TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) ("TransGlobe"
or the "Company") provides an operation update on South Mariut. All
dollar values are expressed in United States dollars unless
otherwise stated.
South Mariut, Arab Republic of Egypt (60% working interest,
operated)
Operations and Exploration
The Al Azayem #1 well (first well of a planned three well
exploration program) reached a total depth of 16,391 feet and will
be plugged and abandoned. The primary Cretaceous reservoirs did not
contain hydrocarbons. The Jurassic section of the well encountered
a gross section of approximately 4,000 feet of Jurassic shale and
tight carbonates. The shale in the Jurassic had good hydrocarbon
indicators recorded while drilling. Analysis of the drill cuttings
will be carried out to determine source rock properties. It is
expected that the total well cost will be approximately $9 million
($5.4 million to TransGlobe) which is lower than the budgeted $9.6
million well cost for a 14,500 foot test.
Following rig release, the drilling rig is scheduled to drill
the HL-5 prospect (Al Nahda #1) approximately 15 kilometers north
of the Al Azayem prospect. The 10,500 foot Al Nahda #1 well is
targeting an independent Cretaceous structure (four stacked zones)
defined on 3-D seismic. Budgeted at $4.3 million ($2.6 million to
TransGlobe), the Al Nahda #1 exploration well is programmed to take
approximately 40 days to drill. The Al Nahda (HL-5) prospect was
independently evaluated as of December 31, 2012 by DeGolyer and
MacNaughton Canada Limited "DMCL". The Al Nahda #1 well is
targeting a combined four potential reservoirs that have a Pg
unadjusted Mean Gross Prospective Resource volume of 20.2 million
barrels.
It is expected that the joint venture partners will finalize the
third exploration location early in 2013.
The DMCL prospective resources estimates were prepared in
accordance with the requirements of Canadian National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities Section
5.9 ("NI 51-101").
Capitalized terms related to resources classifications used in
this press release are based on the definitions and guidelines in
Section 5.3.5 of the Canadian Oil and Gas Evaluation Handbook
("COGEH"), Volume 1.
Historic well data, regional geology and seismic data were
reviewed by DMCL to prepare a probabilistic Prospective Resources
Estimate. The following table shows the gross estimated prospective
resources expressed in millions of barrels. These estimates have
not been adjusted for the probability of geologic success (Pg).
Gross Prospective Oil Resources
(millions of barrels - MMbbl)
----------------------------------------------------------------------------
Low Best High Mean
Prospect Estimate Estimate Estimate Estimate
----------------------------------------------------------------------------
HL-5 Prospect 11.7 19.0 30.1 20.2
Prospective Resources are those quantities of oil and gas
estimated to be potentially recoverable from undiscovered
accumulations. There is no certainty that the Prospective Resources
will be discovered. If discovered, there is no certainty that it
will be commercially viable to produce any portion of the
prospective resources. Application of any geological and economic
chance factor does not equate prospective resources to contingent
resources or reserves. In addition, the following mutually
exclusive Classification of Resources were used:
Low Estimate - This is considered to be a conservative estimate
of the quantity that will actually be recovered from the
accumulation. This term reflects a P90 confidence level where there
is a 90% chance that a successful discovery will be more than this
resources estimate.
Best Estimate - This is considered to be the best estimate of
the quantity that will actually be recovered from the accumulation.
This term is a measure of central tendency of the uncertainty
distribution and in this case reflects a 50% confidence level where
the successful discovery will have a 50% chance of being more than
this resources estimate.
High Estimate - This is considered to be an optimistic estimate
of the quantity that will actually be recovered from the
accumulation. This term reflects a P10 confidence level where there
is a 10% chance that the successful discovery will be more than
this resources estimate. Note that these distributions do not
include consideration of the probability of success of discovering
and producing commercial quantities of oil, but rather represent
the likely distribution of the oil deposits, if discovered.
Mean Estimate - In accordance with petroleum industry standards,
the mean estimate is the probability-weighted average, which
typically has a probability in the P45 to P15 range, depending on
the variance of prospective resources volume or associated value.
Therefore, the probability of a prospect or accumulation containing
the probability-weighted average volume or greater is usually
between 45 and 15 percent. The mean estimate is the preferred
probabilistic estimate of resources volumes.
DMCL is a wholly owned subsidiary of D&M
(http://www.demac.com/), a global consulting firm providing a
variety of services related to the upstream sector of the petroleum
industry, including evaluation of the hydrocarbon potential of
exploration areas, estimation and classification of reserves to be
recovered from new discoveries, verification of hydrocarbon
reserves, production forecasting, and appraisal of properties for
prospective acquisition, divestiture, issuance of securities, or
financing purposes. The firm offers expertise in the primary
scientific specialties related to petroleum evaluation including
Evaluation of Prospective Resources.
DMCL has acted independently in the preparation of the Report.
DMCL and its employees have no direct or indirect ownership in the
property appraised or the area of study described.
With respect to Assumptions and Limiting Conditions within the
Report, the Report is limited to a discussion of the potential
undiscovered oil and gas Prospective Resources of the subject
property. The Report does not attempt to place a value thereon.
DMCL reserves the right to revise its opinions of reserves and
resources, if new information is deemed sufficiently credible to do
so. The accuracy of any estimate is a function of available time,
data and of geological, engineering and commercial interpretation
and judgment. While the resources estimates presented herein are
believed to be reasonable, they should be viewed with the
understanding that additional analysis or new data may justify
their revision and DMCL reserves the right to make such
revision.
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. Statements relating to
"resources" are forward-looking statements as they involve the
implied assessment, based on estimates and assumptions that the
resources described exist in the quantities predicted or estimated.
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, upon completion of
the primary term of any current exploration and/or production
license, TransGlobe would secure an extension or additional license
for any accumulation or discovered prospect; that TransGlobe
intends to proceed with development and operation of any
commercially viable discovered prospect, 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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