Jan 22 (Reuters) - TransGlobe Energy Corp TGL.TO :
* Announces 2015 year-end reserves and update
* Says production averaged approximately 13,400 bopd during the fourth quarter
of 2015 and 12,800 bopd in December
* Says it is expected production will be in the 12,000 bopd range during the
first quarter of 2016
* Says targeting a further drop in operating costs to the $50 million range in
2016
* Forecast 10% reduction in production in Q1 is principally due to natural
declines, shut in/curtailed high cost producers
* Source text for Eikon ID:nMKWlWcSHa
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