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TransGlobe Announces 2018 Capital Program of $29.1M for Egypt

Source: www.gulfoilandgas.com 1/10/2018, Location: Egypt

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TransGlobe Energy Corporation (TGL) (TGA) (“TransGlobe”) announces the 2018 capital budget and promotions. All dollar values are expressed in US dollars unless otherwise stated.

The $29.1 million Egypt program has $11.8 million (41%) allocated to exploration and $17.3 million (59%) to development. The $11.8 million 2018 exploration program is focused entirely on the Western Desert with 5 exploration wells planned (2 wells in South Ghazalat, 2 wells in NW Sitra and 1 well in South Alamein). The $17.4 million 2018 development program is focused entirely on the Eastern Desert which includes: 8 development wells (5 in West Bakr, 2 in NW Gharib and 1 in West Gharib) and development/maintenance projects in West Bakr, NW Gharib and West Gharib.

The primary focus of the 2018 Egypt plan is to sustain/grow Eastern Desert production and to evaluate the Company’s 1 million+ acres of exploration lands. The exploration program is designed to test an independent structure at South Alamein to prove up additional oil reserves on the concession and to test four independent structures on South Ghazalat and N.W. Sitra. The South Ghazalat and N.W. Sitra exploration wells are basin opening wells which could also de-risk 13 of the 21 additional prospects mapped on 3-D seismic. No production is budgeted from the Western Desert exploration assets in 2018.

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