TRANSGLOBE ENERGY CORPORATION ANNOUNCES REVISED 2020 BUDGET AND GUIDANCE
TransGlobe Energy Corporation - Common Shares (TGA)
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Source: GlobeNewswire
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta, March 11, 2020 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”)(AIM & TSX: “TGL” & NASDAQ: “TGA”) announces an amendment to its 2020 capital budget and guidance. 2020 Outlook The 2020 production outlook for the Company is provided as a range to reflect timing and performance contingencies. Global reaction to the spread of COVID-19 and the resultant reduction in oil demand has negatively affected current and future forecasts of oil prices in 2020. This has been compounded by OPEC+, led by Saudi Arabia and Russia, failing to reach an agreement on constraining output in face of lower global demand to support global oil prices and Saudi Arabia and Iraq’s stated intention to discount April deli
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