- Highlights include total production of 12.1 Boepd in Q2, 2022
- Canadian production averaged 2,355 Boepd for Q2, 2022
- Production in Egypt totalled 10,045 Boepd in Q2, 2022
- The company sold a ~451 Mbbl cargo of Egypt entitlement crude oil for proceeds of approximately US$46 million
- TransGlobe Energy Corporation is a oil and gas exploration and development company
- TransGlobe Energy Corporation (TGL) opened trading at C$4.87
TransGlobe Energy Corporation (TGL) has provided an operations update.
Overview:
- Production totalled 12.1 Boepd in Q2, 2022
- Canadian June production totalled 2,355 for the quarter
- Two wholly-owned 2-mile horizontal Cardium reservoir development wells were drilled in Q2, 2022 to date in Canada
- Drilled and cased four Egypt Eastern Desert development wells in Q2, 2022 to date
- The Company sold a ~451 Mbbl cargo of Egypt entitlement crude oil for proceeds of ~$46 million.
Randy Neely, President and CEO of TransGlobe Energy, commented on the update.
“The company’s operations continue to be in-line with plan, with both Egypt and Canada generating production within guidance. Canadian production was curtailed for part of April and much of May as a result of planned third party plant maintenance which was completed on schedule.
A full (~451 MBbls) cargo lifting was completed in the second quarter. While the proceeds for this recent lifting were the highest realized since 2014, we also experienced a higher Brent differential compared to recent liftings, which appears to be related to increased supply being available to the blend’s traditional buyers.
We continue to examine portfolio optimization opportunities and other value enhancing strategies that are complementary to our previously announced distribution policy.”
Operations update:
Arab Republic of Egypt
The company drilled and case four additional development wells in the K-Field during the Easter Desert drilling campaign to date.
The K-78 well was drilled to a total depth of 1,420 meters.
The K-75 well was drilled to a total depth of 1,396 meters.
The K-74 well was drilled to a total depth of 1,399 meters.
The K-73 well was drilled to a total depth of 1,406 meters.
The K-77 well in K-Field has recently been spudded by the EDC-64 rig.
The Arta-76 and NWG-1E vertical wells that confirmed the presence of oil in the Nukhul were cored to provide data to update the reservoir models and have successfully delineated the reservoir for optimal targeting of the forthcoming horizontal wells.
The company continues working to mitigate potential supply chain issues by engaging alternative materials suppliers. In the short term, materials shortages causing delays to the tie-in of some recently drilled wells are being addressed.
Canada
During the quarter to date, two wholly-owned two-mile Harmattan horizontal Cardium reservoir wells were drilled in the South Harmattan area, completing the four-well winter drill campaign. Production is scheduled to begin in August 2022.
The company has spudded a one-mile Harmattan horizontal Cardium reservoir well, the start of a three horizontal well Harmattan Cardium reservoir summer drill program.
Corporate
The company sold a ~451 Mbbl cargo of Egypt entitlement crude oil for proceeds of approximately US$46 million.
TransGlobe Energy Corporation is a oil and gas exploration and development company whose activities are focused on the Arab Republic of Egypt and Canada.
TransGlobe Energy Corporation (TGL) opened trading at C$4.87.