CALGARY, Alberta, Jun 22, 2018 (GLOBE NEWSWIRE) — TransGlobe Energy CorporationÃ‚Â (TSX:TGL) (NASDAQ:TGA) (Ã¢â‚¬Å“TransGlobeÃ¢â‚¬ï¿½ or a Ã¢â‚¬Å“CompanyÃ¢â‚¬ï¿½) announces a mid-second entertain 2018 update. All dollar values are voiced in US dollars unless differently stated.
- Published AIM inventory papers Jun 1st, 2018; focus has been done for acknowledgment to trade in London on Jun 29th
- Drilled 3 oil wells during a entertain (K45, Arta 54, NWG 38A-Inj)
- Stimulated 4 oil wells during a entertain (Arta 48 54, NWG 1AX 5X)
- Two cargoes sole during a second entertain (452 Mbbls Apr 7th and 450 Mbbls Jun 15th), subsequent load scheduled for mid-July
- Mobilized dual drilling rigs to a western dried (NW Sitra) for a 2018 scrutiny drilling program.Ã‚Â Expect to embark drilling during NW Sitra 9 and during NW Sitra 12, before to month finish following supply inspections and acceptance testing
- Completed a designed 3 week turnaround during Harmattan during May and behind on productionÃ‚Â May 26th
- Acquired 100% operative seductiveness in 16 sections (10,240 acres) of Cardium rights during Crown land sales year to date on a Cardium awaiting south/south west of Harmattan poolÃ‚Â
Corporate prolongation averaged ~14.3 MBoepd during April, ~12.4 MBoepd during May and has averaged ~14.8 MBoepd to date in June.Ã‚Â May prolongation was impacted by a designed close in of Canadian prolongation compared with a turnaround during a third celebration operated gas plant in a Harmattan area.Ã‚Â
Note: In serve to a designed May turnaround during Harmattan, a Company close in an additional 80 Boepd of healthy gas prolongation on May 11th due to low gas prices.
In Egypt, a Company finished dual wanton oil load sales during a quarter.Ã‚Â The initial load was carried in Apr (452,000 barrels) for deduction of ~$26.5 million and a second load was carried in Jun (~450,000 barrels) with deduction due in mid-July.Ã‚Â
In addition, a Company sole an additional ~82,000 barrels of desert oil directly to EGPC during Apr for deduction of $4.6 million to homogeneous inner expenses.Ã‚Â
The Company is scheduled to lift a third load in mid-July, and expects to finalize a timing of a fourth load with EGPC in Q3/Q4.
ARAB REPUBLIC OF EGYPT
The Company drilled 3 oil wells during a second entertain during K-45, Arta 54 and NWG 38A-Inj.
In West Bakr a K-45 good was a second South K-field good this year, targeting a categorical Asl A silt in a crestal position in South K-field.Ã‚Â The good was drilled to a sum abyss of 5,831 feet and encountered a categorical Asl A silt approximately 66 feet structurally aloft than a K-46 good and is structurally a top good in South K-field Asl A B pools.Ã‚Â The K-45 good encountered an internally estimated 195 feet of net oil compensate comprising 120 feet of net oil compensate in a Asl A pool (A1, A2 and A3) and 75 feet of net oil compensate in a Asl B pool. The K-45 good was finished during May in a Asl B arrangement and is now producing during a rate of 380 Bopd.
In West Gharib a Arta 54 good was a second good drilled this year in a range area between a Arta pool and a offsetting NWG growth franchise #3.Ã‚Â Arta 54 was drilled to a sum abyss of 3,711 feet and encountered approximately 128 feet of Nukhul/Red Bed arrangement with an internally estimated 24.5 feet of net oil pay.Ã‚Â The good was finished and placed on prolongation during a pre-frac rate of 60+ Bopd.Ã‚Â Arta 54 was facture wild and will be placed behind on prolongation this week.
In NorthWest Gharib (Ã¢â‚¬Å“NWGÃ¢â‚¬ï¿½) a NWG 38A-Inj good was designed as a H2O injector to yield fountainhead vigour support to raise liberation for a pool.Ã‚Â The good was drilled to a sum abyss of 5,552 feet and encountered 92 feet of Red Bed with an internally estimated net oil compensate of approximately 34 feet (scheduled for execution as an oil good before to a finish of June). This good has extended a NWG 38 pool red bed territory to a South by 0.4 kilometers and is approximately 83 feet structurally revoke than a NWG 38A-2 good that was a before lowest famous oil in a pool.Ã‚Â With a NWG 38A-Inj good results, a stream famous oil mainstay in a NWG 38A pool is approximately 575 feet. The Company will now cavalcade NWG 38A-7, located approximately 0.4 kilometers southeast of NWG 38A-Inj, targeting a same red bed pool in a structurally revoke position.Ã‚Â Should a NWG 38A-7 good also confront additional oil column, a Company has designed an additional good serve south during NWG 38A-8 as a strait for fountainhead vigour support.
The drilling supply has been temporarily built during NWG 38A-Inj tentative troops approvals of a NWG 38A-7 good and dual wells in M margin during West Bakr that are approaching by finish of June.Ã‚Â It is approaching that a 3 good drilling module will be finished in early Q3.
The Company also finished a 4 good (Arta 48, Arta 54, NWG 1AX, NWG 5X) kick module during May/June targeting Nukhul and parsimonious Red Bed firm wells.Ã‚Â The wells have all been fraced and are being placed on prolongation for post frac purify up.Ã‚Â It is approaching that any of a wells will furnish during an initial 30 day normal rate of 120 to 150 Bopd after recuperating frac liquid formed on offsetting producers.
In North West Sitra (Ã¢â‚¬Å“NWSÃ¢â‚¬ï¿½) a Company began mobilizing dual drilling rigs to plcae a second week of June.Ã‚Â The smaller 1,000 HP drilling supply is paraphernalia adult during NWS 9 and a incomparable 2,000 HP drilling supply is relocating to NWS 12.Ã‚Â It is approaching that drilling will embark before to month finish following a sold inspection/acceptance processes.Ã‚Â
NWS 9 is targeting a built Cretaceous awaiting with a designed drilling time of approximately 30 days. NWS 12 is targeting a deeper built Cretaceous/Jurassic awaiting with a designed drilling time of approximately 60 days.Ã‚Â
In addition, good site credentials is underway on South Ghazalat (Ã¢â‚¬Å“SGÃ¢â‚¬ï¿½) for a designed SG 1 and SG 2 scrutiny wells.Ã‚Â SG 1 and SG 2 are targeting multi-stacked Cretaceous prospects.Ã‚Â
The 1,000 HP drilling supply (currently on NWS 9) will be used to cavalcade SG 1 and 2, following drilling/testing of
NWS 9.Ã‚Â Ã‚Â
In South Alamein, a Company has viewed a 7 month prolongation to a PSC to concede serve time for troops approvals of drilling locations.
During a scheduled May close down period, a Company finished inspection/maintenance work on a categorical oil estimate battery and a categorical healthy gas compressor for a Harmattan area.Ã‚Â
Concurrently a Company is finalizing a 2018 Cardium drilling program, that is scheduled to embark in August.Ã‚Â The 2018 Cardium growth module of adult to 6 plane wells is designed to be drilled from a common pad to urge efficiencies and revoke costs.Ã‚Â The Company is formulation to cavalcade one two-mile extended strech plane (Ã¢â‚¬Å“ERHÃ¢â‚¬ï¿½) good to weigh a opening of ERH wells in a Harmattan area.Ã‚Â The residue of a 2018 module will be one-mile plane wells.
Also, during 2018 a Company has acquired 100% operative seductiveness in 16 sections (10,240 acres) of Cardium rights during Crown land sales (March and May) on a Cardium awaiting south/south west of a Harmattan pool.Ã‚Â Based on chronological good logs and core information on a lands and offsetting lands, a Company believes that a poignant apportionment of a acreage is impending for Cardium oil growth utilizing a plane good multi-stage frac record employed in a adjacent Harmattan pool.Ã‚Â The Harmattan pool has been grown by drilling 4 wells per section. The Company is evaluating a merits of drilling an exploratory plane good on a new lands as partial of a 2018 growth drilling module or a 2019 program.
TransGlobe Energy Corporation is a Calgary-based, growth-oriented oil and gas scrutiny and growth association whose stream activities are strong in a Arab Republic of Egypt and Canada. TransGlobeÃ¢â‚¬â„¢s common shares trade on a Toronto Stock Exchange underneath a pitch TGL and on a NASDAQ Exchange underneath a pitch TGA.
Advisory on Forward-Looking Information and StatementsÃ‚Â Ã‚Â
Certain statements enclosed in this news recover consecrate forward-looking statements or forward-looking information underneath germane bonds legislation. Such forward-looking statements or information are supposing for a purpose of providing information about management’s stream expectations and skeleton relating to a future. Readers are cautioned that faith on such information competence not be suitable for other purposes. Forward-looking statements or information typically enclose statements with difference such as “anticipate”, “believe”, “expect”, “plan”, “intend”, Ã‚Â “estimate”, “may”, “will”, “would” or identical difference suggesting destiny outcomes or statements per an outlook. In particular, forward-looking information and statements contained in this request include, though are not singular to, a Company’s goal to find a inventory on AIM to raise liquidity for a CompanyÃ¢â‚¬â„¢s shareholders and yield some-more approach entrance to a London collateral markets; a date that Admission is approaching to turn effective and sell will commence; a Company’s plan to grow a annual money flow; expectations per a merger efforts; a bearing of a Company for a London collateral markets; approaching drilling, execution and contrast plans, including, a approaching timing thereof, prospects being targeted by a Company, and supply mobilization plans; approaching destiny prolongation from certain of a Company’s drilling locations; TransGlobe’s skeleton to cavalcade additional wells, including a forms of wells, approaching series of locations and a timing of drilling thereof; a timing of supply transformation and mobilization and drilling activity; a Company’s skeleton to record growth franchise applications for certain of a discoveries, including a approaching timing of filing of such applications and a approaching timing of receipt of regulatory approvals; approaching prolongation and ultimate recoveries from wells;Ã‚Â a CompanyÃ¢â‚¬â„¢s Ã‚Â plans during South Alamein, to negotiate destiny troops entrance (including a approaching timing thereof) a Company’s drilling module during Harmattan, including a approaching timing of wells on production; TransGlobe’s skeleton to continue exploration, growth and execution programs in honour of several discoveries; destiny mandate compulsory to establish good opening and estimated recoveries; and other matters.
In creation a forward-looking statements contained in this document, a Company has done assumptions regarding, though not singular to: a routine and mandate to list on AIM; assumptions per approaching liquidity for a CompanyÃ¢â‚¬â„¢s shareholders; entrance to, and receptivity of, a London collateral markets; a date that Admission is approaching to turn effective and sell will commence. Forward-looking statements or information are formed on stream expectations, estimates and projections that engage a series of risks and uncertainties that could means tangible formula to differ materially from those approaching by a Company and described in a forward-looking statements or information, including doubt in receiving compulsory approvals from TransGlobe’s nominated advisor; doubt in receiving compulsory approvals from a London Stock Exchange; disaster to grasp a viewed advantages of a AIM market; ubiquitous mercantile and financial conditions of a AIM market; and other factors over a Company’s control.
Forward-looking statements or information are formed on a series of factors and assumptions that have been used to rise such statements and information though that competence infer to be incorrect. Although a Company believes that a expectations reflected in such forward-looking statements or information are reasonable, undue faith should not be placed on forward-looking statements since a Company can give no declaration that such expectations will infer to be correct. Many factors could means TransGlobe’s tangible formula to differ materially from those voiced or pragmatic in any forward-looking statements done by, or on seductiveness of, TransGlobe.
In serve to other factors and assumptions that competence be identified in this news release, assumptions have been done regarding, among other things, approaching prolongation volumes; a timing of drilling wells and mobilizing drilling rigs; a series of wells to be drilled; a Company’s ability to obtain competent staff and apparatus in a timely and cost-efficient manner; a regulatory horizon ruling royalties, taxes and environmental matters in a jurisdictions in that a Company conducts and will control a business; destiny collateral expenditures to be done by a Company; destiny sources of appropriation for a Company’s collateral programs; geological and engineering estimates in honour of a Company’s pot and resources; a embankment of a areas in that a Company is conducting scrutiny and growth activities; stream commodity prices and kingship regimes; accessibility of learned labour; destiny sell rates; a cost of oil; a impact of augmenting competition; conditions in ubiquitous mercantile and financial markets; accessibility of drilling and compared equipment; effects of law by bureaucratic agencies; destiny handling costs; undeviating entrance to areas of TransGlobe’s operations and infrastructure; recoverability of pot and destiny prolongation rates; that TransGlobe will have sufficient money flow, debt or equity sources or other financial resources compulsory to account a collateral and handling expenditures and mandate as needed; that TransGlobe’s control and formula of operations will be unchanging with a expectations; that TransGlobe will have a ability to rise a properties in a demeanour now contemplated; stream or, where applicable, due attention conditions, laws and regulations will continue in outcome or as approaching as described herein; that a estimates of TransGlobe’s pot and apparatus volumes and a assumptions compared thereto (including commodity prices and growth costs) are accurate in all element respects; and other matters.
Forward-looking statements or information are formed on stream expectations, estimates and projections that engage a series of risks and uncertainties that could means tangible formula to differ materially from those approaching by a Company and described in a forward-looking statements or information. These risks and uncertainties that competence means tangible formula to differ materially from a forward-looking statements or information include, among other things, handling and/or drilling costs are aloft than anticipated; variable changes in a rate of prolongation from TransGlobe’s oil and gas properties; changes in cost of wanton oil and healthy gas; inauspicious technical factors compared with exploration, development, prolongation or travel of TransGlobe’s wanton oil reserves; changes or disruptions in a domestic or mercantile regimes in TransGlobe’s areas of activity; changes in tax, appetite or other laws or regulations; changes in poignant collateral expenditures; delays or disruptions in prolongation due to shortages of learned manpower apparatus or materials; mercantile fluctuations; competition; miss of accessibility of competent personnel; a formula of scrutiny and growth drilling and compared activities; receiving compulsory approvals of regulatory authorities; sensitivity in marketplace prices for oil; fluctuations in unfamiliar sell or seductiveness rates; environmental risks; ability to entrance sufficient collateral from inner and outmost sources; disaster to negotiate a terms of contracts with counterparties; disaster of counterparties to perform underneath a terms of their contracts; and other factors over a Company’s control. Readers are cautioned that a foregoing list of factors is not exhaustive. Please deliberate TransGlobeÃ¢â‚¬â„¢s open filings during www.sedar.com and www.sec.gov/edgar.shtml for further, some-more minute information concerning these matters, including additional risks compared to TransGlobe’s business.
The forward-looking statements or information contained in this news recover are done as of a date hereof and a Company undertakes no requirement to refurbish publicly or correct any forward-looking statements or information, either as a outcome of new information, destiny events or differently unless compulsory by germane bonds laws. The forward-looking statements or information contained in this news recover are specifically competent by this cautionary statement.
Oil and Gas Advisories
Mr. Brett Norris, M.Sc., P Geo, – Vice President Exploration for TransGlobe Energy Corporation, and a competent chairman as tangible in a Guidance Note for Mining, Oil and Gas Companies, Jun 2009, of a London Stock Exchange, has reviewed and authorized a technical information contained in this announcement. Mr Norris performed a MasterÃ¢â‚¬â„¢s of Science Degree in Geology from a University of Western Ontario.Ã‚Â He is a Registered Professional Geoscientist in a range of Alberta and has of 30 yearsÃ¢â‚¬â„¢ knowledge in oil and gas.
BOEs competence be misleading, quite if used in isolation. A BOE acclimatisation ratio of 6 thousand cubic feet of healthy gas to one tub of oil homogeneous (6 mcf: 1 bbl) is formed on an appetite equivalency acclimatisation process essentially germane during a burner tip and does not paint a value equivalency during a wellhead. Given that a value ratio formed on a stream cost of wanton oil as compared to healthy gas is significantly opposite from a appetite equivalency of 6:1, utilizing a acclimatisation on a 6:1 basement competence be dubious as an denote of value.
References in this press recover to prolongation exam rates, are useful in confirming a participation of hydrocarbons, however such rates are not pliant of a rates during that such wells will embark prolongation and decrease afterward and are not demonstrative of prolonged tenure opening or of ultimate recovery. While encouraging, readers are cautioned not to place faith on such rates in calculating a total prolongation for TransGlobe. A vigour transitory research or well-test interpretation has not been carried out in honour of all wells. Accordingly, a Company cautions that a prolongation exam formula should be deliberate to be preliminary.
Certain form bend information enclosed in this news release, represents estimates of a prolongation decrease and ultimate volumes approaching to be recovered from wells over a life of a well. This information is formed on management-generated form curves formed on a multiple of chronological opening of comparison wells and management’s expectancy of what competence be achieved from destiny wells. The information represents what government thinks an normal good will achieve. Individual wells competence be aloft or revoke though over a incomparable series of wells government expects a normal to come out to a form curve. Over time form curves can and will change formed on achieving some-more prolongation story on comparison wells or some-more new execution information on newer wells.
The following abbreviations used in this press recover have a meanings set onward below:
BopdÃ‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â barrels of oil per day
BoepdÃ‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â barrels of oil homogeneous per day
GJ/dÃ‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â giga joules per day
$C/JGÃ‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Canadian dollars per giga joule