Petroleum Africa
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Tuesday, May 14, 2019
TransGlobe Energy saw an average of 13,616 bpd of crude during Q1 from its Egyptian assets. TransGlobe’s Egyptian crude oil is sold at a quality discount to Dated Brent. The company received an average price of $54.93 per barrel during the quarter
In Egypt’s Eastern Desert two development oil wells were drilled during Q1. At West Bakr, the company drilled and completed the M-10 replacement well (M-10 Twin) as an Asl A oil producer which was placed on production in February and is currently producing around 400 bpd. It also re-entered/deepened two suspended oil wells and converted them to water disposal wells (K-8 WDW and K-10 WDW).
At North West Gharib, the NWG 38A-8 well was drilled to a total depth of 1,631 meters, targeting the southern area of the NWG 38A Red Bed pool to provide water injection/reservoir pressure support for the 38A pool. The well was completed and placed on production at an initial average rate of 45 bpd and 100 barrels per day of water. The company said that sased on early production results, the well was converted to water injection during Q2-2019 to initiate pressure support for the NWG 38A pool.
Subsequent to the quarter, TransGlobe drilled two wells in West Bakr resulting in an oil discovery at HW-2X and a development oil well at H-30. The HW-2X exploration well was drilled to a total depth of 1,654 meters and cased as a Yusr oil well. Based on open-hole logs and wireline samples, the well encountered an internally estimated 34.5 meters of net oil pay in the Yusr formation. The HW-2X well was completed and placed on production in early May at an initial rate of about 625 bpd. The H-30 development well was drilled to a total depth of 1,655 meters and cased as a Yusr oil well. Based on open-hole logs and wireline samples, the well encountered an internally estimated 7.8 meters of net oil pay in the Yusr formation. The H-30 well is scheduled for completion and first oil production by the end of May. Following H-30, the drilling rig is scheduled to drill a development well at West Bakr (K-63) and one exploration well at North West Gharib (NWG 38 D-1).
In the Western Desert, TransGlobe filed a development lease application with EGPC in February for the South Ghazalat SGZ 6X oil discovery. It is targeting production from this concession prior to yearend. At South Alamein, the company was unsuccessful in its attempts to secure military approval for its desired drilling location. In light of recent events, TransGlobe has recorded an impairment loss of $8.4 million and will continue to negotiate access to the western portion of this concession.
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