TransGlobe plans 30 wells for Egypt's West Gharib area

TransGlobe Energy plans to drill more than 30 wells during the next 24 months in Egypt's West Gharib PSC after securing interests in eight development leases and existing facilities.

Sept. 7, 2007

2 min read

Uchenna Izundu
International Editor

LONDON, Sept. 7 -- TransGlobe Energy Corp. plans to drill more than 30 wells during the next 24 months in Egypt's West Gharib production-sharing concession (PSC) after securing interests in eight development leases and existing facilities for $59 million.

Tanganyika Oil (Bermuda) I Ltd. sold to TransGlobe all of its shares in Dublin International Petroleum (Egypt) Ltd. and Drucker Petroleum Inc. that together hold a 70% working interest in one development lease and a 45% working interest in seven development leases for the West Gharib PSC.

The 178 sq km total acreage holds seven fields with 24 producing wells, which TransGlobe will operate, adding a working interest production of 1,500 b/d and 3.2 million bbl of proved reserves. The company will focus on an aggressive development program for the discovered fields.

The West Gharib PSC is onshore in Egypt's western Gulf of Suez rift basin where significant discoveries have been made. "Modern 3D seismic covers the majority of the development leases," the company said. "One additional development lease is currently awaiting approval by the Egyptian General Petroleum Corp."

TransGlobe has eight of the approved West Gharib development leases for 20 years, which together produce 3,000 b/d of oil gross. The 16-26º gravity oil is delivered by truck to the Ras Gharib terminal 15 km away.

Contact Uchenna Izundu at [email protected].