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

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

Cautionary Statement The information provided in this presentation is provided as of October 30, 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 20 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 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 Increased FY 2019 production guidance to 15.5-16.0 Mboepd* Strong position to grow in Egypt and surrounding region Management team actively seeking merger and acquisition opportunities Growth underpinned by resource base Gross 2P reserves of 44.1 MMboe* 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 12/31/18.

Valuation Upside - Strong Production and Cash Flow From Existing Asset Base * 15,943 boepd Production (Q3) $9.4 MM Q3 Funds Flow Ended 9/30/19 $84.9 MM Market Capitalization Enterprise Value Estimate ($ MM) $47.5 MM Shares Outstanding (10/30/19) – MM shares ~72.5 Market Capitalization (10/30/19) - $1.17/share $84.9 Enterprise Value Debt (9/30/19) (Prepay Agreement + Canadian RBL) 1 $41.7 Working Capital (9/30/19) 2 Excluding Crude $29.8 Inventory $0.035/share Est. Market Value of Crude Inventory 3 (~0.9 MMbbls $49.3 - 9/30/19) Dividend declared August 12, 2019 paid September 13, 2019; Enterprise Value 4 * $47.5 Targeting semi-annual payments 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: Prepay Agreement of $35MM and Canadian RBL of C$9.7 ($7.3MM); $75MM Prepayment Agreement from Mercuria Energy 4. Enterprise value calculated as Market Capitalization + Long term debt – Working capital (Current Assets (excluding book value of crude 4 inventory)- Current Liabilities) – Market value of inventoried crude oil Trading S.A. ($35MM drawn as at 9/30/19); and C$25MM Reserves-based lending facility (C$9.7MM drawn as at 9/30/19) 5. Market cap as at October 30 2019; Production as per most recently released company data as at November 8 2019 2. Current Assets (including cash and cash equivalents) minus Current Liabilities, excludes inventoried crude oil

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 - 3.4 - - 3.4 - - - West Bakr 3.4 10.1 1.1 - 14.6 3 1 4 NW Gharib 1.0 0.6 1.0 - 2.6 1 1 2 South Ghazalat - - 1.2 2.3 3.5 - 1 1 Egypt 4.4 14.1 3.3 2.3 24.1 4 3 7 Canada 6.3 0.5 3.2 - 10.0 3 1 4 2019 Operations Total $10.7 $14.6 $6.5 $2.3 $34.1 7 4 11 The Company’s capital budget is financed from cash flows from operations and split 75:25 - Development:Exploration Egypt Eastern Desert: • 2 exploration wells drilled (one oil producer), a second oil discovery awaiting stimulation Q4 • 4 development wells drilled (three oil producers and one for water injection) • In Western Desert, appraise/develop the SGZ-6X light oil discovery in South Ghazalat Q4 • Canada Maintain Canadian light oil production and test acquired lands for commerciality * See Cautionary Statements – "Forward-Looking Information and Statements" 5

Corporate Reserves 2018 YE Reserves Summary (MMboe) 1,2,3,4* 1P 2P 3P Canada 11.0 18.4 24.8 Egypt 15.9 25.7 37.0 Total Company (MMboe) 26.9 44.1 61.8 Total Company NPV 5 @ Dec 31/18 NPV 10% Before tax $MM Dec 31/18 $231 $339 $446 NPV 10% After tax $MM Dec 31/18 $227 $323 $421 • TransGlobe generates cash flow in excess of capital spend • Resilient 100% oil-weighted Egyptian production • Focus on profitable internal investments in current portfolio • Plans in place to address the conversion of resources to reserves in proven reservoirs 1. Based on GLJ evaluation effective 12/31/18 4. Tables may not total due to rounding 6. 2P reserves as at December 31, 2018 6 2. See Cautionary Statements – "Oil and Gas Information“ 5. NPV’s GLJ evaluation effective 12/31/2018 forecast pricing 7. Calculated using annualized free cash flow as at June 30 2019, market cap as at October 30 2019 3. Reserves are Gross working interest reserves before royalties. * 6 Mcf = 1 Boe

Sustainability – Commitment To A Core Company Value G E S Governance Environment Social • Majority independent Board • Investment in pipeline replacements/ • US$1.2 billion invested into Egypt upgrades to reduce reliance on trucked oil • Board committees chaired by independent • Charitable support and sponsorship of Ras directors • Corporate commitment to carbon Gharib hospital disclosure reporting and reduction plan • Staff education, training and monitoring • Paid over US$2.1 billion in taxes and for compliance with Canadian CFPOA • Potential to access local West Bakr wind royalties in Egypt legislation, US FCPA laws, and the UK farm (250MW) due on-stream 2021 to • Operations directly support over 1,000 jobs Bribery Act power various field needs in the Ras Gharib region • Two-thirds reduction in Egypt TRCs over 5 • Ras Gharib shoreline remediation project years TRC = Total Recordable Cases 7 (Measure health & safety performance)

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 100% working interest and operator Ability to market 100% of its Eastern Desert entitlement crude Poised for organic growth via infill drilling and exploration Targeting inorganic growth opportunities through acquisitions * See Cautionary Statements – "Forward-Looking Information and Statements" 9

TransGlobe Egypt – Four 100% WI Concessions* • Three development/production concessions in the Eastern Desert (W Bakr, W Gharib and NW Gharib) NW Gharib • Negotiating to amend, extend and consolidate the three concessions in single new concession in 2019* • Subject to approval by Egyptian authorities NW Gharib • One new development concession in the Western Desert W Gharib • South Ghazalat development lease approved* for SGZ-6X discovery (2018) • First oil planned for Q4 2019 Mediterranean W Gharib Sea Nile River NW Gharib Delta W Gharib South Ghazalat (Development) W Bakr Cairo Western Desert Eastern Desert Eastern Desert Development N Concession Leases Eastern Desert West Gharib 5 Concessions Northwest Gharib 4 100 km (Development) West Bakr 2 * See Cautionary Statements – "Forward-Looking Information and Statements" 10