Petroleum Africa
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Thursday, August 14, 2014
The company in its Q2 report said that due to prolonged delays in receiving military approvals it has not provided any guidance for wells on the concession in 2014.
The company is waiting for the military to give approval for exploration in the central part of the concession where the Boraq discovery lies.
TransGlobe negotiated and received state firm EGPC’s approval for the final exploration period covering approximately 800 sq km of the concession but activities were suspended effective July 8, 2012. Egypt’s military is apparently conducting training and other activities in the area and no end date to these activities has been given.
The South Alamein concession was scheduled to reach the end of the final exploration period in April 2014. Effective April 4, the remaining exploration lands outside of the restricted access zone were relinquished in accordance with the concession agreement. The relinquished lands were evaluated and were not considered prospective. The remaining lands and the South Alamein concession agreement are extended until such time as military access is approved, at which time the company will have approximately 20 months to complete additional exploration and appraisal in the final exploration phase. All other provisions of the South Alamein concession agreement remain in place.
The company continues to actively engage the military to find solutions to obtain access to the remaining concession area.
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