A PROVEN TRACK RECORD February 2020 AIM & TSX:TGL NASDAQ:TGA - PowerPoint PPT Presentation

2020 CORPORATE PRESENTATION A PROVEN TRACK RECORD February 2020 AIM & TSX:TGL NASDAQ:TGA www.trans‐globe.com

CAUTIONARY STATEMENT The information provided in this presentation is provided as of February 7, 2020 for informational purposes only, is not complete, is based (in part) on information prepared for internal evaluation purposes and may not contain certain material information about TransGlobe Energy Corporation ("TransGlobe", "TGL", "TGA" or the "Company"), including important disclosures and risk factors associated with the information disclosed in this presentation. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any security in Canada, the United States, the United Kingdom or any other jurisdiction. The content of this presentation has not been reviewed or approved by any securities commission or regulatory authority in Canada, the United States, the United Kingdom or any other jurisdiction. TransGlobe expressly disclaims any duty to make disclosure or any filings with any securities commission or regulatory authority, except as required by applicable securities laws. See "Cautionary Statements" beginning on slide 29 for other important disclosures regarding forward looking information, financial outlook and other financial matters, oil and gas information and other important information. All dollar values are expressed in US dollars unless otherwise stated. All production and reserves are company gross working interest share of volumes before deduction of royalty unless otherwise stated. Please see the table entitled “Production Disclosure” at the end of this presentation for the detailed constituent product types and their respective quantities measured at the first point of sale for all production amounts disclosed in this presentation on a Bopd and Boepd basis. TransGlobe Energy | Corporate Presentation | February 2020 Slide 2

OVERVIEW Focused on building a profitable and growth oriented international portfolio Strong balance sheet and funds flow generation Funds flow for the three and nine months ended 9/30/19 of $9.4 MM and $43.7 MM Dividend payer $0.035/share paid in April 2019; $0.035/share paid in September 2019; targeting semi‐annual payments Established operated production FY 2020 production guidance to 14.5‐15.5 Mboepd* Strong platform to grow in Egypt and surrounding region Management team actively seeking merger and acquisition opportunities in Egypt and region Growth underpinned by resource base Gross 2P reserves of 45.3 MMboe* 1 Significant operational experience Founded 20+ years ago * See Cautionary Statements – "Forward‐Looking Information and Statements“ and “Oil and Gas Information” 1 Based on GLJ evaluations effective 12/31/19 TransGlobe Energy | Corporate Presentation | February 2020 Slide 3

VALUATION UPSIDE STRONG PRODUCTION AND CASH FLOW FROM EXISTING ASSET BASE* 16.0 Mboepd Production (2019) 6 45.3 MMboe 2P Reserves 12/31/19 $92.8 MM Market Capitalization Enterprise Value Estimate ($ MM) $55.4 MM Shares Outstanding (2/07 /20 ) – MM shares ~72.5 Enterprise Value Market Capitalization (2/07/20) ‐ $1.28/share $92.8 Debt (9/30/19) (Prepay Agreement + Canadian RBL) 1 $41.7 $0.035/share Working Capital (9/30/19) 2 Excluding Crude Inventory $29.8 Est. Market Value of Crude Inventory 3 (~0.9 MMbbls‐ 9/30/19) $49.3 Dividend declared August 12, 2019 paid September 13, 2019; Targeting semi‐annual payments Enterprise Value 4 * $55.4 • See Cautionary Statements – "Forward‐Looking Statements and Information“ 3 Estimated value of inventoried crude oil is based on average realized price of Gharib blend for Q3 sales/inventoried crude oil as at 9/30/19 1 Includes: $75MM Prepayment Agreement from Mercuria Energy Trading S.A. ($35MM drawn as at 9/30/19); and C$25MM Reserves‐based lending facility (C$9.7MM 4 Enterprise value calculated as Market Capitalization + Long term debt – Working capital (Current Assets (excluding book value of crude inventory)‐ Current Liabilities) – drawn as at 9/30/19) Market value of inventoried crude oil 2 Current Assets (including cash and cash equivalents) minus Current Liabilities, excludes inventoried crude oil 5 Market cap and working interest production as per most recently released company data as at February 7, 2020 6 Based on GLJ evaluations effective 12/31/19. See Cautionary Statements – "Oil and Gas Information“ TransGlobe Energy | Corporate Presentation | February 2020 Slide 4

2020 PRODUCTION AND CAPITAL GUIDANCE TransGlobe Net Capital (US$MM) Gross Well Count 2020E Production (Boepd) 20,000 Concession Total Development Exploration Total New Drills Wells Wells Other 1 Wells Capex Devt Expln 15,000 West Gharib 4.9 0.7 ‐ 5.6 4 ‐ 4 10,000 West Bakr 6.2 1.8 1.2 9.2 4 1 5 NW Gharib 3.1 0.1 2.4 5.6 3 2 5 5,000 South Ghazalat 1.5 0.1 1.8 3.3 1 1 2 Egypt 15.7 2.7 5.4 23.7 12 4 16 ‐ Canada 11.4 2 ‐ 13.4 4 ‐ 4 Q1 Q2 Q3 Q4 Total 27.1 4.7 5.4 37.1 16 4 20 2020E Capital Spend, US$MM 1 Other includes workovers, recompletions and maintenance. Also seismic within exploration categories. 14 In 2020 we are focused on: 12 10 • Building on our 2019 success at South Harmattan with 4 development wells 8 to further grow production and cash flow, and proving up the resource base 6 • Replacing Egypt production and positioning for growth post conclusion of 4 negotiations 2 0 • Expanding our portfolio in both the Eastern and Western Desert of Egypt Q1 Q2 Q3 Q4 through targeted exploration Egypt Canada TransGlobe Energy | Corporate Presentation | February 2020 Slide 5

YEAR‐END RESERVES SUMMARY 1,2,3,4,* Total proved plus probable (“2P”) gross reserves of 2019 Reserves Summary PDP 1P 2P 3P 45.3 MMboe at year‐end 2019: 2018 Year End Reserves (MMboe) 17.5 26.9 44.1 61.8 • 2019 production of ~5.8 MMboe (~5.0 MMbbls Egypt 2019 Adds/Revisions 6.8 4.3 7.0 7.3 and ~0.8 MMboe Canada) • 2P Reserves are 3% higher YOY 2019 Production ‐5.8 • PDP Reserves are 6% higher YOY following the 2019 Year End Reserves (MMboe) 18.5 25.4 45.3 63.3 conversion of 1P undeveloped reserves Change vs Year End 2018 (%) 6.0% ‐5.0% 3.0% 2.0% ‒ This results in 1P being 5% lower YOY Production Replacement Ratio (%) – (ex A&D, 119% 82% 135% 158% • 2P Positive Adds/Revisions of 7.0 MMboe economic factors) of gross 2P reserves ‒ drilling additions in both Egypt and Canada ‒ improved performance from production optimization in Egypt NPV 10% Before tax $MM Dec 31/19 $161 $200 $298 $393 • Replaced 119%, 82% and 135% of 2019 production on a NPV 10% After tax $MM Dec 31/19 $161 $198 $288 $376 PDP, 1P and 2P gross reserves basis, respectively 1 Based on GLJ evaluations effective 12/31/18 and 12/31/19. See Cautionary Statements – "Oil and Gas Information“ 4 NPV’s GLJ evaluation effective 12/31/2019 forecast pricing 2 Reserves are Gross working interest reserves before royalties * 6 Mcf = 1 boe 3 Tables may not total due to rounding Slide 6 TransGlobe Energy | Corporate Presentation | February 2020

SUSTAINABILITY COMMITMENT TO A CORE COMPANY VALUE Governance Environment Social • Majority independent Board • Investment in pipeline • US$1.2 billion invested into replacements/ upgrades to Egypt • Board committees chaired by reduce reliance on trucked oil • Charitable support and independent directors • Corporate commitment to sponsorship of Ras Gharib • Staff education, training and carbon disclosure reporting and hospital monitoring for compliance with reduction plan • Paid over US$2.1 billion in taxes Canadian CFPOA legislation, US • Potential to access local West FCPA laws, and the UK Bribery and royalties in Egypt Act Bakr wind farm (250MW) due • Operations directly support over on‐stream 2021 to power 1,000 jobs in the Ras Gharib various field needs region • Ras Gharib shoreline remediation project TransGlobe Energy | Corporate Presentation | February 2019 Slide 7

EGYPTIAN ASSET PORTFOLIO

A UNIQUE POSITION IN EGYPT* Focused on extracting maximum potential from known reservoirs and leveraging position Best‐in‐class operator in Egypt with 15 years of in‐country operating experience Strong relationship with government Ability to market 100% of its Eastern Desert entitlement crude Poised for growth post consolidation of its Eastern Desert PSCs Targeting inorganic growth opportunities through acquisitions * See Cautionary Statements – "Forward‐Looking Information and Statements" TransGlobe Energy | Corporate Presentation | February 2019 Slide 9