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Monday, October 7, 2013
TransGlobe Energy received written notice from the Egyptian Government that its four PSCs awarded in the 2011/2012 EGPC bid round have been ratified into law. The company will hold the PSCs with a 100% interest.
The PSCs for the four concessions; the North West Gharib, the South West Gharib, the South East Gharib, and the South Ghazalat are expected to be effective following the customary documentation associated with work program guarantees, settlement of signature bonuses. The official signing ceremony is expected to take place in October.
The company said that its primary objective was obtaining the North West Gharib PSC, which surrounds and immediately offsets the company’s core West Gharib/West Bakr producing PSCs. At North West Gharib the company expects to commence drilling H1 2014. It has identified more than 79 drilling locations based on existing well and seismic data for the area. The company intends to identify additional exploration targets by acquiring 3D seismic data on portions of the lands not currently covered by 3D seismic.
On the South West Gharib the company plans to acquire 3D seismic over the entire concession prior to drilling exploration wells in the first exploration phase. The South East Gharib will see the company acquire extensive 2D and 3D seismic over this area prior to drilling exploration wells in the first exploration phase.
The South Ghazalat is immediately to the west of TransGlobe’s recently announced Jurassic gas/condensate and Cretaceous oil discovery at North Dabaa 1X in the East Ghazalat PSC. The company will acquire extensive 3D seismic over this area prior to drilling exploration wells in the first exploration phase.
Ross Clarkson, president and CEO stated: “The approval of the four new PSCs represents a significant milestone in the company’s continued growth and commitment to Egypt and we are encouraged that the current Egyptian Government is demonstrating its commitment to follow through on its stated objective to facilitate increased investment in oil and gas exploration and development in Egypt. The four new PSCs will increase the company’s land position in Egypt by 160% to 1.3 million acres and will provide continued growth opportunities to the company for many years to come.”
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