Q RESULTS CONFERENCE CALL MAY 7, 2014

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1 Q RESULTS CONFERENCE CALL MAY 7, 2014

2 CAUTIONARY STATEMENT This presentation may include certain statements that may be deemed to be forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of Such statements relate to possible future events. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as seek, anticipate, plan, continue, estimate, expect, may, will, project, predict, potential, targeting, intend, could, might, should, believe and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although TransGlobe s forward-looking statements are based on the beliefs, expectations, opinions and assumptions of the Company s management on the date the statements are made, such statements are inherently uncertain and provide no guarantee of future performance. In particular, this press release contains forward-looking statements regarding the Company's plans to issue a quarterly and a special dividend to shareholders. Actual results may differ materially from TransGlobe s expectations as reflected in such forward-looking statements as a result of various factors, many of which are beyond the control of the Company, including obtaining bank lender and regulatory approval for the payment of the proposed dividends. The ability of the Company to declare and pay dividends in the future are subject to factors which include, but are not limited to, unforeseen changes in the rate of production from TransGlobe s oil and gas properties, changes in price of crude oil and natural gas, adverse technical factors associated with exploration, development, production or transportation of TransGlobe s crude oil and natural gas reserves, changes or disruptions in the political or fiscal regimes in TransGlobe s areas of activity, changes in tax, energy or other laws or regulations, changes in significant capital expenditures, delays or disruptions in production due to shortages of skilled manpower, equipment or materials, economic fluctuations, and other factors beyond the Company s control. With respect to forward-looking statements contained in this press release regarding the Company's ability to pay dividends in the future, assumptions have been made regarding, among other things: the Company s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company s capital programs; geological and engineering estimates in respect of the Company s reserves and resources; and the geography of the areas in which the Company is conducting exploration and development activities. TransGlobe does not assume any obligation to update forwardlooking statements if circumstances or management s beliefs, expectations or opinions should change, other than as required by law, and investors should not attribute undue certainty to, or place undue reliance on, any forward-looking statements. Please consult TransGlobe s public filings at and for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business. 2

3 Q FINANCIAL HIGHLIGHTS Funds flow of $32.5MM ($0.43/share) Spent $14.3MM on expl and dev Positive working capital of $258.9MM Earnings of $16.7MM ($0.22/share) $107.6MM in cash and cash equivalents Collected $29.4MM from EGPC 3

4 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 EGPC ACCOUNTS RECEIVABLES Total Collections in 2013 were ~$275 Million (2012, ~$157 Million) Collections in Q1 were $29.4 Million Targeting $250 - $300 Million in 2014 $250,000 AR outstanding vs Months outstanding* 12 $250,000 AR outstanding vs Production per day* 20,000 $200, $200,000 18,000 16,000 $150,000 8 $150,000 14,000 12, ,000 $100,000 4 $100,000 8,000 6,000 $50,000 2 $50,000 4,000 2,000 $0 0 $0 0 4

5 2014 DIVIDEND Dividend program introduced to provide return to shareholders Special dividend of $0.10 per share will be paid on May 28, 2014 to shareholders of record on May 22, 2014 (ex-dividend date May 20, 2014) Initial quarterly dividend of $0.05 per share will be paid on June 30, 2014 to shareholders of record on June 16, 2014 (ex-dividend date June 12, 2014) 5

6 Q1 SALES Sales (Bopd) Q1 April West Gharib 11,100 10,230 West Bakr 5,757 5,240 East Ghazalat Egypt Total 17,291 16,260 Yemen Sales Total 17,932 16,375 Production 18,067 6

7 Oil Sales (bopd) CURRENT DAILY PRODUCTION 25,000 20,000 15,000 PCP Failures 10,000 5,000 Block 32 Block S-1 East Ghazalat West Bakr West Gharib 0 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Q1 18,067 BOPD APRIL 16,375 BOPD Q2 Est MBOPD 7

8 2014 GUIDANCE Production Funds Flow Exploration and Development 17,000 19,000 Bopd Mid-point 18,000 Bopd Egypt West Gharib, West Bakr, East Ghazalat Yemen Block S-1, B-32 $125MM ($1.66/share) Using Mid-point and $100 Brent $11MM (0.15/share) Funds flow sensitivity per $10/Bbl Brent for remaining 3Q s Expenditure guidance of $100MM Egypt $94MM, Yemen $6MM Exploration $32MM, development $68MM 51 wells (46 net), facilities, extensive seismic 80% of 2014 Funds flow guidance 8

9 EGYPT ASSETS East Ghazalat (50%) Acquired ,000 Gross acres Dev & Expl South Alamein (100%) Acquired ,000 Gross acres Expl South Ghazalat (100%) Acquired ,000 Gross acres Expl West Bakr (100%) Acquired ,000 Gross acres Dev CAIRO NWG/SWG/SEG (100%) Acquired ,000 Gross acres Expl West Gharib (100%) Acquired ,000 Gross acres Dev 9

10 WEST GHARIB: 100% WI - OPERATED Acquired field in 2007 Was producing ~3000 Bopd 2014 Plan 9 wells Waterflood optimization Hoshia ASP flood simulation/lab work Facility centralization and upgrades Q1 ~11,100 Bopd Drilled 5 wells 4 oil, 1 D&A YTD drilled 6 wells 5 oil wells, 1 D&A PSC terms Cost oil: 30% Contractor Share of Profit oil: 30% Capital costs recovered over 4 years 10

11 NW GHARIB: 100% WI - OPERATED NWG 7 NWG 8 NWG 2 NWG 3 NWG 1 NWG 6 NWG Plan Drill wells NWG #1 to spud in June Second rig in July PSC terms Cost oil: 25% Contractor Share of Profit oil: 15% Capital costs recovered over 5 years NWG 4 NWG 5 11

12 WEST BAKR: 100% WI - OPERATED H M K Acquired in 2011 Was producing ~4,000 Bopd 2014 Plan 17 wells Water flood optimization Facility upgrades and optimization Q1 ~5,757 Bopd Drilled 3 oil wells YTD drilled 5 wells 2 oil wells K field 2 oil well, 1 injector well H field PSC terms Cost oil: 30% Contractor Share of Profit oil: 15% Capital costs recovered over 5 years 12

13 EASTERN DESERT: 100% WI - OPERATED SW Gharib NW Gharib Planning large seismic program for 2014/15 in Egypt Total program ~ 1,800 km² 3-D & 300 km 2-D Eastern Desert ~ 1,000 km² 3-D & 300 km 2-D Western Desert ~ 800 km² 3-D NW Gharib 2014 Plan: up to 16 wells, 3-D seismic 79 exploration and appraisal locations identified on existing 3-D seismic Concession area of 655 square km SW Gharib 2014 Plan: 3-D seismic Concession area of 195 square km SE Gharib 2014 Plan: 2-D & 3-D seismic Concession area of 508 square km SE Gharib PSC terms Cost oil: 25% Contractor Share of Profit oil: 15% Capital costs recovered over 5 years 13

14 SOUTH ALAMEIN: 100% WI - OPERATED Boraq Discovery Acquired in Plan Contingent on Boraq access Boraq #2 tested at 1,700 Bopd* Expl period Clock stopped 20 + months from access approval Retained 800 square kilometers PSC terms Cost oil: 30% Contractor Share of Profit oil: 14% Capital costs recovered over 5 years *The primary Cretaceous zone tested at a rate of 1,323 bopd of 34 API oil with no water and a 13% drawdown during a 28 hour drill stem test. Test rates are not necessarily indicative of long-term performance but is anticipated that when combined with secondary tested zones within the Cretaceous the well should be capable of initial production of ~1,700 bopd. 14

15 EAST GHAZALAT: 50% WI - NON-OPERATED North Dabaa Dev Lease Safwa Field Acquired in Plan 5 wells N Dabaa Dev Q1 ~434 Bopd 1 oil well, 1 D&A YTD drilled 3 wells EG #3 expl D&A 2 Safwa oil wells PSC terms Cost oil: 25% Contractor Share of Profit oil: 20% Capital costs recovered over 5 years 15

16 SOUTH GHAZALAT: 100% WI - OPERATED North Dabaa Dev Lease 2014/2015 Plan Commence 800 km² 3-D seismic program on SW portion of block PSC terms Cost oil: 25% Contractor Share of Profit oil: 15% Capital costs recovered over 5 years 16

17 Q & A 17

18 Q RESULTS CONFERENCE CALL MAY 7, 2014

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