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Tuesday, April 17, 2018
TransGlobe Energy saw its Q1 production totals averaging approximately 14,366 boepd, the majority of this out of its holdings in Egypt. The company’s Egypt production averaged around 11,776 bpd of crude for the quarter and 11,739 bpd of crude for the month of March.
Operationally in the Eastern Desert TransGlobe drilled the K-46 development well in March. The well was initially completed in the Asl B zone to obtain a production rate prior to perforating the main Asl A formation. The Asl B produced approximately 45 bpd from an internally estimated 15 ft of net oil pay overlying a water zone. The Asl A formations (A1, A2 and A3), which encountered an internally estimated 96 ft of net oil pay are scheduled for completion later in April.
The company is currently drilling the second South K-field development well at K-45 targeting the main Asl A sand in the crestal position on the South K field. The Asl B sand is also expected to be encountered in K-45.
Following K-45, the drilling rig is scheduled to move to West Gharib and NW Gharib to drill Arta 54 and NWG 38A-3 respectively. Arta 54 is targeting the Nukhul/Red bed formation at the northern edge of the main Arta pool. The NWG 38A-3 well is planned as a water injection well to provide reservoir pressure support and enhanced recovery in the NWG 38 Red Bed pool. The first three wells drilled in the NWG 38 pool did not encounter a water leg and are currently producing at a combined, reduced rate of approximately 920 bpd. It is expected that the current production rates will be optimized upon completion of the water injection scheme and stabilized reservoir pressures.
Following NWG 38A-3, the rig will return to the West Bakr concession and drill up to three development wells including two wells inside the recently negotiated reduced buffer zone targeting the M-field Asl A formation.
Concurrently, TransGlobe will be stimulating and completing two drilled and uncompleted wells (DUC’s) the NWG 1 and NWG 5 Development Areas (discovered in 2014), in addition to the West Gharib Arta 48 well currently awaiting stimulation. These NWG 1 and 5 wells encountered a tight Red Bed conglomerate sequence which requires stimulation to produce and are expected to produce at similar rates to TransGlobe’s Arta Nukhul wells which typically have an initial 30 day production rate (IP 30) of 150-180 bpd with ultimate recoveries of 120 -150 million barrels per well on primary production.
The company also has an active recompletion campaign scheduled throughout the year, targeting low risk behind pipe opportunities in addition to water-flood optimization opportunities. The majority of these opportunities reside in the West Bakr K-field where the Company anticipates completion of Phase 2 and 3 of the K-field facility expansion to double/triple the current fluid handling capacity respectively. Concurrent with the K-field facility expansions the drilling rig was used to re-enter and deepen a legacy well (K-5) for water disposal. The K-5 water disposal well is scheduled for completion in late April/early May to handle additional planned water production from the expanded facilities. The expansion will allow for accelerated fluid withdrawal rates supporting incremental production volumes and additional reserves from both West Bakr K and M fields.
In the Western Desert TransGlobe is preparing for the 2018 exploration drilling program expected to commence in the NW Sitra concession utilizing two drilling rigs in June. The larger (2,000 HP) drilling rig will drill NWS 12 targeting a stacked Cretaceous/Jurassic prospect. Subject to additional approvals, the larger rig can be moved to South Alamein to drill a Jurassic prospect following NWS 12. The smaller (~1,000 HP) drilling rig will drill NWS 9 targeting a stacked Cretaceous prospect. Following NWS 9, the rig will be moved to the South Ghazalat Concession to drill two independent stacked Cretaceous structures. The four, basin opening wells in NWS and S. Ghazalat could de-risk 13 of the 21 additional prospects currently mapped on 3D seismic. No production is currently budgeted from the Western Desert exploration assets in 2018.
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