TransGlobe Energy Announces Operations Update in Egypt

TransGlobe Energy Corporation (TGL) (TGA) (“TransGlobe”) announces an operations update for Egypt.

Operations Update Egypt
The Company has completed drilling the second South K-field development well at K-45 which was targeting the main Asl A sand in a crestal position in South K-field. The well was drilled to a total depth of 5,831 feet and encountered main Asl A sand approximately 66 feet structurally higher than the K-46 well and is structurally the highest well in 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. The Company plans to initially complete the Asl B formation in K-45 and place the well on production in early May.

Following K-45, 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. 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 approximately 920 Bopd. It is expected that the current production rates will be optimized upon completion of the water injection scheme and stabilized reservoir pressures.

Following NWG 38A-3, 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.

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