Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2018

Financial Instruments [Abstract]

Carrying value and fair value of financial assets

	December 31, 2018				December 31, 2017
	Carrying		Fair		Carrying		Fair
Classification ($000s)	Value		Value		Value		Value
Financial assets at fair value through profit or loss	$	53,074	$	53,074	$	47,449	$	47,449
Financial assets at amortized cost	12,014		12,014		18,090		18,090
Financial liabilities at fair value through profit or loss	—		—		7,970		7,970
Financial liabilities at amortized cost	80,362		81,228		97,103		98,329

Carrying value and fair value of financial liabilities

	December 31, 2018				December 31, 2017
	Carrying		Fair		Carrying		Fair
Classification ($000s)	Value		Value		Value		Value
Financial assets at fair value through profit or loss	$	53,074	$	53,074	$	47,449	$	47,449
Financial assets at amortized cost	12,014		12,014		18,090		18,090
Financial liabilities at fair value through profit or loss	—		—		7,970		7,970
Financial liabilities at amortized cost	80,362		81,228		97,103		98,329

Schedule of outstanding derivative commodity contract positions

The following table summarizes TransGlobe’s outstanding derivative commodity contract positions as at December 31, 2018, the fair values of which have been presented on the Consolidated Balance Sheet:

Financial Brent Crude Oil Contracts
Period Hedged	Contract	Volume bbl	Monthly Volume bbl	Bought Put USD$/bbl	Sold Call USD$/bbl	Sold Put USD$/bbl
Jul 2020 - Dec 2020	3-Way Collar	300,000	50,000	54.00	70.00	45.00
Jan 2020 - Jun 2020	3-Way Collar	300,000	50,000	54.00	70.00	46.50
Jan 2019 - Dec 2019	3-Way Collar	198,000	16,500	53.00	62.10	46.00
Jan 2019 - Dec 2019	3-Way Collar	199,998	16,666.5	54.00	61.35	46.00
Jan 2019 - Dec 2019	Bear Put Spread	198,000	16,500	53.00	—	46.00
Jan 2019 - Dec 2019	Bear Put Spread	199,998	16,666.5	54.00	—	46.00

Schedule of loss on financial instruments

The loss on financial instruments for 2018 and 2017 comprised the following:

($000's)	December 31, 2018		December 31, 2017
Realized derivative loss on commodity contracts settled during the year	16,386		2,871
Unrealized derivative (gain) loss on commodity contracts outstanding at year end	(9,335	)	7,970
Unrealized loss on financial instruments	—		151
Loss on financial instruments	7,051		10,992

Information about credit quality of neither past due nor impaired financial assets [text block]

Trade and other receivables are analyzed in the table below.

($000s)
Trade receivables	December 31, 2018		December 31, 2017
Neither impaired nor past due	$	5,540	$	10,534
Not impaired and past due in the following period:
Within 30 days	829		3,804
31-60 days	212		2,575
61-90 days	102		—
Over 90 days	5,331		1,177
	$	12,014	$	18,090

Disclosure of maturity analysis for non-derivative financial liabilities [text block]

The following are the contractual maturities of financial liabilities at December 31, 2018:

($000s)		Payment Due by Period1,2
	Recognized
	in Financial	Contractual	Less than
	Statements	Cash Flows	1 year	1-3 years
Accounts payable and accrued liabilities	Yes - Liability	28,007	28,007	—
Long-term debt	Yes - Liability	52,355	—	52,355
Other long-term liabilities	Yes - Liability	1,007	—	1,007
Office and equipment leases3	No	2,949	1,985	964
Total		84,318	29,992	54,326
1  Payments exclude on-going operating costs, finance costs and payments required to settle derivatives.
2  Payments denominated in foreign currencies have been translated at December 31, 2018 exchange rates.
3  Office and equipment leases include all drilling rig contracts.

The principal commitments of the Company are as follows:

($000s)		Payment Due by Period1,2
	Recognized
	in Financial	Contractual	Less than
	Statements	Cash Flows	1 year	1-3 years
Accounts payable and accrued liabilities	Yes - Liability	28,007	28,007	—
Long-term debt	Yes - Liability	52,355	—	52,355
Other long-term liabilities	Yes - Liability	1,007	—	1,007
Office and equipment leases3	No	2,949	1,985	964
Total		84,318	29,992	54,326
1  Payments exclude ongoing operating costs, finance costs and payments made to settle derivatives.
2  Payments denominated in foreign currencies have been translated at December 31, 2018 exchange rates.
3  Office and equipment leases include all drilling rig contracts.

Disclosure of objectives, policies and processes for managing capital [text block]

The Company defines and computes its capital as follows:

($000s)	2018			2017
Long-term debt, including the current portion (net of unamortized transaction costs)	$	52,355		$	69,999
Current assets	(78,994		)	(81,758		)
Current liabilities	28,007			31,119
Net debt obligations	1,368			19,360
Shareholders’ equity	220,291			210,007
Total capital	$	221,659		$	229,367