change in estimate for asset retirement obligations (Note 1 4 1,000 - 1,000 Balance at December 31, 2021 745,940 20,384 766,324 Accumulated depreciation, depletion, amortization and impairment losses Balance at December 31, 2019 518,408 14,971 533,379 Depletion, depreciation and amortization for the year 1 24,786 1,863 26,649 Impairment los s 40,036 - 40,036 Balance at December 31, 2020 583,230 16,834 600,064 Depletion, depreciation and amortization for the year 1 23,338 1,348 24,686 Impairment reversal (31,521 ) - (31,521 ) Balance at December 31, 2021 575,047 18,182 593,229 Foreign Exchange Balance at December 31, 2019 2,006 - 2,006 Currency translation adjustments 979 - 979 Balance at December 31, 2020 2,985 - 2,985 Currency translation adjustments (74 ) - (74 ) Balance at December 31, 2021 2,911 - 2,911 Net book value At December 31, 2020 140,059 2,917 142,976 At December 31, 2021 173,804 2,202 176,006 1 Depletion, depreciation and amortization for the period includes amounts capitalized to product inventory for barrels produced but not sold in the period. |
Schedule Of Forward Commodity Price Estimates | At September 30, 2021 indicators of impairment reversal were present on the Company’s PNG assets in the West Gharib, West Bakr, North West Gharib and Canada cash-generating units (“CGU”) due to an increase and stabilization in forecasted commodity prices. As a result of the indicators of impairment reversal, the Company performed impairment reversal calculations at September 30, 2021 on the identified CGUs based on fair value less costs to sell (fair value hierarchy Level 3), using estimated after-tax TRANSGLOBE ENERGY CORPORATION TSX & AIM: TGL NASDAQ: TGA Egypt 1 Canada 1 Brent Crude Oil WTI Oil AECO Gas Edmonton Pentane Edmonton Butane Edmonton Spec Ethane Exchange Rate Year $/Bbl $/Bbl $C/Mcf $C/Bbl $C/Bbl $C/Bbl $C/Bbl USD/CAD 2021 70.30 67.33 3.52 96.20 78.47 65.84 13.69 0.790 2022 75.00 72.00 3.75 91.19 59.87 47.04 12.16 0.795 2023 72.51 69.01 3.20 85.01 48.38 32.26 10.26 0.800 2024 71.24 67.24 2.99 82.78 46.96 31.31 9.56 0.800 2025 72.66 68.58 3.05 84.42 47.90 31.94 9.77 0.800 2026 74.12 69.96 3.12 86.12 48.86 32.57 9.98 0.800 2027 75.59 71.35 3.17 87.84 49.84 33.23 10.18 0.800 2028 77.11 72.78 3.24 89.60 50.83 33.89 10.41 0.800 2029 78.66 74.24 3.31 91.39 51.85 34.57 10.63 0.800 2030 80.22 75.72 3.37 93.22 52.89 35.26 10.86 0.800 Thereafter 2 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr 0.800 1 GLJ Petroleum Consultants Ltd. (“GLJ”) price forecasts, effective October 1, 2021. 2 Percentage change represents the increase in each year after 2030 to the end of the reserves life. Egypt 1 Canada 1 Brent Crude Oil WTI Oil AECO Gas Edmonton Pentane Edmonton Butane Edmonton Spec Ethane Exchange Rate Year $/Bbl $/Bbl $C/Mcf $C/Bbl $C/Bbl $C/Bbl $C/Bbl USD/CAD 2020 34.00 30.00 1.95 37.47 21.23 9.61 5.99 0.720 2021 45.50 41.00 2.25 52.05 33.08 19.18 7.01 0.730 2022 52.50 47.50 2.35 61.56 39.52 25.41 7.36 0.735 2023 57.50 52.50 2.45 68.92 45.57 28.89 7.71 0.740 2024 62.50 57.50 2.55 75.84 50.99 32.32 8.05 0.745 2025 62.95 58.95 2.65 77.27 52.02 32.97 8.39 0.750 2026 64.13 60.13 2.70 78.84 53.14 33.68 8.57 0.750 2027 65.33 61.33 2.76 80.44 54.27 34.40 8.76 0.750 2028 66.56 62.56 2.81 82.08 55.44 35.14 8.94 0.750 2029 67.81 63.81 2.87 83.75 56.62 35.89 9.13 0.750 Thereafter 2 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr 0.750 1 GLJ Petroleum Consultants Ltd. (“GLJ”) price forecasts, effective April 1, 202 0 2 Percentage change represents the increase in each year after 2029 to the end of the reserves life. |
Schedule Of Sensitivity Impacts On Impairment Tests Completed | Based on the results of the impairment reversal calculations completed, recoverable amounts were determined to be greater than the carrying values of the CGUs tested resulting in $31.5 million of impairment reversal being recorded: CGU 2021 1 2020 West Gharib (20,527 ) 24,769 West Bakr (4,615 ) 6,610 North West Gharib (3,028 ) 4,596 Canada (3,351 ) 4,061 Total (31,521 ) 40,036 1 The impairment reversal for all CGUs was limited to total accumulated impairments less subsequent depletion. |
Schedule of Carrying Amount and Depreciation Charge for Right-of-use Assets by Class of Underlying Asset | ($000s) PNG Assets Other Assets Total Net book value at January 1, 2020 374 1,285 1,659 Increase in right-of-use 1650 49 1,699 Depreciation for the year (581 ) (937 ) (1,518 ) Net book value at December 31, 2020 1,443 397 1,840 Increase in right-of-use - 536 536 Depreciation for the year (1,067 ) (687 ) (1,754 ) Net book value at December 31, 2021 376 246 622 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions Contingent Liabilities And Contingent Assets [Abstract] | |
Asset retirement obligation rollforward | The following table reconciles the change in TransGlobe’s asset retirement obligation: ($000s) 2021 2020 Balance, beginning of year 13,042 13,612 Changes in estimates for asset retirement obligations and additional obligations recognized 1,000 (624 ) Obligations settled (135 ) (458 ) Asset retirement obligation accretion 207 259 Effect of movements in foreign exchange rates (12 ) 253 Balance, end of year 14,102 13,042 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Reconciliation of Lease Obligations | The following table reconciles TransGlobe’s lease obligations: ($000s) As at December 31, 2021 As at December 31, 2020 Less than 1 year 783 1,760 1 - 3 years 36 434 Total lease payments 819 2,194 Amounts representing interest 19 180 Present value of net lease payments 800 2,014 Current portion of lease obligations 764 1,553 Non-current 36 461 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Schedule of long-term debt | The following table reconciles the changes in TransGlobe’s long-term debt, including the current portion: ($000s) 2021 2020 Balance, beginning of year 21,464 37,041 Draws on revolving credit facility 415 406 Repayment of long-term debt (18,937 ) (16,504 ) Amortization of deferred financing costs 103 395 Effects of movements in foreign exchange rates (5 ) 126 Balance, end of year 3,040 21,464 Current portion of long-term debt - (14,897 ) Non-current portion of long-term deb t 3,040 6,567 Based on the Company’s current forecast of future production and prices the estimated future debt payments on long-term debt as of December 31, 2021 are as follows: ($000s) Prepayment Reserves Based Total 202 3 - 3,040 3,040 Prepayment Agreement ($000s) As at As at Prepayment agreement - amount drawn - 15,000 Deferred financing costs - (103 ) - 14,897 Reserves-Based Lending Facility ($000s) December 31, 2021 December 31, 2020 Reserves-based lending facility - amount drawn 3,040 6,567 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital Reserves And Other Equity Interest [Abstract] | |
Reconciliation of number of shares Issued | The Company is authorized to issue an unlimited number of common shares with no par value. Shares in issue as at December 31, 2021 and December 31, 2020 are outlined below: Years Ended December 31, 2021 Year Ended December 31, 2020 (000s) Shares Amount ($) Shares Amount ($) Balance, beginning of year 72,543 152,805 72,543 152,805 Stock options exercised 232 (340 ) - - - 556 - - Balance, end of year 72,775 153,021 72,543 152,805 |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Payment Arrangements [Abstract] | |
Stock options outstanding and exercisable | The following tables summarize information about the stock options outstanding and exercisable at the dates indicated: 2021 2020 (000s) Number of Options Weighted-Average Exercise Price ($C) Number of Options Weighted-Average Exercise Price ($C) Options outstanding, beginning of year 4,589 2.16 4,481 2.86 Granted 402 2.16 819 0.79 Exercise d (906 ) 2.34 - - Expired (1,002 ) 2.19 (711 ) 4.99 Options outstanding, end of year 3,083 2.10 4,589 2.16 Options exercisable, end of year 1,810 2.35 2,797 2.35 |
Range of exercise prices of outstanding share options | Options Outstanding Options Exercisable Exercise Price (C$) Number Weighted- Weighted- (C$) Number Weighted- Weighted- 0.79 - 1.48 819 3.4 0.79 273 3.4 0.79 1.49 - 2.39 684 2.6 2.16 282 0.4 2.16 2.4 0 604 1.4 2.62 604 1.4 2.62 2.74 - 2.83 976 2.2 2.83 651 2.2 2.83 3,083 2.5 2.10 1,810 1.8 2.35 |
Measurement of fair value of share options granted | The weighted average fair value of options granted during the period and the assumptions used in their determination are noted below: 2021 2020 Weighted average fair market value per option (C$) 0.83 0.29 Risk free interest rate 1.00 % 0.37 % Expected volatility (based on actual historical volatility) 61.48 % 58.36 % Dividend rate - - Suboptimal exercise factor 1.25 1.25 |
Number of RSUs, PSUs and DSUs outstanding | The number of RSUs, PSUs and DSUs outstanding as at December 31, 2021 are as follows: (000s) RSUs PSUs DSUs Units outstanding, December 31, 2019 839 1,640 589 Granted 689 1,196 392 Exercised (385 ) (431 ) (155 ) Forfeited (308 ) (133 ) - Units outstanding, December 31, 2020 835 2,272 826 Granted 362 602 200 Exercised / Expired (346 ) (592 ) (94 ) Forfeited (28 ) - - Units outstanding, December 31, 2021 823 2,282 932 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party [Abstract] | |
Schedule of related party disclosures | 22. RELATED PARTY DISCLOSURES Details of controlled and consolidated entities active as at December 31, 2021 are as follows*: Country of Incorporation Ownership Interest 2021 Ownership Interest 2020 TG Energy UK Ltd United Kingdom 100% 100% TransGlobe Petroleum International Inc. Turks & Caicos 100% 100% TG Holdings Yemen Inc. Turks & Caicos 100% 100% TransGlobe West Bakr Inc. Turks & Caicos 100% 100% TransGlobe West Gharib Inc. Turks & Caicos 100% 100% TG Energy Marketing Inc. Turks & Caicos 100% 100% TG NW Gharib Inc. Turks & Caicos 100% 100% TG S Ghazalat Inc. Turks & Caicos 100% 100% |
Compensation of Key Managemen_2
Compensation of Key Management Personnel (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Of Key Management Personnel [Abstract] | |
Schedule of key management personnel remuneration | The compensation relating to key management personnel is as follows: ($000s) 2021 2020 Salaries, incentives and short-term benefits 2,231 1,762 Share-based compensation 1,324 826 Total 3,555 2,588 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Disclosure of operating segments | Years Ended December 31 2021 2020 2021 2020 2021 2020 2021 2020 ($000s) Egypt Canada Corporate Total Revenue Oil sales 257,338 173,086 18,225 8,679 - - 275,563 181,765 Natural gas sales - - 4,984 2,815 - - 4,984 2,815 Natural gas liquids sales - - 8,686 4,191 - - 8,686 4,191 Overlift 14,723 - - - - - 14,723 - Less: royalties (129,891 ) (71,741 ) (5,059 ) (2,355 ) - - (134,950 ) (74,096 ) Petroleum and natural gas sales, net of royalties 142,170 101,345 26,836 13,330 - - 169,006 114,675 Finance revenue - 16 - - 9 90 9 106 Other revenue - - - - 32 641 32 641 Total segmented revenue 142,170 101,361 26,836 13,330 41 731 169,047 115,422 Segmented expenses Production and operating 54,379 58,305 7,051 6,157 - - 61,430 64,462 Overlift 14,723 - - - - - 14,723 - Selling costs 3,921 2,111 - - - - 3,921 2,111 General and administrative 4,574 4,781 1,019 920 14,760 6,289 20,353 11,990 Foreign exchange loss - - - - 47 24 47 24 Finance costs 797 2,159 337 343 7 18 1,141 2,520 Depletion, depreciation and amortization 17,120 22,927 7,905 7,320 409 802 25,434 31,049 Asset retirement obligation accretion - - 207 259 - - 207 259 Loss (gain) on financial instruments 9,783 (6,621 ) 780 - - - 10,563 (6,621 ) Impairment (reversal) loss (28,170 ) 69,434 (3,351 ) 4,061 - - (31,521 ) 73,495 Income tax expense 22,411 13,530 - - - - 22,411 13,530 Segmented net earnings (loss) 42,632 (65,265 ) 12,888 (5,730 ) (15,182 ) (6,402 ) 40,338 (77,397 ) Capital expenditures Exploration and development 14,561 5,256 12,222 2,067 - - 26,783 7,323 Corporate - - - - 39 175 39 175 Total capital expenditures 14,561 5,256 12,222 2,067 39 175 26,822 7,498 The carrying amounts of reportable segment assets and liabilities are as follows: As at December 31, 2021 As at December 31, 2020 ($000s) Egypt Canada Corporate Total Egypt Canada Corporate Total Assets Cash 27,966 2,248 7,715 37,929 25,236 1,831 7,443 34,510 Accounts receivable 7,335 4,352 530 12,217 6,594 2,821 581 9,996 Intangible exploration and evaluation assets 2,089 584 - 2,673 - 584 - 584 Property and equipment Petroleum and natural gas assets 95,478 78,326 - 173,804 70,331 69,728 - 140,059 Other assets 1,304 20 878 2,202 1,985 11 921 2,917 Other 2,926 312 786 4,024 8,335 331 692 9,358 Deferred taxes 6,246 - - 6,246 3,723 - - 3,723 Total segmented assets 143,344 85,842 9,909 239,095 116,204 75,306 9,637 201,147 Liabilities Accounts payable and accrued liabilities 18,193 4,117 3,802 26,112 14,342 2,040 3,794 20,176 Share-based compensation liabilities - - 10,133 10,133 - - 2,035 2,035 Derivative commodity contracts - 88 - 88 398 - - 398 Long-term debt - 3,040 - 3,040 14,897 6,567 - 21,464 Asset retirement obligation - 14,102 - 14,102 - 13,042 - 13,042 Lease obligation 452 89 259 800 1,466 302 246 2,014 Deferred taxes 6,246 - - 6,246 3,723 - - 3,723 Total segmented liabilities 24,891 21,436 14,194 60,521 34,826 21,951 6,075 62,852 |
Supplemental Cash flow Inform_2
Supplemental Cash flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Changes in non-cash working capital | Changes in non-cash Years ended December 31 ($000s) 2021 2020 Operating activities (Increase) decrease in current assets Accounts receivable (2,220 ) 685 Prepaids and other (202 ) 886 Product inventory 1 5,079 7,288 (Decrease) increase Accounts payable and accrued liabilities 2 (5,941 ) (7,523 ) Share-based compensation liabilities 3,415 (70 ) Total changes in non-cash 131 1,266 Investing activities Increase (decrease) in current liabilities Accounts payable and accrued liabilities 7,601 (3,544 ) Total changes in non-cash 7,601 (3,544 ) Financing activities (Increase) decrease in current liabilities Other liabilities (365 ) 161 Total changes in non-cash (365 ) 161 1 The change in non-cash 2 Inclusive of changes in current portion of share-based compensation liabilities. |
Supplemental Employee Compens_2
Supplemental Employee Compensation Expense Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Supplemental Employee Compensation Expense Information Explanatory [Abstract] | |
Summary of Supplemental Employee Compensation Expense Information | TransGlobe’s Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) is prepared primarily by nature of item, with the exception of employee compensation expense which is included in both production and operating, and general and administrative (“G&A”) expense line items. The following table details the amount of total employee compensation expense included in production and operating expense and G&A expense line items: ($000s) 2021 2020 Production and operating 3,547 3,569 G&A 12,804 5,207 Total 16,351 8,776 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset retirement obligation [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Provisions | $ 14,102,000 | $ 13,042,000 | $ 13,612,000 |
Asset retirement obligation [member] | Egypt PSCs [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Provisions | $ 0 | ||
Furniture and fixtures [member] | Bottom of range [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Depreciation at declining balance rates | 20.00% | ||
Furniture and fixtures [member] | Top of range [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Depreciation at declining balance rates | 30.00% | ||
IFRS 16 [member] | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Gain or loss recognized in profit or loss on purchase,sale,issue or cancelation of equity instruments | $ 0 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management - Narrative (Details) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Feb. 10, 2017USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Maximum borrowing capacity | $ 14,700,000 | |||||
Percentage of committed hedge for forecasted sales | 60.00% | 60.00% | ||||
Trade receivables [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Allowance account for credit losses of financial assets | $ 0 | |||||
Top of range [member] | Debt utilization between 50% To 69% [Member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Percentage of debt utilization based on hedging arrangements | 69.00% | 69.00% | ||||
Top of range [member] | Debt utilization more than 50% [Member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Percentage of debt utilization based on hedging arrangements | 70.00% | 70.00% | ||||
Percentage of hedge on annual forecasted average daily Canadian production of oil and natural gas volumes | 60.00% | 60.00% | ||||
Bottom of range [member] | Debt utilization below 50% [Member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Percentage of debt utilization based on hedging arrangements | 50.00% | 50.00% | ||||
Percentage of hedge on annual forecasted average daily Canadian production of oil and natural gas volumes | 25.00% | 25.00% | ||||
Bottom of range [member] | Debt utilization between 50% To 69% [Member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Percentage of debt utilization based on hedging arrangements | 50.00% | 50.00% | ||||
Weighted average [member] | Debt utilization between 50% To 69% [Member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Percentage of hedge on annual forecasted average daily Canadian production of oil and natural gas volumes | 50.00% | 50.00% | ||||
Interest rate risk [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Possible change in risk variable percentage | 1.00% | 1.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Increase In Risk Variable, Percent | 1.00% | 1.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Increase In Risk Variable, Impact On Profit (Loss) | $ 100,000 | |||||
Possible decrease in risk variable percentage | 1.00% | 1.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Decrease In Risk Variable, Impact On Profit (Loss) | $ 100,000 | |||||
Canada dollars [member] | Currency risk [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Possible change in risk variable percentage | 10.00% | 10.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Increase In Risk Variable, Percent | 10.00% | 10.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Increase In Risk Variable, Impact On Profit (Loss) | $ 800,000 | |||||
Possible decrease in risk variable percentage | 10.00% | 10.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Decrease In Risk Variable, Impact On Profit (Loss) | $ 800,000 | |||||
Egypt pounds [member] | Currency risk [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Increase In Risk Variable, Percent | 10.00% | 10.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Increase In Risk Variable, Impact On Profit (Loss) | $ 100,000 | |||||
Possible decrease in risk variable percentage | 10.00% | 10.00% | ||||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Decrease In Risk Variable, Impact On Profit (Loss) | $ 100,000 | |||||
Cash | 1,300,000 | $ 3,000,000 | ||||
Revolving Reserves-Based Lending Facility [Member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Maximum borrowing capacity | 17,700,000 | $ 22,500,000 | ||||
Line of credit facility ,Outstanding | 3,000,000 | 3,900,000 | ||||
Repayments of non-current borrowings | 3,900,000 | $ 5,000,000 | ||||
Line of credit facility drawn amount | 400,000 | $ 500,000 | ||||
Prepayment agreement [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Maximum borrowing capacity | $ 10,000,000 | |||||
Repayments of non-current borrowings | $ 10,000,000 | 15,000,000 | ||||
Gross carrying amount [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Borrowings | 17,700,000 | |||||
Gross carrying amount [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Borrowings | 3,000,000 | |||||
Gross carrying amount [member] | Prepayment agreement [member] | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Borrowings | $ 0 | $ 15,000,000 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management - Carrying Value and Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at carrying value | $ 88 | $ 398 |
Financial liabilities at fair value | 88 | 398 |
Financial liabilities at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities at carrying value | 29,952 | 43,654 |
Financial liabilities at fair value | 29,952 | 43,757 |
Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at carrying value | 37,929 | 34,510 |
Financial assets at fair value | 37,929 | 34,510 |
Financial assets at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets at carrying value | 12,217 | 9,996 |
Financial assets at fair value | $ 12,217 | $ 9,996 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management - Schedule of Derivative Commodity Contract Positions (Details) - Collar Contract | 12 Months Ended |
Dec. 31, 2021$ / GJkJ | |
Jan 2022 - Mar 2022 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Remaining Volume (KJ) | kJ | 351,000 |
Daily Volume (KJ) | kJ | 3,900 |
Jan 2022 - Mar 2022 [Member] | Put Option1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 4.20 |
Jan 2022 - Mar 2022 [Member] | Put Option1 [Member] | Short1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 2.50 |
Apr 2022 - Jun 2022 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Remaining Volume (KJ) | kJ | 354,900 |
Daily Volume (KJ) | kJ | 3,900 |
Apr 2022 - Jun 2022 [Member] | Put Option1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 3.35 |
Apr 2022 - Jun 2022 [Member] | Put Option1 [Member] | Short1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 2.50 |
Jul 2022 - Sep 2022 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Remaining Volume (KJ) | kJ | 358,800 |
Daily Volume (KJ) | kJ | 3,900 |
Jul 2022 - Sep 2022 [Member] | Put Option1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 3.10 |
Jul 2022 - Sep 2022 [Member] | Put Option1 [Member] | Short1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 2.50 |
Oct 2022 - Dec 2022 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Remaining Volume (KJ) | kJ | 358,800 |
Daily Volume (KJ) | kJ | 3,900 |
Oct 2022 - Dec 2022 [Member] | Put Option1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 4 |
Oct 2022 - Dec 2022 [Member] | Put Option1 [Member] | Short1 [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Average price of hedging instrument | $ / GJ | 2.50 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management - Schedule of Losses on Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial liabilities [line items] | ||
Loss (gain) on financial instruments | $ 10,563 | $ (6,621) |
Derivative commodity contracts [member] | ||
Disclosure of financial liabilities [line items] | ||
Realized derivative loss (gain) on derivative commodity contracts during the year | 10,475 | (6,801) |
Unrealized derivative loss on commodity contracts outstanding at year end | $ 88 | $ 180 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management - Schedule Of Credit Risk Relates to Trade Receivables (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)MBbls | Dec. 31, 2020USD ($) | |
Disclosure of credit risk exposure [line items] | ||
Accounts receivable | $ 12,217 | $ 9,996 |
Revenue from sale of crude oil | 275,563 | 181,765 |
Neither impaired nor past due [member] | ||
Disclosure of credit risk exposure [line items] | ||
Accounts receivable | 4,022 | 6,542 |
Not impaired and past due [member] | Within 30 days [member] | ||
Disclosure of credit risk exposure [line items] | ||
Accounts receivable | 6,067 | 2,255 |
Not impaired and past due [member] | Past due 31-60 days [member] | ||
Disclosure of credit risk exposure [line items] | ||
Accounts receivable | 851 | 34 |
Not impaired and past due [member] | Past due 61-90 days [member] | ||
Disclosure of credit risk exposure [line items] | ||
Accounts receivable | 608 | 510 |
Not impaired and past due [member] | Past due over 90 days [member] | ||
Disclosure of credit risk exposure [line items] | ||
Accounts receivable | $ 669 | 655 |
Egyptian General Petroleum Corporation [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Volume bbl sold | MBbls | 1,120 | |
Accounts receivable | $ 6,100 | 6,000 |
Revenue from sale of crude oil | 63,500 | |
Egyptian General Petroleum Corporation [Member] | Neither impaired nor past due [member] | ||
Disclosure of credit risk exposure [line items] | ||
Accounts receivable | $ 12,200 | $ 10,000 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management - Contractual Maturities of Financial Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | $ 41,654 |
Accounts payable and accrued liabilities [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 26,112 |
Long-term borrowings [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 3,040 |
Lease obligations [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 800 |
Drilling commitment [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 1,000 |
Share based compensation liabilities [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 10,133 |
Derivative commodity contracts [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 88 |
Equipment and facility leases [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 481 |
Not later than one year [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 34,619 |
Not later than one year [member] | Accounts payable and accrued liabilities [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 26,112 |
Not later than one year [member] | Lease obligations [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 764 |
Not later than one year [member] | Drilling commitment [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 1,000 |
Not later than one year [member] | Share based compensation liabilities [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 6,174 |
Not later than one year [member] | Derivative commodity contracts [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 88 |
Not later than one year [member] | Equipment and facility leases [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 481 |
1-3 years [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 7,035 |
1-3 years [member] | Long-term borrowings [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 3,040 |
1-3 years [member] | Lease obligations [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 36 |
1-3 years [member] | Drilling commitment [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 0 |
1-3 years [member] | Share based compensation liabilities [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 3,959 |
1-3 years [member] | Equipment and facility leases [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | $ 0 |
Financial Instruments and Ris_9
Financial Instruments and Risk Management - Capital Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total Debt [abstract] | ||
Current assets | $ (54,170) | $ (53,864) |
Total Capital [Abstract] | ||
Shareholder's equity | 178,574 | 138,295 |
Total capital | 160,582 | 129,513 |
TransGlobes [Member] | ||
Total Debt [abstract] | ||
Long-term debt, including the current portion | 3,040 | 21,464 |
Current assets | (54,170) | (53,864) |
Current liabilities, excluding the current portion of long-term debt | 33,138 | 23,618 |
Total Capital [Abstract] | ||
Net debt | $ (17,992) | $ (8,782) |
Finance Revenue and Costs (Deta
Finance Revenue and Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Finance costs | $ 1,141 | $ 2,520 |
Interest paid | 856 | 1,918 |
Deposits From Banks [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amortization of deferred financing costs | 103 | 395 |
Finance costs | 1,141 | 2,520 |
Interest paid | 856 | 1,918 |
Long-term borrowings [member] | Deposits From Banks [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest on borrowings | 536 | 1,597 |
Borrowing base facility [member] | Deposits From Banks [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest on borrowings | 320 | 317 |
Lease obligations [member] | Deposits From Banks [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest on borrowings | $ 182 | $ 211 |
Selling Costs (Details)
Selling Costs (Details) - sale | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | ||
Number of direct crude sales during period | 2 | 2 |
Product Inventory (Details)
Product Inventory (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)MBbls | Dec. 31, 2020USD ($)$ / bblMBbls | |
Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Line Items] | ||
Number of barrels of crude oil in inventory | MBbls | 0 | 227.9 |
Inventories valuation rate | $ / bbl | 25.57 | |
Product inventory recorded as an expense | $ 5.8 | |
Cost of inventories capitalized | $ 11.7 |
Income Taxes - Deferred Tax Rol
Income Taxes - Deferred Tax Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Changes in unrecognized tax benefits | $ (11,968) | $ 29,967 |
Deferred income tax expense recognized in net earnings (loss) | 6,246 | 3,723 |
Deferred income tax recovery recognized in net earnings (loss) | (6,246) | (3,723) |
Deferred income tax asset, end of year | 6,246 | 3,723 |
Deferred income tax liability, end of year | (6,246) | (3,723) |
Property and equipment [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Expenses related to the origination and reversal of temporary differences for | 10,390 | (25,507) |
Non-capital losses carried forward [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Expenses related to the origination and reversal of temporary differences for | $ 1,580 | $ (4,459) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Non-capital losses with no deferred tax asset recognized | $ 110.1 | $ 117 |
Deferred tax assets | $ 6.3 | $ 3.7 |
Average effective tax rate | 35.70% | 21.20% |
Foreign countries [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unrecognized tax benefits | $ 33.2 | $ 42.5 |
Canada [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Applicable tax rate | 23.00% | 24.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | ||
Income taxes calculated at the Canadian statutory rate | $ 14,432 | $ (15,328) |
Non-deductible expenses | 2,539 | 5,260 |
Changes in unrecognized tax benefits | (11,968) | 29,966 |
Effect of tax rates in foreign jurisdictions | 16,176 | (6,562) |
Changes in tax rates and other | 1,232 | 194 |
Income tax expense - current | $ 22,411 | $ 13,530 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Egypt [member] | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |
Statutory tax rate | 40.55% |
Intangible Exploration and Ev_3
Intangible Exploration and Evaluation Assets - Detailed Information About Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of year | $ 584 | |
Balance, end of year | 2,673 | $ 584 |
Intangible exploration and evaluation assets [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance, beginning of year | 584 | 33,706 |
Additions to exploration and evaluation assets | 2,089 | 337 |
Impairment loss | 0 | (33,459) |
Balance, end of year | $ 2,673 | $ 584 |
Intangible Exploration and Ev_4
Intangible Exploration and Evaluation Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Impairment reversal | $ 31,500 | |
Canada [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible exploration and evaluation assets | 600 | $ 600 |
South Ghazalat [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible exploration and evaluation assets | 2,100 | 0 |
Intangible exploration and evaluation assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | $ 0 | 33,459 |
Intangible exploration and evaluation assets [member] | South Ghazalat Concession [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Non-cash impairment loss on its exploration and evaluation assets | 33,500 | |
Impairment loss | 29,500 | |
Intangible exploration and evaluation assets [member] | North West Gharib Concession [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment reversal | $ 4,000 |
Property and Equipment - Reconc
Property and Equipment - Reconciliation of Property and Equipment Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | $ 142,976 | |
Increase in right-of-use assets | $ 536 | 1,699 |
Impairment reversal | (31,521) | |
Currency translation adjustments | (62) | 766 |
Balance at end of period | 176,006 | |
Gross carrying amount [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 740,055 | 731,819 |
Increase in right-of-use assets | 536 | 1,699 |
Additions | 24,733 | 7,161 |
Change in estimate for asset retirement obligations | 1,000 | (624) |
Balance at end of period | 766,324 | 740,055 |
Accumulated depreciation, depletion, amortization and impairment [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 600,064 | 533,379 |
Depletion, depreciation and amortization for the year | 24,686 | 26,649 |
Impairment reversal | 40,036 | |
Balance at end of period | 593,229 | 600,064 |
Currency translation adjustments [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 2,985 | 2,006 |
Currency translation adjustments | (74) | 979 |
Balance at end of period | 2,911 | 2,985 |
PNG Assets [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 140,059 | |
Increase in right-of-use assets | 0 | 1,650 |
Impairment reversal | (31,521) | |
Balance at end of period | 173,804 | |
PNG Assets [member] | Gross carrying amount [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 720,304 | 712,552 |
Increase in right-of-use assets | 0 | 1,650 |
Additions | 24,636 | 6,726 |
Change in estimate for asset retirement obligations | 1,000 | (624) |
Balance at end of period | 745,940 | 720,304 |
PNG Assets [member] | Accumulated depreciation, depletion, amortization and impairment [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 583,230 | 518,408 |
Depletion, depreciation and amortization for the year | 23,338 | 24,786 |
Impairment reversal | 40,036 | |
Balance at end of period | 575,047 | 583,230 |
PNG Assets [member] | Currency translation adjustments [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 2,985 | 2,006 |
Currency translation adjustments | (74) | 979 |
Balance at end of period | 2,911 | 2,985 |
Other Assets [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 2,917 | |
Increase in right-of-use assets | 536 | 49 |
Balance at end of period | 2,202 | |
Other Assets [member] | Gross carrying amount [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 19,751 | 19,267 |
Increase in right-of-use assets | 536 | 49 |
Additions | 97 | 435 |
Change in estimate for asset retirement obligations | 0 | 0 |
Balance at end of period | 20,384 | 19,751 |
Other Assets [member] | Accumulated depreciation, depletion, amortization and impairment [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 16,834 | 14,971 |
Depletion, depreciation and amortization for the year | 1,348 | 1,863 |
Balance at end of period | 18,182 | 16,834 |
Other Assets [member] | Currency translation adjustments [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 0 | 0 |
Currency translation adjustments | 0 | 0 |
Balance at end of period | $ 0 | $ 0 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Impairment reversal | $ 31.5 |
PNG Assets [member] | West Gharib [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Reduction in carrying value of PNG assets to recoverable amount | 23.8 |
PNG Assets [member] | West Bakr [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Reduction in carrying value of PNG assets to recoverable amount | 55 |
PNG Assets [member] | North West Gharib [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Reduction in carrying value of PNG assets to recoverable amount | 0 |
PNG Assets [member] | Canada [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Reduction in carrying value of PNG assets to recoverable amount | $ 60 |
Oil and natural gas reserves [member] | Canada [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Discount rate used in current measurement of fair value less costs of disposal | 11.00% |
Oil and natural gas reserves [member] | Egypt [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Discount rate used in current measurement of fair value less costs of disposal | 15.00% |
Oil and natural gas reserves [member] | Egypt [member] | PNG Assets [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Discount rate used in current measurement of fair value less costs of disposal | 15.00% |
Oil and natural gas reserves [member] | Canada [member] | PNG Assets [member] | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Discount rate used in current measurement of fair value less costs of disposal | 10.00% |
Property and Equipment - Forwar
Property and Equipment - Forward Commodity Price Estimates (Details) | Sep. 30, 2021$ / Mcf$ / Bbl$ / CAD$ / Bbl | Dec. 31, 2020bbl | ||
2021 [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.790 | ||
2022 [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.795 | ||
2023 [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
2024 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
2025 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
2026 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
2027 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
2028 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
2029 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
2030 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1] | 0.800 | ||
Thereafter [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | $ / CAD | [1],[2] | 0.800 | ||
Oil and natural gas reserves [member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | 2.00% | |||
Oil and natural gas reserves [member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | 2.00% | |||
Oil and natural gas reserves [member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | 2.00% | |||
Oil and natural gas reserves [member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | 2.00% | |||
Oil and natural gas reserves [member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | 2.00% | |||
Oil and natural gas reserves [member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | 2.00% | |||
Oil and natural gas reserves [member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | 2.00% | |||
Oil and natural gas reserves [member] | 2020 [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.720 | |||
Oil and natural gas reserves [member] | 2020 [member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 34 | |||
Oil and natural gas reserves [member] | 2020 [member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 30 | |||
Oil and natural gas reserves [member] | 2020 [member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 1.95 | |||
Oil and natural gas reserves [member] | 2020 [member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 37.47 | |||
Oil and natural gas reserves [member] | 2020 [member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 21.23 | |||
Oil and natural gas reserves [member] | 2020 [member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 9.61 | |||
Oil and natural gas reserves [member] | 2020 [member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 5.99 | |||
Oil and natural gas reserves [member] | 2021 [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.730 | |||
Oil and natural gas reserves [member] | 2021 [member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 70.30 | 45.50 | ||
Oil and natural gas reserves [member] | 2021 [member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 67.33 | [1] | 41 | |
Oil and natural gas reserves [member] | 2021 [member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.52 | [1] | 2.25 | |
Oil and natural gas reserves [member] | 2021 [member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 96.20 | [1] | 52.05 | |
Oil and natural gas reserves [member] | 2021 [member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 78.47 | [1] | 33.08 | |
Oil and natural gas reserves [member] | 2021 [member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 65.84 | [1] | 19.18 | |
Oil and natural gas reserves [member] | 2021 [member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 13.69 | [1] | 7.01 | |
Oil and natural gas reserves [member] | 2022 [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.735 | |||
Oil and natural gas reserves [member] | 2022 [member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 75 | 52.50 | ||
Oil and natural gas reserves [member] | 2022 [member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 72 | [1] | 47.50 | |
Oil and natural gas reserves [member] | 2022 [member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.75 | [1] | 2.35 | |
Oil and natural gas reserves [member] | 2022 [member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 91.19 | [1] | 61.56 | |
Oil and natural gas reserves [member] | 2022 [member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 59.87 | [1] | 39.52 | |
Oil and natural gas reserves [member] | 2022 [member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 47.04 | [1] | 25.41 | |
Oil and natural gas reserves [member] | 2022 [member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 12.16 | [1] | 7.36 | |
Oil and natural gas reserves [member] | 2023 [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.740 | |||
Oil and natural gas reserves [member] | 2023 [member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 72.51 | 57.50 | ||
Oil and natural gas reserves [member] | 2023 [member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 69.01 | [1] | 52.50 | |
Oil and natural gas reserves [member] | 2023 [member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.20 | [1] | 2.45 | |
Oil and natural gas reserves [member] | 2023 [member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 85.01 | [1] | 68.92 | |
Oil and natural gas reserves [member] | 2023 [member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 48.38 | [1] | 45.57 | |
Oil and natural gas reserves [member] | 2023 [member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 32.26 | [1] | 28.89 | |
Oil and natural gas reserves [member] | 2023 [member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 10.26 | [1] | 7.71 | |
Oil and natural gas reserves [member] | 2024 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.745 | |||
Oil and natural gas reserves [member] | 2024 [Member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 71.24 | 62.50 | ||
Oil and natural gas reserves [member] | 2024 [Member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 67.24 | [1] | 57.50 | |
Oil and natural gas reserves [member] | 2024 [Member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 2.99 | [1] | 2.55 | |
Oil and natural gas reserves [member] | 2024 [Member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 82.78 | [1] | 75.84 | |
Oil and natural gas reserves [member] | 2024 [Member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 46.96 | [1] | 50.99 | |
Oil and natural gas reserves [member] | 2024 [Member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 31.31 | [1] | 32.32 | |
Oil and natural gas reserves [member] | 2024 [Member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 9.56 | [1] | 8.05 | |
Oil and natural gas reserves [member] | 2025 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.750 | |||
Oil and natural gas reserves [member] | 2025 [Member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 72.66 | 62.95 | ||
Oil and natural gas reserves [member] | 2025 [Member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 68.58 | [1] | 58.95 | |
Oil and natural gas reserves [member] | 2025 [Member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.05 | [1] | 2.65 | |
Oil and natural gas reserves [member] | 2025 [Member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 84.42 | [1] | 77.27 | |
Oil and natural gas reserves [member] | 2025 [Member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 47.90 | [1] | 52.02 | |
Oil and natural gas reserves [member] | 2025 [Member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 31.94 | [1] | 32.97 | |
Oil and natural gas reserves [member] | 2025 [Member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 9.77 | [1] | 8.39 | |
Oil and natural gas reserves [member] | 2026 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.750 | |||
Oil and natural gas reserves [member] | 2026 [Member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 74.12 | 64.13 | ||
Oil and natural gas reserves [member] | 2026 [Member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 69.96 | [1] | 60.13 | |
Oil and natural gas reserves [member] | 2026 [Member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.12 | [1] | 2.70 | |
Oil and natural gas reserves [member] | 2026 [Member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 86.12 | [1] | 78.84 | |
Oil and natural gas reserves [member] | 2026 [Member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 48.86 | [1] | 53.14 | |
Oil and natural gas reserves [member] | 2026 [Member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 32.57 | [1] | 33.68 | |
Oil and natural gas reserves [member] | 2026 [Member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 9.98 | [1] | 8.57 | |
Oil and natural gas reserves [member] | 2027 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.750 | |||
Oil and natural gas reserves [member] | 2027 [Member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 75.59 | 65.33 | ||
Oil and natural gas reserves [member] | 2027 [Member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 71.35 | [1] | 61.33 | |
Oil and natural gas reserves [member] | 2027 [Member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.17 | [1] | 2.76 | |
Oil and natural gas reserves [member] | 2027 [Member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 87.84 | [1] | 80.44 | |
Oil and natural gas reserves [member] | 2027 [Member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 49.84 | [1] | 54.27 | |
Oil and natural gas reserves [member] | 2027 [Member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 33.23 | [1] | 34.40 | |
Oil and natural gas reserves [member] | 2027 [Member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 10.18 | [1] | 8.76 | |
Oil and natural gas reserves [member] | 2028 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.750 | |||
Oil and natural gas reserves [member] | 2028 [Member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 77.11 | 66.56 | ||
Oil and natural gas reserves [member] | 2028 [Member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 72.78 | [1] | 62.56 | |
Oil and natural gas reserves [member] | 2028 [Member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.24 | [1] | 2.81 | |
Oil and natural gas reserves [member] | 2028 [Member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 89.60 | [1] | 82.08 | |
Oil and natural gas reserves [member] | 2028 [Member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 50.83 | [1] | 55.44 | |
Oil and natural gas reserves [member] | 2028 [Member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 33.89 | [1] | 35.14 | |
Oil and natural gas reserves [member] | 2028 [Member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 10.41 | [1] | 8.94 | |
Oil and natural gas reserves [member] | 2029 [Member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.750 | |||
Oil and natural gas reserves [member] | 2029 [Member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 78.66 | 67.81 | ||
Oil and natural gas reserves [member] | 2029 [Member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 74.24 | [1] | 63.81 | |
Oil and natural gas reserves [member] | 2029 [Member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 3.31 | [1] | 2.87 | |
Oil and natural gas reserves [member] | 2029 [Member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 91.39 | [1] | 83.75 | |
Oil and natural gas reserves [member] | 2029 [Member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 51.85 | [1] | 56.62 | |
Oil and natural gas reserves [member] | 2029 [Member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 34.57 | [1] | 35.89 | |
Oil and natural gas reserves [member] | 2029 [Member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | 10.63 | [1] | 9.13 | |
Oil and natural gas reserves [member] | 2030 [Member] | Oil [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | $ / Bbl | 80.22 | |||
Oil and natural gas reserves [member] | 2030 [Member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | $ / Bbl | [1] | 75.72 | ||
Oil and natural gas reserves [member] | 2030 [Member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | $ / Mcf | [1] | 3.37 | ||
Oil and natural gas reserves [member] | 2030 [Member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | $ / Bbl | [1] | 93.22 | ||
Oil and natural gas reserves [member] | 2030 [Member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | $ / Bbl | [1] | 52.89 | ||
Oil and natural gas reserves [member] | 2030 [Member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | $ / Bbl | [1] | 35.26 | ||
Oil and natural gas reserves [member] | 2030 [Member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity price (in dollars per unit) | $ / Bbl | [1] | 10.86 | ||
Oil and natural gas reserves [member] | Thereafter [member] | Egypt [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | [2] | 2.00% | ||
Oil and natural gas reserves [member] | Thereafter [member] | Canada [member] | USD to CAD Exchange Rate [Member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Forward commodity exchange rate (in dollars per unit) | 0.750 | |||
Oil and natural gas reserves [member] | Thereafter [member] | Oil [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | [1],[2] | 2.00% | ||
Oil and natural gas reserves [member] | Thereafter [member] | Gas [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | [1],[2] | 2.00% | ||
Oil and natural gas reserves [member] | Thereafter [member] | Pentane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | [1],[2] | 2.00% | ||
Oil and natural gas reserves [member] | Thereafter [member] | Butane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | [1],[2] | 2.00% | ||
Oil and natural gas reserves [member] | Thereafter [member] | Propane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | [1],[2] | 2.00% | ||
Oil and natural gas reserves [member] | Thereafter [member] | Ethane [member] | Canada [member] | ||||
Average Sales Prices of Oil and Gas [Line Items] | ||||
Percentage increase in commodity prices after 10 years to the end of reserve life | [1],[2] | 2.00% | ||
[1] | GLJ Petroleum Consultants Ltd. (“GLJ”) price forecasts, effective October 1, 2021. | |||
[2] | Percentage change represents the increase in each year after 2030 to the end of the reserves life |
Property and Equipment - Sensit
Property and Equipment - Sensitivity Impacts on Impairment Tests Completed (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Impairment (reversal) loss | $ (31,521) | $ 40,036 |
West Gharib [member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Impairment (reversal) loss | (20,527) | 24,769 |
West Bakr [member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Impairment (reversal) loss | (4,615) | 6,610 |
North West Gharib [member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Impairment (reversal) loss | (3,028) | 4,596 |
Canada [member] | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Impairment (reversal) loss | $ (3,351) | $ 4,061 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Carrying Amount and Depreciation Charge for Right-of-use Assets by Class of Underlying Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Net book value, beginning period | $ 1,840 | $ 1,659 |
Increase in right-of-use assets | 536 | 1,699 |
Depreciation for the year | (1,754) | (1,518) |
Net book value, ending period | 622 | 1,840 |
PNG Assets [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Net book value, beginning period | 1,443 | 374 |
Increase in right-of-use assets | 0 | 1,650 |
Depreciation for the year | (1,067) | (581) |
Net book value, ending period | 376 | 1,443 |
Other Assets [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Net book value, beginning period | 397 | 1,285 |
Increase in right-of-use assets | 536 | 49 |
Depreciation for the year | (687) | (937) |
Net book value, ending period | $ 246 | $ 397 |
Asset Retirement Obligation - A
Asset Retirement Obligation - Asset Retirement Obligation Rollforward (Details) - Asset retirement obligation [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [Line Items] | ||
Balance, beginning of year | $ 13,042 | $ 13,612 |
Changes in estimates for asset retirement obligations and additional obligations recognized | 1,000 | (624) |
Obligations settled | (135) | (458) |
Asset retirement obligation accretion | 207 | 259 |
Effect of movements in foreign exchange rates | (12) | 253 |
Balance, end of year | $ 14,102 | $ 13,042 |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) - Asset retirement obligation [member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of contingent liabilities [line items] | |||
Provisions | $ 14,102,000 | $ 13,042,000 | $ 13,612,000 |
Undiscounted balance of asset retirement obligation | $ 18,800,000 | $ 18,500,000 | |
Discount rate used in the assessment of the time value of money | 2.00% | ||
Per annum inflation rate used to determine the cash flow estimate | 2.00% | 2.00% | |
Egypt PSCs [member] | |||
Disclosure of contingent liabilities [line items] | |||
Provisions | $ 0 | ||
Bottom of range [member] | |||
Disclosure of contingent liabilities [line items] | |||
Discount rate used in the assessment of the time value of money | 0.95% | ||
Top of range [member] | |||
Disclosure of contingent liabilities [line items] | |||
Discount rate used in the assessment of the time value of money | 1.68% |
Lease Obligations - Reconciliat
Lease Obligations - Reconciliation of Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items] | ||
Total lease payments | $ 819 | $ 2,194 |
Amounts representing interest | 19 | 180 |
Present value of net lease payments | 800 | 2,014 |
Current portion of lease obligations | 764 | 1,553 |
Lease obligations | 36 | 461 |
Less than 1 year [Member] | ||
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items] | ||
Total lease payments | 783 | 1,760 |
1-3 years [member] | ||
Disclosure Of Maturity Analysis Of Operating Lease Payments [Line Items] | ||
Total lease payments | $ 36 | $ 434 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | ||
Interest expense relating to lease obligations | $ 0.2 | $ 0.2 |
Total cash outflow relating to lease obligations | $ 1.9 | $ 1.7 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current payables due to related parties | $ 0 | $ 0 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Current portion of long-term debt | $ 0 | $ (14,897) |
Long-term debt [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Beginning balance | 21,464 | 37,041 |
Repayment of long-term debt | (18,937) | (16,504) |
Amortization of deferred financing costs | 103 | 395 |
Effects of movements in foreign exchange rates | (5) | 126 |
Ending balance | 3,040 | 21,464 |
Current portion of long-term debt | (14,897) | |
Non-current portion of long-term debt | 3,040 | 6,567 |
Revolving Credit Facility1 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Draws on revolving credit facility | $ 415 | $ 406 |
Long-term Debt - Estimate Futur
Long-term Debt - Estimate Future Debt Payments on Long-term Debt (Details) - 2022 [member] $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Long-term debt | $ 3,040 |
Prepayment agreement [member] | |
Disclosure of detailed information about borrowings [line items] | |
Long-term debt | 0 |
Revolving Reserves-Based Lending Facility [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Long-term debt | $ 3,040 |
Long-term Debt - Prepayment Agr
Long-term Debt - Prepayment Agreement (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepayment agreement [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Deferred financing costs | $ 0 | $ (103) |
Long-term debt | 0 | 14,897 |
Gross carrying amount [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 3,000 | |
Gross carrying amount [member] | Prepayment agreement [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 0 | $ 15,000 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | Feb. 10, 2017USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Maximum borrowing capacity | $ 14,700,000 | ||||||||||
Debt utilization Percentage | 70 | 70 | |||||||||
Average rate of hedging instrument | 60.00% | 60.00% | |||||||||
Transglobe [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Average rate of hedging instrument | 25.00% | 25.00% | |||||||||
Hedging instruments [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Debt utilization Percentage | 50 | 50 | |||||||||
Average rate of hedging instrument | 50.00% | 50.00% | |||||||||
Bottom of range [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Debt utilization Percentage | 50 | 50 | |||||||||
Top of range [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Debt utilization Percentage | 69 | 69 | |||||||||
Prepayment agreement [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Maturity period on borrowings | 4 years | ||||||||||
Borrowings maturity date | Mar. 31, 2021 | ||||||||||
Deferred financing costs | $ 1,500,000 | ||||||||||
Borrowings covenant, maximum consolidated indebtedness | 4 | 4 | |||||||||
Borrowings covenant, minimum current ratio | 1 | 1 | |||||||||
Non-consolidated assets to indebtedness outstanding ratio | (0.32) | (0.32) | |||||||||
Current ratio | 1.47 | 1.47 | |||||||||
Borrowings covenant, minimum non-consolidated assets to indebtedness outstanding ratio | 2 | 2 | |||||||||
consolidated indebtedness ratio | 18.21 | 18.21 | |||||||||
Borrowings covenant, minimum cover ratio | 1.25 | 1.25 | 1.25 | 1.25 | |||||||
Cover ratio | 5.08 | 5.08 | |||||||||
Maximum borrowing capacity | $ 10,000,000 | ||||||||||
Repayments of non-current borrowings | $ 10,000,000 | $ 15,000,000 | |||||||||
Prepayment agreement [member] | LIBOR [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, adjustment to interest rate basis | 6.00% | ||||||||||
Revolving Reserves-Based Lending Facility [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Maximum borrowing capacity | 17,700,000 | $ 22,500,000 | |||||||||
Long-term debt amount drew | $ 6,600,000 | $ 8,300,000 | |||||||||
Repayments of non-current borrowings | $ 3,900,000 | $ 5,000,000 | |||||||||
Period prior to maturity date to request extension of maturity date | 90 days | 90 days | |||||||||
Maturity extension term | 364 days | 364 days | |||||||||
Period to repay the difference in new borrowing base and borrowings outstanding | 45 days | 45 days | |||||||||
Borrowings covenant, minimum working capital ratio | 1 | 1 | |||||||||
Working capital ratio | 2.22 | 2.22 | 2.82 | 2.82 | |||||||
Borrowings covenant, maximum net debt to trailing cash flows ratio | 3 | 3 | |||||||||
Net debt to trailing cash flows ratio | 0.26 | 0.26 | 0.53 | 0.53 | |||||||
Revolving Reserves-Based Lending Facility [Member] | Deferred Financing Costs [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Amortization of deferred financing costs | $ 100,000 | ||||||||||
ATB Facility [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Long-term debt renewed | $ 17,700,000 | $ 22,500,000 | |||||||||
Long-term debt amount drew | $ 3,000,000 | $ 3,900,000 | |||||||||
ATB Facility [Member] | Bottom of range [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, adjustment to interest rate basis | 2.25% | 2.25% | 2.25% | 2.25% | |||||||
ATB Facility [Member] | Top of range [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, adjustment to interest rate basis | 4.25% | 4.25% | 4.25% | 4.25% | |||||||
Revolving Credit Facility1 [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Long-term debt amount drew | $ 400,000 | $ 500,000 | |||||||||
Long-term borrowings [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of debt | $ 75,000,000 | ||||||||||
Long-term borrowings [member] | Prepayment agreement [member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of debt | $ 75,000,000 | ||||||||||
Long-term borrowings [member] | Revolving Reserves-Based Lending Facility [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Maximum borrowing capacity | $ 11,000,000 | $ 15,000,000 |
Long-term Debt - Reserves-Based
Long-term Debt - Reserves-Based Lending Facility (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross carrying amount [member] | Revolving Reserves-Based Lending Facility [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Long-term debt | $ 3,040 | $ 6,567 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Jan. 08, 2015USD ($)Well | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2015 |
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | $ 41,654,000 | |||
Production Supplies | $ 5,000 | |||
Share of contingent liabilities of joint ventures incurred jointly with other investors | $ 6,500 | |||
G Holdings Yemen, Inc [Member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Percentage Of Voting Equity Interests Relinquished | 13.80% | |||
Subsidiaries [Member] | NW Sitra [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Number of wells in a work commitment made by entity | Well | 1 | |||
Exploration period in a work commitment | 4 years | |||
Commitments made by entity lease period | 20 years | |||
Commitment made by entity guarantee amount | $ 1,000,000 | |||
Not later than one year [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 34,619,000 | |||
1-3 years [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 7,035,000 | |||
Accounts payable and accrued liabilities [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 26,112,000 | |||
Accounts payable and accrued liabilities [member] | Not later than one year [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 26,112,000 | |||
Long-term borrowings [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 3,040,000 | |||
Long-term borrowings [member] | 1-3 years [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 3,040,000 | |||
Lease obligations [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 800,000 | |||
Lease obligations [member] | Not later than one year [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 764,000 | |||
Lease obligations [member] | 1-3 years [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 36,000 | |||
Drilling commitment [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 1,000,000 | |||
Drilling commitment [member] | Not later than one year [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 1,000,000 | |||
Drilling commitment [member] | 1-3 years [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 0 | |||
Share based compensation liabilities [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 10,133,000 | |||
Share based compensation liabilities [member] | Not later than one year [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 6,174,000 | |||
Share based compensation liabilities [member] | 1-3 years [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 3,959,000 | |||
Derivative commodity contracts [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 88,000 | |||
Derivative commodity contracts [member] | Not later than one year [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 88,000 | |||
Equipment and facility leases [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 481,000 | |||
Equipment and facility leases [member] | Not later than one year [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | 481,000 | |||
Equipment and facility leases [member] | 1-3 years [member] | ||||
Disclosure Of Commitments And Contingencies [Line Items] | ||||
Derivative And Non-Derivative Financial Liabilities, Undiscounted Cash Flows | $ 0 |
Share Capital - Reconciliation
Share Capital - Reconciliation of Number of Shares Issued (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares | ||
Balance, beginning of year | 72,543 | 72,543 |
Stock options exercised | 232 | 0 |
Balance, end of year | 72,775 | 72,543 |
Amount | ||
Balance, beginning of year | $ 152,805 | $ 152,805 |
Stock options exercised | (340) | 0 |
Contributed surplus re-class on exercise | 556 | |
Balance, end of year | $ 153,021 | $ 152,805 |
Share-based Payments - Narrativ
Share-based Payments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Shares authorized as a percentage of common shares outstanding from time to time | 10.00% | |
Share-based compensation expense from equity-settled arrangements | $ 300 | $ 400 |
Number of share options exercised in share-based payment arrangement | 900,000 | |
Employee stock purchases and exercises of stock options (values) | $ 2,100 | 0 |
Compensation expenses recorded in G&A | $ 16,351 | 8,776 |
Stock options [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
Expiration period | 5 years | |
Restricted Share Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
Settled period from vesting dates | 30 days | |
Performance Share Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Settled period from vesting dates | 60 days | |
Performance Share Units [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Performance share units vested percentage | 0.00% | |
Performance Share Units [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Performance share units vested percentage | 200.00% | |
Deferred Share Units (DFU), Restricted Share Units and Performance Share Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Compensation expenses recorded in G&A | $ 8,900 | $ 400 |
Share-based Payments - Stock Op
Share-based Payments - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Share Based Payment Arrangements [Abstract] | ||
Options outstanding, beginning of year | shares | 4,589,000 | 4,481,000 |
Granted | shares | 402,000 | 819,000 |
Exercised | shares | (906) | |
Expired | shares | (1,002,000) | (711,000) |
Options outstanding, end of year | shares | 3,083,000 | 4,589,000 |
Options exercisable, end of year | shares | 1,810,000 | 2,797,000 |
Options outstanding, beginning of year | $ / shares | $ 2.16 | $ 2.86 |
Granted | $ / shares | 2.16 | 0.79 |
Exercised | $ / shares | 2.34 | 0 |
Expired | $ / shares | 2.19 | 4.99 |
Options outstanding, end of year | $ / shares | 2.10 | 2.16 |
Options exercisable, end of year | $ / shares | $ 2.35 | $ 2.35 |
Share-based Payments - Range of
Share-based Payments - Range of Exercise Prices of Outstanding Shares (Details) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding | shares | 3,083,000 | 4,589,000 | 4,481,000 |
Weighted-average exercise price of options outstanding | $ / shares | $ 2.10 | $ 2.16 | $ 2.86 |
Number of share options exercisable | shares | 1,810,000 | 2,797,000 | |
Weighted-average exercise price of options exercisable | $ / shares | $ 2.35 | $ 2.35 | |
Stock Option [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding | shares | 3,083,000 | ||
Weighted-average remaining contractual life of options outstanding | 2 years 6 months | ||
Weighted-average exercise price of options outstanding | $ / shares | $ 2.10 | ||
Number of share options exercisable | shares | 1,810,000 | ||
Weighted-average remaining contractual life of exercisable options | 1 year 9 months 18 days | ||
Weighted-average exercise price of options exercisable | $ / shares | $ 2.35 | ||
0.79 - 1.48 [member] | Stock Option [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding | shares | 819,000 | ||
Weighted-average remaining contractual life of options outstanding | 3 years 4 months 24 days | ||
Weighted-average exercise price of options outstanding | $ / shares | $ 0.79 | ||
Number of share options exercisable | shares | 273,000 | ||
Weighted-average remaining contractual life of exercisable options | 3 years 4 months 24 days | ||
Weighted-average exercise price of options exercisable | $ / shares | $ 0.79 | ||
1.49 - 2.39 [member] | Stock Option [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding | shares | 684,000 | ||
Weighted-average remaining contractual life of options outstanding | 2 years 7 months 6 days | ||
Weighted-average exercise price of options outstanding | $ / shares | $ 2.16 | ||
Number of share options exercisable | shares | 282,000 | ||
Weighted-average remaining contractual life of exercisable options | 4 months 24 days | ||
Weighted-average exercise price of options exercisable | $ / shares | $ 2.16 | ||
2.40 - 2.73 [member] | Stock Option [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding | shares | 604,000 | ||
Weighted-average remaining contractual life of options outstanding | 1 year 4 months 24 days | ||
Weighted-average exercise price of options outstanding | $ / shares | $ 2.62 | ||
Number of share options exercisable | shares | 604,000 | ||
Weighted-average remaining contractual life of exercisable options | 1 year 4 months 24 days | ||
Weighted-average exercise price of options exercisable | $ / shares | $ 2.62 | ||
2.74 - 2.83 [member] | Stock Option [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding | shares | 976,000 | ||
Weighted-average remaining contractual life of options outstanding | 2 years 2 months 12 days | ||
Weighted-average exercise price of options outstanding | $ / shares | $ 2.83 | ||
Number of share options exercisable | shares | 651,000 | ||
Weighted-average remaining contractual life of exercisable options | 2 years 2 months 12 days | ||
Weighted-average exercise price of options exercisable | $ / shares | $ 2.83 |
Share-based Payments - Measurem
Share-based Payments - Measurement of Fair Value of Share Options Granted (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Payment Arrangements [Abstract] | ||
Weighted average fair market value per option (C$) | $ 0.83 | $ 0.29 |
Risk free interest rate | 1.00% | 0.37% |
Expected volatility (based on actual historical volatility) | 61.48% | 58.36% |
Dividend rate | 0.00% | 0.00% |
Suboptimal exercise factor | 1.25 | 1.25 |
Share-based Payments - Number o
Share-based Payments - Number of RSUs, PSUs and DSUs Outstanding (Details) shares in Thousands | 12 Months Ended | |
Dec. 31, 2021bblshares | Dec. 31, 2020shares | |
Restricted Share Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Units outstanding, beginning of year | 835 | 839 |
Granted | 362 | 689 |
Exercised | (385) | |
Exercised/Expired | bbl | (346) | |
Forfeited | (28) | (308) |
Units outstanding, end of year | 823 | 835 |
Performance Share Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Units outstanding, beginning of year | 2,272 | 1,640 |
Granted | 602 | 1,196 |
Exercised | (431) | |
Exercised/Expired | bbl | (592) | |
Forfeited | (133) | |
Units outstanding, end of year | 2,282 | 2,272 |
Deferred Share Units [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Units outstanding, beginning of year | 826 | 589 |
Granted | 200 | 392 |
Exercised | (155) | |
Exercised/Expired | bbl | (94) | |
Units outstanding, end of year | 932 | 826 |
Per Share Amounts (Details)
Per Share Amounts (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||
Basic weighted-average number of common shares outstanding | 72,544,000 | 72,542,071 |
Diluted weighted-average number of common shares outstanding | 73,181,834 | 72,542,071 |
Antidilutive securities excluded from EPS calculation (in shares) | 1,580,327 | 4,589,042 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - Subsidiaries [member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
TG Energy UK Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
TransGlobe Petroleum International Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
TG Holdings Yemen Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
TransGlobe West Bakr Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
TransGlobe West Gharib Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
TG Energy Marketing Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
TG NW Gharib Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
TG S Ghazalat Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Ownership interest | 100.00% | 100.00% |
Compensation of Key Managemen_3
Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party [Abstract] | ||
Salaries, incentives and short-term benefits | $ 2,231 | $ 1,762 |
Share-based compensation | 1,324 | 826 |
Total | $ 3,555 | $ 2,588 |
Segmented Information - Narrati
Segmented Information - Narrative (Details) - Segment | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Segments [Abstract] | ||
Number of reportable segment | 2 | 2 |
Segmented Information - Operati
Segmented Information - Operating Segments Earnings and Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | ||
Oil sales | $ 275,563 | $ 181,765 |
Natural gas sales | 4,984 | 2,815 |
Natural gas liquids sales | 8,686 | 4,191 |
Overlift | 14,723 | 0 |
Less: royalties | (134,950) | (74,096) |
Petroleum and natural gas sales, net of royalties | 169,006 | 114,675 |
Finance revenue | 9 | 106 |
Other revenue | 32 | 641 |
Revenue | 169,047 | 115,422 |
Segmented expenses | ||
Production and operating | 61,430 | 64,462 |
Overlift | 14,723 | 0 |
Selling costs | 3,921 | 2,111 |
General and administrative | 20,353 | 11,990 |
Foreign exchange loss | 47 | 24 |
Finance costs | 1,141 | 2,520 |
Depletion, depreciation and amortization | 25,434 | 31,049 |
Asset retirement obligation accretion | 207 | 259 |
Loss (gain) on financial instruments | 10,563 | (6,621) |
Impairment (reversal) loss | (31,521) | 73,495 |
Income tax expense | 22,411 | 13,530 |
NET EARNINGS (LOSS) | 40,338 | (77,397) |
Capital expenditures | 26,822 | 7,498 |
Exploration and development [member] | ||
Segmented expenses | ||
Capital expenditures | 26,783 | 7,323 |
Corporate expenditures [member] | ||
Segmented expenses | ||
Capital expenditures | 39 | 175 |
Operating segments [member] | Egypt [member] | ||
Revenue | ||
Oil sales | 257,338 | 173,086 |
Natural gas sales | 0 | 0 |
Natural gas liquids sales | 0 | 0 |
Overlift | 14,723 | 0 |
Less: royalties | (129,891) | (71,741) |
Petroleum and natural gas sales, net of royalties | 142,170 | 101,345 |
Finance revenue | 0 | 16 |
Other revenue | 0 | 0 |
Revenue | 142,170 | 101,361 |
Segmented expenses | ||
Production and operating | 54,379 | 58,305 |
Overlift | 14,723 | 0 |
Selling costs | 3,921 | 2,111 |
General and administrative | 4,574 | 4,781 |
Foreign exchange loss | 0 | 0 |
Finance costs | 797 | 2,159 |
Depletion, depreciation and amortization | 17,120 | 22,927 |
Asset retirement obligation accretion | 0 | 0 |
Loss (gain) on financial instruments | 9,783 | (6,621) |
Impairment (reversal) loss | (28,170) | 69,434 |
Income tax expense | 22,411 | 13,530 |
NET EARNINGS (LOSS) | 42,632 | (65,265) |
Capital expenditures | 14,561 | 5,256 |
Operating segments [member] | Egypt [member] | Exploration and development [member] | ||
Segmented expenses | ||
Capital expenditures | 14,561 | 5,256 |
Operating segments [member] | Egypt [member] | Corporate expenditures [member] | ||
Segmented expenses | ||
Capital expenditures | 0 | 0 |
Operating segments [member] | Canada [member] | ||
Revenue | ||
Oil sales | 18,225 | 8,679 |
Natural gas sales | 4,984 | 2,815 |
Natural gas liquids sales | 8,686 | 4,191 |
Overlift | 0 | |
Less: royalties | (5,059) | (2,355) |
Petroleum and natural gas sales, net of royalties | 26,836 | 13,330 |
Finance revenue | 0 | 0 |
Other revenue | 0 | 0 |
Revenue | 26,836 | 13,330 |
Segmented expenses | ||
Production and operating | 7,051 | 6,157 |
Overlift | 0 | |
Selling costs | 0 | 0 |
General and administrative | 1,019 | 920 |
Foreign exchange loss | 0 | 0 |
Finance costs | 337 | 343 |
Depletion, depreciation and amortization | 7,905 | 7,320 |
Asset retirement obligation accretion | 207 | 259 |
Loss (gain) on financial instruments | 780 | 0 |
Impairment (reversal) loss | (3,351) | 4,061 |
Income tax expense | 0 | 0 |
NET EARNINGS (LOSS) | 12,888 | (5,730) |
Capital expenditures | 12,222 | 2,067 |
Operating segments [member] | Canada [member] | Exploration and development [member] | ||
Segmented expenses | ||
Capital expenditures | 12,222 | 2,067 |
Operating segments [member] | Canada [member] | Corporate expenditures [member] | ||
Segmented expenses | ||
Capital expenditures | 0 | 0 |
Non-segment [member] | ||
Revenue | ||
Oil sales | 0 | 0 |
Natural gas sales | 0 | 0 |
Natural gas liquids sales | 0 | 0 |
Overlift | 0 | |
Less: royalties | 0 | 0 |
Petroleum and natural gas sales, net of royalties | 0 | 0 |
Finance revenue | 9 | 90 |
Other revenue | 32 | 641 |
Revenue | 41 | 731 |
Segmented expenses | ||
Production and operating | 0 | 0 |
Overlift | 0 | |
Selling costs | 0 | 0 |
General and administrative | 14,760 | 6,289 |
Foreign exchange loss | 47 | 24 |
Finance costs | 7 | 18 |
Depletion, depreciation and amortization | 409 | 802 |
Asset retirement obligation accretion | 0 | 0 |
Loss (gain) on financial instruments | 0 | 0 |
Impairment (reversal) loss | 0 | 0 |
Income tax expense | 0 | 0 |
NET EARNINGS (LOSS) | (15,182) | (6,402) |
Capital expenditures | 39 | 175 |
Non-segment [member] | Exploration and development [member] | ||
Segmented expenses | ||
Capital expenditures | 0 | 0 |
Non-segment [member] | Corporate expenditures [member] | ||
Segmented expenses | ||
Capital expenditures | $ 39 | $ 175 |
Segmented Information - Segment
Segmented Information - Segment Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Cash | $ 37,929 | $ 34,510 | $ 33,251 |
Accounts receivable | 12,217 | 9,996 | |
Intangible exploration and evaluation assets | 2,673 | 584 | |
Petroleum and natural gas assets | 173,804 | 140,059 | |
Other assets | 2,202 | 2,917 | |
Deferred taxes | 6,246 | 3,723 | |
Assets | 239,095 | 201,147 | |
Liabilities | |||
Accounts payable and accrued liabilities | 26,112 | 20,176 | |
Derivative commodity contracts | 88 | 398 | |
Long-term debt | 3,040 | 6,567 | |
Asset retirement obligation | 14,102 | 13,042 | |
Lease obligation | 800 | 2,014 | |
Deferred taxes | 6,246 | 3,723 | |
Liabilities | 60,521 | 62,852 | |
Corporate [Member] | |||
Assets | |||
Cash | 7,715 | 7,443 | |
Accounts receivable | 530 | 581 | |
Other assets | 878 | 921 | |
Other | 786 | 692 | |
Assets | 9,909 | 9,637 | |
Liabilities | |||
Accounts payable and accrued liabilities | 3,802 | 3,794 | |
Share-based compensation liabilities | 10,133 | 2,035 | |
Lease obligation | 259 | 246 | |
Liabilities | 14,194 | 6,075 | |
Operating segments [member] | |||
Assets | |||
Cash | 37,929 | 34,510 | |
Accounts receivable | 12,217 | 9,996 | |
Intangible exploration and evaluation assets | 2,673 | 584 | |
Petroleum and natural gas assets | 173,804 | 140,059 | |
Other assets | 2,202 | 2,917 | |
Other | 4,024 | 9,358 | |
Deferred taxes | 6,246 | 3,723 | |
Assets | 239,095 | 201,147 | |
Liabilities | |||
Accounts payable and accrued liabilities | 26,112 | 20,176 | |
Share-based compensation liabilities | 10,133 | 2,035 | |
Derivative commodity contracts | 88 | 398 | |
Long-term debt | 3,040 | 21,464 | |
Asset retirement obligation | 14,102 | 13,042 | |
Lease obligation | 800 | 2,014 | |
Deferred taxes | 6,246 | 3,723 | |
Liabilities | 60,521 | 62,852 | |
Operating segments [member] | Egypt [member] | |||
Assets | |||
Cash | 27,966 | 25,236 | |
Accounts receivable | 7,335 | 6,594 | |
Intangible exploration and evaluation assets | 2,089 | ||
Petroleum and natural gas assets | 95,478 | 70,331 | |
Other assets | 1,304 | 1,985 | |
Other | 2,926 | 8,335 | |
Deferred taxes | 6,246 | 3,723 | |
Assets | 143,344 | 116,204 | |
Liabilities | |||
Accounts payable and accrued liabilities | 18,193 | 14,342 | |
Derivative commodity contracts | 398 | ||
Long-term debt | 14,897 | ||
Lease obligation | 452 | 1,466 | |
Deferred taxes | 6,246 | 3,723 | |
Liabilities | 24,891 | 34,826 | |
Operating segments [member] | Canada [member] | |||
Assets | |||
Cash | 2,248 | 1,831 | |
Accounts receivable | 4,352 | 2,821 | |
Intangible exploration and evaluation assets | 584 | 584 | |
Petroleum and natural gas assets | 78,326 | 69,728 | |
Other assets | 20 | 11 | |
Other | 312 | 331 | |
Assets | 85,842 | 75,306 | |
Liabilities | |||
Accounts payable and accrued liabilities | 4,117 | 2,040 | |
Derivative commodity contracts | 88 | ||
Long-term debt | 3,040 | 6,567 | |
Asset retirement obligation | 14,102 | 13,042 | |
Lease obligation | 89 | 302 | |
Liabilities | $ 21,436 | $ 21,951 |
Supplemental Cash flow Inform_3
Supplemental Cash flow Information - Changes in non-cash working capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
(Increase) decrease in current assets | |||
Accounts receivable | $ (2,220) | $ 685 | |
Prepaids and other | (202) | 886 | |
Product inventory | [1] | 5,079 | 7,288 |
(Decrease) increase in current liabilities | |||
Accounts payable and accrued liabilities | [2] | (5,941) | (7,523) |
Share-based compensation liabilities | 3,415 | (70) | |
Total changes in non-cash working capital | 131 | 1,266 | |
Investing activities | |||
Accounts payable and accrued liabilities | 7,601 | (3,544) | |
Total changes in non-cash working capital | 7,601 | (3,544) | |
Financing activities | |||
Other liabilities | (365) | 161 | |
Total changes in non-cash working capital | $ (365) | $ 161 | |
[1] | The change in non-cash working capital associated with product inventory represents the change in operating costs capitalized as product inventory in the respective periods. | ||
[2] | Inclusive of changes in current portion of share-based compensation liabilities. |
Supplemental Employee Compens_3
Supplemental Employee Compensation Expense Information - Summary of Supplemental Employee Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||
Supplemental employee compensation expense information | $ 16,351 | $ 8,776 |
Production and Operating [Member] | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Supplemental employee compensation expense information | 3,547 | 3,569 |
General and Administrative [Member] | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Supplemental employee compensation expense information | $ 12,804 | $ 5,207 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | May 12, 2022 | Feb. 01, 2022 | Jan. 19, 2022 |
Disclosure of events after reporting period [Line Items] | |||
Initial modernization payment | $ 15 | ||
Signature bonus | $ 1 | ||
Total modernization payment | $ 65 | ||
Due prior modernization payment | 15 | ||
Instalments of modernization payment | 10 | ||
Dividends paid, ordinary shares per share | $ 0.10 | ||
TransGlobes [Member] | |||
Disclosure of events after reporting period [Line Items] | |||
Modernization payment | $ 10 |