Nov 11 (Reuters) - TransGlobe Energy Corp TGL.TO :
* Announces 2016 capital guidance and declaration of quarterly dividend
* Says board of directors has approved a capital budget of $41 million for 2016
* Says declared a quarterly dividend of $0.025 per common share
* Says approved 22 exploration drilling locations for 2016 on its recently
acquired eastern desert seismic
* Rationale for decreasing dividend based on philosophy that forecasted funds
flow should cover development,maintenance capital
* Says exploration program is targeting a total risked undiscovered resource
potential of between 8 and 26 million barrels
* Management believes it will be able to maintain 2015 exit level production flat for 2016 in range of 13,300 bopd to 13,800 bopd
* Source text for Eikon ID:nMKWy9nKza
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