Petroleum Africa
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Tuesday, November 8, 2016
TransGlobe Energy Corp. saw an average crude production rate of 11,733 bpd in Q3, exceeding its Q3 guidance of 11,400 bpd.
The company also saw a direct sale tanker lifting in Egypt during Q3, consisting of 475,776 barrels of entitlement crude. The tanker lifting was sold to a third-party buyer in September and a payment of $17.5 million was received on October 20.
TransGlobe is currently in discussions with EGPC to schedule liftings for Q4 and throughout 2017.
On the operational end, the company said that subsequent to the NWG 27 and NWG 38 Red Bed oil discoveries that were made in Q2, it drilled an additional six wells resulting in one junked and abandoned well with oil shows in the Red Bed (NWG 26) and five dry holes (NWG 24, 25 & 34, SEG 1 & 2). To date, TransGlobe has drilled 13 wells in the 2016 drilling program resulting in two producing oil wells (K-48 & K-51), two oil discoveries (NWG 27 & 38), one junked and abandoned well with oil shows in the Red Bed (NWG 26) and seven dry holes. The remaining seven exploration wells are scheduled to be drilled by early 2017, in addition to one South-K (K-47) and two Arta Red Bed development wells (Arta 73 & 74) which will be drilled in Q4.
In addition, TransGlobe has commenced permitting on 28 appraisal and exploration wells in NW Gharib focused on the Red Bed discovery at NWG 27 and additional untested exploration prospects within the same play fairway near the proposed NWG 3/NWG 38 development lease application submitted in September. It is anticipated that a number of these locations will be drilled in early 2017 as part of the 2017 plan.
During the third quarter, the Company completed approximately 50% of the Production Recovery Plan (PRP), which incorporates two additional wells at South-K (West Bakr), 16+ recompletions, pump optimizations and facility upgrades at West Gharib and West Bakr, plus first production from the NWG 3 discovery in the fourth quarter. The Company is on target to exit 2016 with a production rate of 13,000 to 14,000 bpd upon successful execution of the PRP.
On September 8, the company received military access approvals for the South Alamein concession, which was acquired in July 2012 and contains the Boraq 2X discovery and several additional exploration targets. It is currently finalizing an initial drilling campaign, which will consist of up to three wells on the Boraq structural complex plus re-entry of the Boraq 2X discovery well for additional testing in 2017.
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