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Tuesday, November 7, 2017
TransGlobe Energy Corp. drilled a dry hole on the South Alamein concession in Egypt. According to the company, its Boraq-5 well failed to find hydrocarbons in two testing zones. The well will be subsequently plugged and abandoned.
“We are very disappointed in the Boraq 5 appraisal well test results. At this point, the Boraq 2 discovery does not have sufficient scale to proceed with development without additional exploration success on the South Alamein Concession,” the president and CEO of TransGlobe, Ross Clarkson, said in a statement released to the press. He added, “We have identified a number of exploration prospects that, if successful, could provide the additional reserves and productivity to bring forward a South Alamein development. We are reviewing these targets to determine if they should be added into our 2018 exploration program.”
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