Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

Carrying value and fair value of financial assets

Carrying value and fair value of financial assets and liabilities are summarized as follows:

	December 31, 2021				December 31, 2020
Classification ($000s)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets at fair value through profit or loss		37,929		37,929		34,510		34,510
Financial assets at amortized cost		12,217		12,217		9,996		9,996
Financial liabilities at fair value through profit or loss		88		88		398		398
Financial liabilities at amortized cost		29,952		29,952		43,654		43,757

Carrying value and fair value of financial liabilities

Carrying value and fair value of financial assets and liabilities are summarized as follows:

	December 31, 2021				December 31, 2020
Classification ($000s)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets at fair value through profit or loss		37,929		37,929		34,510		34,510
Financial assets at amortized cost		12,217		12,217		9,996		9,996
Financial liabilities at fair value through profit or loss		88		88		398		398
Financial liabilities at amortized cost		29,952		29,952		43,654		43,757

Schedule of outstanding derivative commodity contract positions

The following table summarizes TransGlobe’s outstanding derivative commodity contract positions as at December 31, 2021, the fair values of which have been presented on the Consolidated Balance Sheet:

Financial AECO natural gas contracts

Period Hedged	Contract	Remaining Volume (GJ)		Daily     Volume (GJ)		Bought Put C$/GJ		Sold Call  C$/GJ
Jan 2022 - Mar 2022	Collar		351,000		3,900		2.50		4.20
Apr 2022 - Jun 2022	Collar		354,900		3,900		2.50		3.35
Jul 2022 - Sep 2022	Collar		358,800		3,900		2.50		3.10
Oct 2022 - Dec 2022	Collar		358,800		3,900		2.50		4.00

Schedule of loss on financial instruments

The gains and losses on financial instruments for 2021 and 2020 are comprised as follows:

	Years Ended December 31
($000s)	2021		2020
Realized derivative loss (gain) on derivative commodity contracts during the year		10,475		(6,801	)
Unrealized derivative loss on commodity contracts outstanding at year end		88		180
Loss (gain) on financial instruments		10,563		(6,621	)

Schedule of credit risk relates to trade receivables

Trade and other receivables are analyzed in the table below.

($000s)	December 31, 2021		December 31, 2020
Neither impaired nor past due		4,022		6,542
Not impaired and past due in the following period:
Within 30 days		6,067		2,255
31-60 days		851		34
61-90 days		608		510
Over 90 days		669		655
Accounts receivable		12,217		9,996

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

The following are the contractual maturities of financial liabilities at December 31, 2021:

			Payment Due by Period1
($000s)	Recognized in Financial Statements		Contractual Cash Flows		Less than 1 year		1-3 years		4-5 years		More than 5 years
Accounts payable and accrued liabilities		Yes-Liability		26,112		26,112		-		-		-
Long-term debt		Yes-Liability		3,040		-		3,040		-		-
Lease obligations2		Yes-Liability		800		764		36		-		-
Drilling commitment		No		1,000		1,000		-		-		-
Share-based compensation liabilities		Yes-Liability		10,133		6,174		3,959		-		-
Derivative commodity contracts		Yes-Liability		88		88		-		-		-
Equipment and facility leases3		No		481		481		-		-		-
Total				41,654		34,619		7,035		-		-

 1 Payments denominated in foreign currencies have been translated at December 31, 2021 exchange rates

2 These amounts include the notional principal and interest payments.

 3 Equipment lease includes one workover rig.

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

The Company was subject to, and in compliance with, financial covenants as at December 31, 2021 and 2020. TransGlobe defines and computes its capital as follows:

	Years Ended December 31
($000s)	2021			2020
Long-term debt, including the current portion		3,040			21,464
Current assets		(54,170	)		(53,864	)
Current liabilities, excluding the current portion of long-term debt		33,138			23,618
Net debt		(17,992	)		(8,782	)
Shareholder’s equity		178,574			138,295
Total capital		160,582			129,513