TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) ("TransGlobe"
or the "Company") is pleased to provide a mid-quarter production,
operations and an exploration prospect inventory update for the
third quarter of 2012. All undiscovered Petroleum Initially in
Place numbers expressed in this press release ("PIIP's") are
un-risked internal estimates using a Probabilistic P-mean
methodology unless otherwise stated. All dollar values are
expressed in United States dollars unless otherwise stated.
HIGHLIGHTS
-- Closed the corporate acquisition of Cepsa Egypt SA BV ("Cepsa Egypt") on
July 26, 2012.
-- Cepsa Egypt holds a 50% operated interest in the South Alamein
Concession in Egypt.
-- Total purchase price of US $4.7 million ($3.0 million purchase price
plus $1.7 million for inventory and working capital).
-- Production started on September 9th on the Safwa field in East Ghazalat.
-- Company production of 17,430 barrels of oil per day ("Bopd") in
September to date.
-- Egypt production of 16,610 Bopd (12,430 Bopd West Gharib, 4,170 Bopd
West Bakr and 10 Bopd East Ghazalat).
-- Yemen production of 820 Bopd (180 Bopd Block 32 and 640 Bopd Block
S-1).
-- Block S-1 on production following repairs to the Marib export pipeline
(July 27th).
-- The Company has prepared an updated exploration prospect inventory with
a Gross undiscovered PIIP of approximately 1.5 billion barrels.
-- Preparing to drill the Al Azayem #1 exploration prospect at South
Mariut.
OPERATIONS
Corporate Production:
TransGlobe's production averaged 17,965 Bopd in July; 17,958
Bopd in August; and 17,430 Bopd in September to date.
-- Production from Egypt averaged 17,395 Bopd in July; 16,171 Bopd in
August; and 16,610 Bopd to date in September. East Ghazalat production
came on-stream September 9th.
-- Production in Yemen averaged 570 Bopd in July; 1,787 Bopd in August; and
820 Bopd to date in September.
ARAB REPUBLIC OF EGYPT
West Gharib, Arab Republic of Egypt (100% working interest,
operated)
Operations and Exploration
During the third quarter, the Company drilled four wells in the
Arta/East Arta area resulting in two Nukhul oil wells, one
potential Thebes oil well and one dry hole. One rig is currently
drilling in West Gharib. The rig will be targeting exploration,
step-out and appraisal wells for the balance of the year.
Production
West Gharib production averaged 12,577 Bopd in July and
decreased to 11,701 Bopd in August due to trucking issues. Current
production is approximately 12,430 Bopd in September.
The production decrease in August is due to performance issues
associated with the existing trucking contractor. The Company is
currently tendering for a new trucking contract. A second company
was sourced to supplement the main trucking contractor until a new
contract is awarded in the fourth quarter.
It is estimated that approximately 600 Bopd of production
remains curtailed in September due to GPC facility constraints. Of
the nineteen wells drilled in 2012, thirteen wells are awaiting
completion and stimulation. It is estimated that 2,600 Bopd of
additional production inventory exists from these thirteen wells.
The estimate is based on historical performance from Upper Nukhul
producers which have averaged 200 Bopd during the first 90 days of
production following fracture stimulation. The wells will be
completed and brought into production to offset natural declines
and as additional sales capacity becomes available at the GPC
terminal over the next 15 months.
Facility Projects
The Company has completed a number of facility projects and
several more are underway at West Gharib and West Bakr to reduce
the amount of water trucked with the oil from West Gharib and
increase sales capacity at GPC. A summary of the larger facility
projects completed and underway is summarized below:
-- South Arta Multi Well Battery ("MWB") completed December 2011;
-- Hoshi MWB completed May 2012;
-- Hana West Treater completed July 2012;
-- West Bakr K station offloading system for West Gharib production
targeting Q4 2012;
-- Initially truck Hana/Hana West production to K station.
-- Hana Treater facility targeting Q4 2012;
-- East Arta MWB in northern portion of the field targeting Q1 2013;
-- Arta Central Processing Facility ("CPF") Q4 2013.
West Bakr, Arab Republic of Egypt (100% working interest,
operated)
Operations and Exploration
During the third quarter, the Company drilled an oil well in the
H field. Of the three oil wells drilled to date in 2012, two are
completed and producing approximately 430 Bopd. The rig is
currently drilling on the K field. The initial three-well drilling
program has been increased to ten wells (four wells in H, two wells
in M and four wells in K) for 2012 to accelerate opportunities
identified in the West Bakr asset. In addition to the expanded 2012
ten-well drilling program, the West Bakr team has identified an
additional twelve drilling targets.
Production
Production from West Bakr averaged 4,818 Bopd during July and
decreased to 4,470 Bopd in August due to a number of unscheduled
pump changes and some initial sand clean outs on new producers. The
Company expects to achieve improved pump performance similar to the
West Gharib operations as equipment is repaired or replaced over
the balance of 2012. Production has averaged 4,170 Bopd to date in
September but has recently improved to the 4,600 Bopd range
following successful servicing of a number of wells.
East Ghazalat Block, Arab Republic of Egypt (50% working
interest)
Operations and Exploration
Drilling commenced on East Ghazalat 2X in early June and was
suspended shortly after commencement due to prior commitments of
the drilling contractor. The planned 4,450 foot East Ghazalat 2X
well is located approximately two kilometers east of the Safwa
development lease and is targeting the Eradah prospect (Gross 4
million barrels PIIP). A replacement drilling rig was mobilized to
continue drilling and is expected to reach total depth in
September.
TransGlobe has estimated a Gross PIIP of 63 million barrels on
the Safwa Development Lease. In addition to the Safwa Development
lease, the Company has mapped an additional 17 prospects with a
combined Gross PIIP of 257 million barrels.
Production
During the quarter, the operator completed and equipped the four
existing Safwa wells for production and installed production
facilities at Safwa. Production came on-stream September 9th at 200
Bopd (100 Bopd to TransGlobe) from one of the four wells with the
other three expected to be brought on later this week. Production
is trucked to a receiving terminal at the Dapetco operated South
Dabaa facility approximately 35 kilometers southwest of Safwa.
Dapetco has provided an initial capacity of 1,000 Bopd (500 Bopd to
TransGlobe) for Safwa production. Additional transportation
capacity will be required as Safwa is developed.
South Alamein, Arab Republic of Egypt (100% working interest,
operated)
The South Alamein concession is located onshore in the Western
Desert of Egypt and includes portions of the prolific Alamein and
Tiba basins. The current size of this exploration concession is
1,440 square kilometers (355,832 acres) and is in the final
two-year exploration phase (April 2014). The concession includes an
oil discovery well, Boraq-2X. The primary Cretaceous zone tested at
a rate of 800 to 1,323 Bopd of 34 API oil with no water and a 13%
pressure drawdown. Test rates are not necessarily indicative of
long-term performance but it is anticipated that when combined with
secondary tested zones within the Cretaceous, the well could be
capable of initial production of approximately 1,700 Bopd.
Operations and Exploration
The Company has scheduled a drilling rig to commence an initial
five-well drilling program starting in late Q4 of 2012. The program
will include two appraisal wells at Boraq followed by three
exploration wells. The timing of the Boraq development and future
appraisal wells at South Alamein will be dependent upon receiving
the required permits. The two appraisal wells are testing a PIIP of
53 million barrels within the Boraq structural complex. The Company
is targeting first production from the Boraq discovery, in
mid-2013.
In addition, three exploration wells are targeting prospects
with a total PIIP of approximately 122 million barrels. The Company
has mapped a total of 21 prospects with a combined Gross PIIP of
960 million barrels to date on the South Alamein concession, and
will continue to map and evaluate prospects on the large 3-D
seismic data base which covers the entire concession area.
South Mariut, Arab Republic of Egypt (60% working interest,
operated)
The South Mariut concession is located in the Western Desert of
Egypt along the Mediterranean coastline, adjacent to prolific
offshore hydrocarbon fields and southwest of the city of
Alexandria. The current gross size of this exploration concession
is approximately 3,350 square kilometers (828,000 acres). The South
Mariut concession is in the first, three-year extension period
which expires on April 5, 2013. A further two-year extension is
available under the PSC.
Operations and Exploration
The Company and its joint venture partner have approved a $9.6
million exploration well (Al Azayem 1) for 2012. The Company has
received all the necessary approvals for the well and has signed a
contract for a 2,000 HP drilling rig which will be available to
drill up to four wells. It is expected that rig mobilization will
commence in the next few weeks with a possible spud date of early
October (subject to rig inspection and acceptance). The planned
90-day well is targeting several stacked horizons with four-way
closures identified on 3-D seismic. The total depth is expected at
approximately 14,500 feet in Jurassic reservoirs. The Al Azayem 1
well is targeting a Gross PIIP of 236 million barrels for this
prospect.
The Company is planning to expand the initial drilling program
from one well to three exploration wells plus an optional fourth
well. It is expected that the joint venture partners will finalize
the second and third exploration locations prior to year-end.
REPUBLIC OF YEMEN
Block 32, Republic of Yemen (13.81% working interest)
Operations and Exploration
One well was drilled at Tasour during the quarter. The well was
placed on production in early August and is producing approximately
300 Bopd. No additional drilling is budgeted for Block 32 in
2012.
Production
Field production averaged approximately 2,592 Bopd (358 Bopd to
TransGlobe) during July; 2,545 Bopd (351 Bopd to TransGlobe) during
August; and 1,300 Bopd (180 Bopd to TransGlobe) to date in
September. The decrease in September is due to a leak in the export
pipeline that had curtailed sales for five days. Repairs have been
completed with sales resuming on September 10th.
Block 72, Republic of Yemen (20% working interest)
Operations and Exploration
No new wells were drilled during the quarter. In July, the joint
venture partners met and approved the Gabdain #3 well, subject to
receiving an extension to the current exploration phase of the PSA
(expires September 2012 ) and resolution of logistic/security
issues in the area.
Gabdain #3 is targeting a large fractured basement prospect
originally drilled at Gabdain #1 in 2010. Gabdain #1 tested
approximately 170 Bopd Bopd light oil from the Kholan formation
(which overlies the basement) during a two-day test. The basement
fractures at Gabdain #1 were tight and non-productive. The Gabdain
#3 well is located approximately five kilometers from Gabdain #1
and is targeting fractures in the basement. It is expected that the
3,500 meter (11,500 foot) exploration well will cost approximately
$11.5 million ($2.3 million to TransGlobe). The Gabdain #3 well is
targeting a Gross undiscovered PIIP of 54 million barrels (Operator
estimates for gross undiscovered, un-risked PIIP on a probabilistic
P-mean basis).
Block S-1, Republic of Yemen (25% working interest)
Production
Production from TransGlobe's An Nagyah field on Block S-1
production commenced on July 27, 2012 following repairs to the
Marib export pipeline to the Ras Eisa port on the Red Sea which was
damaged last October.
The An Nagyah field was brought on production at an initial rate
of 4,000 Bopd (1,000 Bopd to TransGlobe) in late July and continues
to ramp up to pre shut-in levels. Production in July averaged 852
Bopd (213 Bopd to TransGlobe) during July; 5,743 Bopd (1,436 Bopd
to TransGlobe) in August; and has averaged approximately 2,560 Bopd
(640 Bopd to TransGlobe) in September. The September decrease is
due to a six-day curtailment caused by a new attack on the Marib
export pipeline which is being repaired. Prior to the curtailment,
production was approximately 7,000 Bopd (1,750 Bopd to
TransGlobe).
It is expected that An Nagyah production will return to the pre
pipeline shut-in levels of 8,000 to 9,000 Bopd (2,000-2,250 Bopd to
TransGlobe) when service equipment is available to swab several
wells that are unable to flow naturally following the shut-in
period.
Block 75, Republic of Yemen (25% working interest)
Operations and Exploration
The PSA for Block 75 was ratified and signed into law effective
March 8, 2008. The first, three-year exploration phase has a work
commitment of 3-D seismic and one exploration well. The 3-D seismic
was acquired in 2009. One exploration well was planned as part of
the 2011 Block S-1/75 drilling program; however the drilling
program was cancelled in the first quarter of 2011 due to logistics
and security concerns. The first exploration phase has been
extended to March 9, 2013.
UPDATED EXPLORATION PROSPECT INVENTORY
The following table is a list of drillable exploration prospects
identified on Company lands to date. The Company is actively
mapping and evaluating the existing exploration lands in Egypt for
additional prospects and leads which will be added to the prospect
inventory as they are developed. The following table summarizes
internally-estimated, un-risked, probabilistic P mean Gross PIIP
values mapped to date. The Company has identified 17 prospects
which could be drilled in the next 12 to 18 months subject to
Budget and Partner approvals. An additional 25 prospects have been
mapped which could be drilled assuming success in the initial 17
prospects.
----------------------------------------------------------------------------
Total Gross
Gross PIIP Gross PIIP PIIP
Prospects (Million Follow-up (Million (Million
Area 2012/2013 barrels) Prospects barrels) Barrels)
----------------------------------------------------------------------------
Block 72(i) 1 54(ii) 54
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East Ghazalat(i) 5 97 12 160 257
----------------------------------------------------------------------------
South Alamein 8 457 13 503 960
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South Mariut 3 256 256
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Total 17 864 25 663 1527
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(i) Non-operated.
(ii) Estimate provided by the Operator of the concession.
INVESTOR CONFERENCES
TransGlobe is pleased to advise that Mr. Ross G. Clarkson,
President and Chief Executive Officer, will make a presentation on
the Company`s activities at the Peters & Co. 16th Annual Energy
Conference in Toronto, Canada on Thursday, September 13, 2012 at
8:30 am Eastern Daylight Time (6:30 am Mountain Daylight Time).
Investors are invited to listen to the live webcast of the
presentation via the following link:
http://www.newswire.ca/en/webcast/detail/1030993/1115335
Mr. Ross Clarkson will also make a presentation at the
FirstEnergy/Societe Generale Global Energy Conference in London,
United Kingdom on Tuesday, September 18, 2012 at 11:45 am British
Summer Time (4:45 am Mountain Daylight Time).
Investors are invited to listen to the live webcast of the
presentation via the following link:
http://jetslides.tv/lobby/767
The links to these webcasts will also be available on
TransGlobe`s website at:
www.trans-globe.com
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, other than as required by law, 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 Scott Koyich Investor
Relations 403.264.9888investor.relations@trans-globe.com
www.trans-globe.com
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