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TRANSGLOBE ENERGY CORPORATION ANNOUNCES FINANCIAL, OPERATIONS AND CORPORATE UPDATE

This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (a??MARa??). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.CALGARY, Alberta, April 02, 2020 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (AIM & TSX: a??TGLa?? & NASDAQ: a??TGAa??) (a??TransGlobea?? or the a??Companya??) announces a Q1 financial, operations and corporate update. All dollar values are expressed in US dollars unless otherwise stated.OVERVIEWCorporate

Business continuity plans have been activated across our locations in response to COVID-19 with no health and safety impacts or disruption to production;



The previously announced ~80% reduction in 2020 capital program has been fully implemented;



The Company has reduced monthly G&A costs across the business by ~35% through headcount reduction, universal salary rollbacks and reducing all discretionary expenditures;



The Company currently holds cash of $26.7 million;



Negotiations continue with the Egyptian government to amend, extend and consolidate the Companya??s Eastern Desert concession agreements;

Production
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