Corporate Presentation June 2019 AIM & TSX:TGL NASDAQ:TGA - PowerPoint PPT Presentation

Corporate Presentation June 2019 AIM & TSX:TGL NASDAQ:TGA

Cautionary Statement The information provided in this presentation is provided as of May, 2019 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 approved or disapproved by any securities commission or regulatory authority in Canada, the United States, the United Kingdom or any other jurisdiction, and TransGlobe expressly disclaims any duty to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable laws. See "Cautionary Statements" beginning on slide 21 for other important disclosures regarding forward looking information, future orientated financial information 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. 2

Overview Focused on building a profitable and growth oriented international portfolio Strong balance sheet and Funds flow generation Funds Flow for three months ended 3/31/19 of $15.2 MM Dividend payer $0.035/ share paid in April 2019; targeting semi‐annually Established production in Egypt and Canada FY 2019 production guidance 14.0‐15.0 Mboepd* Unique opportunity to grow in Egypt and surrounding region Management team actively seeking acquisition opportunities Growth underpinned by resource base Gross 2P reserves of 44.1MMboe* 1 Significant operational experience Founded 20+ years ago * See Cautionary Statements – "Forward‐Looking Information and Statements“ and “Oil and Gas Information” 3 1. Based on GLJ evaluations effective and 12/31/18.

Valuation Upside ‐ Strong Production and Cash Flow From Existing Asset Base * 15,924 boepd Production (Q1) $15.2 MM Funds Flow 3 Months to 3/31/19 $111 MM Market Capitalization $90 MM Enterprise Value Enterprise Value Estimate ($ MM) Shares Outstanding (06/03/19) ~72.5 $0.035/share Market Capitalization (06/03/19) ‐ $1.53/share $110.9 Dividend declared March 12, 2019 Debt (3/31/19) (Prepay Agreement + Canadian RBL) 1 $47.7 and paid April 18, 2019; Working Capital (3/31/19) 2 Excluding Crude Inventory $32.9 Targeting semi‐annual payment Estimated Market Value of Inventoried Crude Oil of ~0.6 MMbbls 3 (3/31/19) $35.5 Enterprise Value 4 * $90.2 $25 MM • $75MM Prepayment Agreement from Mercuria Energy Trading S.A. ($40MM drawn as Q1 oil cargo net proceeds at 3/31/19) • C$30MM Reserves‐based lending facility (C$11.3MM drawn as at 3/31/19) 1. Includes Prepay Agreement of $40MM and Canadian RBL of C$11.3 ($8.4MM) 4. Enterprise value calculated as Market Capitalization + Long term debt – Working capital (Current Assets 4 2. Current Assets (including cash and cash equivalents) minus Current Liabilities, excludes inventoried crude oil (excluding book value of crude inventory)‐ Current Liabilities) – Market Value of Inventoried crude oil 3. Estimated value of inventoried crude oil is based on average realized price of Gharib blend for Q4 sales and * See Cautionary Statements – "Forward‐Looking Statements and Information" inventoried crude oil as at 3/31/19

2019 Capital Program* TransGlobe Net Operational Capital ($MM) WI Well Count Concession Development Exploration (Wells) Wells Other Wells Other Total Dev Expl Total West Gharib ‐ 2.7 ‐ ‐ 2.7 ‐ ‐ ‐ West Bakr 3.4 9.8 1.1 ‐ 14.3 3 1 4 NW Gharib 1.0 0.3 1.0 ‐ 2.3 1 1 2 South Alamein ‐ ‐ ‐ 1.3 1.3 ‐ ‐ ‐ South Ghazalat ‐ ‐ 1.2 2.3 3.5 ‐ 1 1 Egypt 4.4 12.8 3.3 3.6 24.1 4 3 7 Canada 6.3 0.5 3.2 ‐ 10.0 3 1 4 2019 Operations Total $10.7 $13.3 $6.5 $3.6 $34.1 7 4 11 Capital budget is financed from cash flow from operations and split 70:30 ‐ Development:Exploration Egypt • In Eastern Desert, maintain production • 1 exploration well drilled (oil producer); a second one drilling • 4 development wells drilled; one for water injection • In Western Desert, appraise/develop the SGZ‐6X light oil discovery in South Ghazalat and resolve access/contract extension issues at South Alamein Canada • Maintain/grow Canadian light oil production and test new lands for commerciality * See Cautionary Statements – "Forward‐Looking Information and Statements" 5

Year‐end Reserves Summary 1,2,3,4 * Total proved plus probable (“2P”) gross Reserves Summary 1P 2P 3P reserves of 44.1 MMboe at year‐end 2018: 2017 Year End Reserves (MMboe) 27.5 45.9 62.9 • 2P Reserves 4% lower YOY primarily due to 2018 Adds/Revisions 4.7 3.5 4.2 production of ~5.3MMboe during 2018 (~4.5 2018 Production ‐5.3 MMbbls Egypt and ~ 0.9 MMboe Canada) 2018 Year End Reserves (MMboe) 26.9 44.1 61.8 • 2P Positive Adds/Revisions of 3.5MMboe of gross Change vs Year End 2017 (%) ‐2.0% ‐4.0% ‐1.0% 2P Reserves primarily attributed to Production Replacement Ratio (%) – (ex 89% 68% 88% discover/extensions and improved recoveries in A&D, economic factors) Egypt NPV 10% Before tax $MM Dec 31/18 $230 $339 $446 • Replaced 89% and 68% of 2018 production (~5.3 NPV 10% After tax $MM Dec 31/18 $227 $323 $421 MMboe) on a respective 1P and 2P gross reserve basis 1. Based on GLJ evaluations effective 12/31/17 and 12/31/18. See Cautionary Statements – "Oil and Gas Information“ 4. NPV’s GLJ evaluation effective 12/31/2018 forecast pricing 2. Reserves are Gross working interest reserves before royalties. * 6 Mcf = 1 Boe 6 3. Tables may not total due to rounding

Health, Safety, Environment & Social Responsibility Performance HSES is a fundamental component of how TransGlobe Operates 2013‐2018 Road Traffic Accidents (“RTA”) 2013‐2018 Total Recordable Cases (“TRC”) 2013‐2018 RTA's 1 2013‐2018 TRC's 1 25 30 21 25 19 20 25 19 20 14 15 16 16 11 15 12 10 10 6 7 4 5 5 0 0 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 ‐ TGL implemented a formal HSES management system in 2014 ‐ TGL formed an independent HSE board committee in 2015 ‐ TGL has made significant progress on several HSES key performance indicators ‐ Canadian operations have been incident free since acquisition in 2016 1. HSES Statistics as at Q1 2019 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 in country Strong relationship with government 100% working interest and operator Ability to market 100% of entitlement crude Virtually zero receivables Poised for organic growth via infill drilling and exploration Well positioned to expand through acquisitions * See Cautionary Statements – "Forward‐Looking Information and Statements" 9

TransGlobe Egypt – Five 100% WI Concessions* • Three development/production concessions in the Eastern Desert (W. Bakr, W. Gharib and NW Gharib) • Negotiating to amend, extend and consolidate the three concessions in NW Gharib single new concession in 2019* • Subject to approval of Egyptian authorities NW Gharib • Two concessions in Western Desert W Gharib • 2018 Discovery in South Ghazalat – Development Lease approved* • 1 st oil planned for Q4 2019 • South Alamein PSC extension under review due to access restrictions Mediterranean W Gharib Sea Nile River NW Gharib Delta W Gharib South Ghazalat South Alamein (Development) W Bakr (Exploration) Cairo Western Desert Eastern Desert Eastern Desert Development Concession Leases Eastern Desert N West Gharib 5 Concessions Northwest Gharib 4 (Development) 100 km West Bakr 2 * See Cautionary Statements – "Forward‐Looking Information and Statements" 10