TransGlobe Energy Corp., Calgary, plans to appraise the Boraq oil and gas discovery and further explore the 558,120-acre South Alamein concession in Egypt’s Western Desert after it receives regulatory approval to close the acquisition of a 50% interest from Cepsa Egypt.
The Boraq-2X well tested a combined 1,700 b/d of 38-40° gravity oil from two Cretaceous zones. The concession, which covers parts of the Alamein and Tiba basins, is fully covered by 3D seismic from which a number of well-defined prospects have been identified. El Paso South Alamein holds the other 50% interest in the concession.
TransGlobe plans to submit a revised budget and Boraq development plan after the transaction closes.
Appraisal and development includes drilling at least two appraisal wells and readying the Boraq-2X well for production.