TransGlobe Energy Corporation's Production Reaches 9,500 Barrels of Oil Per Day
02 Febbraio 2009 - 8:51PM
Marketwired
TransGlobe Energy Corporation (TSX: TGL) (NASDAQ: TGA)
("TransGlobe" or the "Company") is pleased to provide an update on
recent production increases and drilling activities on its Hana
West field at West Gharib in the Arab Republic of Egypt.
Corporate Production Update
- Total Company production today surpassed 9,500 barrels of oil
per day ("Bopd") with the addition of the recently drilled Hana
West #3 well.
- Oil production averaged 7,680 Bopd during the month of
January. TransGlobe exited the month at over 9,000 Bopd.
- Production from the Company-operated West Gharib Concession in
Egypt increased to 4,170 Bopd in January with the additions of Hana
#18 for the full month at 660 Bopd and six days of production from
Hana West #2 at month-end. Total production from the West Gharib
fields currently stands at over 6,200 Bopd, an increase of 107
percent from the total field rate at the time of the initial
acquisition of the West Gharib properties in September 2007.
- TransGlobe's assets in Yemen produced an average 3,510 Bopd
during January. Production was curtailed from Block S-1 due to a
gas injection compressor failure and unscheduled export pipeline
outages. This reduction was partially offset by production
increases from Block 32. Compressor repairs on Block S-1 are
expected to be completed during February, which should restore an
estimated 1,000 Bopd (250 Bopd to TransGlobe) currently shut
in.
Hana West Field
- Production Update:
-- Hana #18 (discovery well) - producing 660 Bopd from the Asl A
zone with a pump jack.
-- Hana West #2 - producing 2,020 Bopd from the Asl B zone with
a rented jet pump.
-- Hana West #3 - completed and on production February 2, 2009
from the Asl B zone at an initial rate of 300 Bopd with a
progressive cavity pump.
- Drilling Update:
-- Hana West #4 was drilled as a step-out appraisal well to the
west of the Hana #18 discovery well. The primary targets in the Asl
A & B zones were faulted out at the Hana West #4 location.
However, two new potential zones (25 feet and 10 feet potential net
pay respectively) in the lower Asl C zone were encountered. The
Hana West #4 well will be cased as a potential multi-zone oil
discovery in the lower Asl C. It is expected that production
testing will occur over the next three to four weeks.
-- The next Hana West appraisal well, Hana West #5, will target
an extension of the pool approximately 500 meters northwest of Hana
West #3.
-- The drilling rig will be moved to drill Hana #19, a water
injection well for the Hana pool waterflood. Hana West #5 will
follow Hana #19.
TransGlobe Energy Corporation is a Calgary-based,
growth-oriented oil and gas exploration and development company
focused on the Middle East/North Africa region with production
operations in the Arab Republic of Egypt and the Republic of Yemen.
TransGlobe's common shares trade on the Toronto Stock Exchange
under the symbol TGL and on the NASDAQ Exchange under the symbol
TGA.
Cautionary Statement to Investors:
This news release may include certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Such
statements relate to possible future events. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Although
TransGlobe's forward-looking statements are based on the beliefs,
expectations, opinions and assumptions of the Company's management
on the date the statements are made, such statements are inherently
uncertain and provide no guarantee of future performance. Actual
results may differ materially from TransGlobe's expectations as
reflected in such forward-looking statements as a result of various
factors, many of which are beyond the control of the Company. These
factors include, but are not limited to, unforeseen changes in the
rate of production from TransGlobe's oil and gas properties,
changes in price of crude oil and natural gas, adverse technical
factors associated with exploration, development, production or
transportation of TransGlobe's crude oil and natural gas reserves,
changes or disruptions in the political or fiscal regimes in
TransGlobe's areas of activity, changes in tax, energy or other
laws or regulations, changes in significant capital expenditures,
delays or disruptions in production due to shortages of skilled
manpower, equipment or materials, economic fluctuations, and other
factors beyond the Company's control. TransGlobe does not assume
any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change, and investors should not attribute undue certainty
to, or place undue reliance on, any forward-looking statements.
Please consult TransGlobe's public filings at www.sedar.com and
www.sec.gov/edgar.shtml for further, more detailed information
concerning these matters.
Contacts: TransGlobe Energy Corporation Anne-Marie Buchmuller
Manager, Investor Relations & Assistant Corporate Secretary
(403) 268-9868 Or Cell: (403) 472-0053 Email:
anne-marieb@trans-globe.com Website: www.trans-globe.com
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