Petroleum Africa
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Sunday, October 14, 2018
While TransGlobe Energy generally has good news to report from its operations in Egypt, this was not the case with its NWS 12X exploration well on the North West Sitra (NWS) concession. The company drilled the well to a total depth of 13,300 ft, targeting a stacked Cretaceous/Jurassic prospect. The well did not encounter hydrocarbons in the targeted zones and will be abandoned.
With the drilling of NWS 12X, the first phase work commitments on the NWS concession have been met. Prior to January 7, 2019 the company can elect to enter the second and final exploration phase (three years after the extension of phase one). The second exploration phase has a two well ($6.0 million) work commitment and a mandatory relinquishment of 30% of the original concession area not held by development leases.
A final decision on whether TransGlobe will elect to relinquish the concession or enter the second exploration phase of the concession will be made following a full evaluation of the data obtained from the wells.
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