TransGlobe provides Egypt drill result update

Image: uk.webfg.com

Canadian oil and gas exploration company TransGlobe Energy has made a potential light oil discovery in the South Ghazalat (SGZ) 6X exploration well in Egypt, after it was drilled to a total depth of 5,195 feet on November 8.

The company announced on Tuesday that three intervals were tested in the Bahariya region, showing positive results and leading to a development plan, which is currently being prepared for the discovery.

The lower Bahariya formation flowed at an average rate of 2,437 barrels per day (bpd) of light oil, while the middle formation generated water using nitrogen to lift fluid from an eight-foot perforated interval.

The company stated that the upper Bahariya formation produced 1,403 bpd of light oil.

Randy Neely, President of TransGlobe said: “Once we have completed our planning we will be able to incorporate the development of this discovery into our 2019 plan, and provide updated capital and production guidance.”

The concession has been extended to May next year and TransGlobe could possibly undertake a final 18-month exploration phase.