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TransGlobe Energy completes drilling of the second South K-field development well

TransGlobe exports almost all it produces in Egypt except for what it chooses to sell to the Egyptian state oil company (EGPC) for local currency purposes

Drilling rig
The drilling rig is scheduled to move to West Gharib and then NW Gharib

Oil and gas exploration and development company TransGlobe Energy Corporation (NASDAQ:TGA, TSE:TGL) has completed drilling the second South K-field development well in Egypt.

The K45 well was targeting the main Asl A sand in a crestal position in South K-field, TransGlobe said.

READ: Egypt and cash flow the key to TransGlobe Energy’s recovery​

The well was drilled to a total depth of 5,831 feet, encountering the main Asl A sand some 66 feet structurally higher than the K-46 well and is structurally the highest well in the South K-field Asl A & B pools.

K-45 encountered an internally estimated 195 feet of net oil pay comprised of 120 feet of net oil pay in the Asl A pool (A1, A2 and A3), and 75 feet of net oil pay in the Asl B pool.

TransGlobe initially plans to complete the Asl B formation in K-45 and place the well on production in early May.

After that, the drilling rig is scheduled to move to West Gharib and NW Gharib to drill Arta 54 and NWG 38A-3 respectively.

Arta 54 is targeting the Nukhul/Red bed formation at the northern edge of the main Arta pool while the NWG 38A-3 well is planned as a water injection well to provide reservoir pressure support and enhanced recovery in the NWG 38 Red Bed pool.

The first three wells drilled in the NWG 38 pool did not encounter a water leg and are currently producing at a combined, restricted rate of roughly 920 barrels of oil per day. It is expected that the current production rates will be optimized upon completion of the water injection scheme and stabilised reservoir pressures.

Once NWG 38A-3 is sorted, the rig will return to the West Bakr concession and drill up to three development wells including two wells inside the recently negotiated reduced buffer zone targeting the M-field Asl A formation.

Shares in TransGlobe were up 1.8% at US$1.66 in lunchtime trading on Nasdaq.

Quick facts: TransGlobe Energy Corporation

Price: 0.53 CAD

TSX:TGL
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Market Cap: $38.45 m
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Transglobe Energy CEO Randy Neely presents at the Oil Capital Conference

TransGlobe Energy Corporation (NASDAQ:TGA, TSE:TGL, LON:TGL) CEO Randy Neely presents to investors at the Oil Capital Conference in London on January 31st 2019. For more information visit www.trans-globe.com

on 1/2/19

2 min read