TransGlobe to drill 8 developmentand 5 exploration wells in Egypt in 2018

Image result for TransGlobe logo

TransGlobe Energy is an independent international upstream oil and gas company with headquarters in Calgary, Canada, whose main business activities consist of the exploration, development and production of crude oil and natural gas liquids. The Company currently has exploration and production operations in the Arab Republic of Egypt and Canada. In Egypt, the Company currently holds a 100% interest in six PSCs: West Gharib, West Bakr, NW Gharib, South Alamein, South Ghazalat and NW Sitra. Canadian operations are in west central Alberta, Canada, where the Company owns production and working interests in certain Cardium light oil and Mannville liquids-rich gas fields in the Harmattan area. As at 31 December 2017, the Company had total proved plus probable gross reserves of 45.9 MMboe and average production in Q1 2018 was 14,375 boe/d. Canadian production is weighted approximately 60% light oil and liquids and 40% natural gas.

In 2018, the Company expects to drill 8 development and up to 5 exploration wells in Egypt and 6 development wells in Canada.  The Company’s 2018 budgeted capital programme of US$41.3 million (before capitalised G&A) includes US$29.1 million for Egypt and US$12.2 million for Canada. This programme is balanced to anticipated funds flow from operations using a US$55/bbl Brent oil price forecast.

The Company has set full year average production guidance for 2018 at between 14,200 and 15,600 barrels of oil equivalent per day.

Source: Company Press Release