Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019				December 31, 2018
Classification ($000s)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets at fair value through profit or loss		33,251		33,251		53,074		53,074
Financial assets at amortized cost		10,681		10,681		12,014		12,014
Financial liabilities at fair value through profit or loss		217		217		-		-
Financial liabilities at amortized cost		69,197		69,695		80,362		81,228

Carrying value and fair value of financial liabilities

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

	December 31, 2019				December 31, 2018
Classification ($000s)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets at fair value through profit or loss		33,251		33,251		53,074		53,074
Financial assets at amortized cost		10,681		10,681		12,014		12,014
Financial liabilities at fair value through profit or loss		217		217		-		-
Financial liabilities at amortized cost		69,197		69,695		80,362		81,228

Schedule of outstanding derivative commodity contract positions

The following table summarizes TransGlobe’s outstanding derivative commodity contract positions as at December 31, 2019, the fair values of which have been presented on the Consolidated Balance Sheet:

Financial Brent crude oil contracts
Period Hedged	Contract	Remaining Volume (bbl)		Monthly Volume (bbl)		Bought Put US$/bbl		Sold Call US$/bbl		Sold Put US$/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 2020 - Jun 2020	3-Way Collar		150,000		25,000		55.00		72.70		45.00

Schedule of loss on financial instruments

The losses on financial instruments for 2019 and 2018 are comprised as follows:

	Years ended December 31
($000s)	2019		2018
Realized derivative loss on commodity contracts settled during the year		1,259		16,386
Unrealized derivative loss (gain) on commodity contracts outstanding at year end		1,586		(9,335	)
Loss on financial instruments		2,845		7,051

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)	December 31, 2019		December 31, 2018
Neither impaired nor past due		3,636		5,540
Not impaired and past due in the following period:
Within 30 days		226		829
31-60 days		131		212
61-90 days		5,672		102
Over 90 days		1,016		5,331
Accounts receivable		10,681		12,014

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

The following are the contractual maturities of financial liabilities at December 31, 2019:

		Payment Due by Period1,2
($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		32,156		32,156		-		-		-
Long-term debt3	Yes-Liability		37,539		-		37,539		-		-
Other long-term liabilities	Yes-Liability		614		-		614		-		-
Derivative commodity contracts	Yes-Liability		217		217		-		-		-
Total			70,526		32,373		38,153		-		-

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, 2019 exchange rates.

³ Excludes deferred financing costs of $0.5 million.

The principal commitments of the Company are as follows:

				Payment Due by Period1,2
($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		32,156		32,156		-		-		-
Long-term debt	Yes-Liability		37,539		-		37,539		-		-
Other long-term liabilities	Yes-Liability		614		-		614		-		-
Derivative commodity contracts	Yes-Liability		217		217		-		-		-
Total			70,526		32,373		38,153		-		-

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, 2019 exchange rates.

³ Excludes deferred financing costs of $0.5 million.

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

The Company defines and computes its capital as follows:

($000s)	2019			2018
Long-term debt, including the current portion (net of unamortized transaction costs)		37,041			52,355
Current assets		(65,786	)		(78,994	)
Current liabilities		33,592			28,007
Net debt obligations		4,847			1,368
Shareholders’ equity		214,490			220,291
Total capital		219,337			221,659