TransGlobe Energy announces test results for Egyptian discovery well

11/20/2018

CALGARY -- TransGlobe Energy released test results for the South Ghazalat 6X oil discovery well in the Arab Republic of Egypt. 

The SGZ 6X exploration well reached a TD of 5,195 ft and was cased to test the potential of the Bahariya light oil discovery. Subsequently, three intervals in the Bahariya formation were tested for a combined flow of 3,840 bopd from the upper and lower Bahariya.

The lower Bahariya formation flowed naturally at an average rate of 2,437 bopd, 21 bwpd and 1.4 MMcfgd on a 40/64-in. choke from a 42 ft perforated interval. A total of 918 bo and 7 bw were produced during the 10-hr test. The middle Bahariya produced a small amount of formation water using nitrogen to lift fluid to surface from an 8 ft perforated interval.

The upper Bahariya formation flowed at an average rate of 1,403 bopd, 210 bwpd and 1.0 MMcfgd on a 64/64-in. choke from a 23 ft perforated interval. A total of 456 bo and 65 bw were produced during the 8-hr test.

Based on the positive test rates from SGZ 6X, a development plan is begin preparing for the discovery. In addition, the company is integrating the SGZ 6X well results into the existing database and mapping to evaluate additional exploration/appraisal drilling in the area and to accelerate potential early development options.

With the completion of SGZ 6X well, the company has met the financial commitments for the current exploration phase of the concession. The South Ghazalat concession was extended to May 6, 2019 with the option to enter into the final 18-month exploration phase. Although encouraging, test rates are not necessarily indicative of long-term performance or ultimate recovery.

Randy Neely, President of TransGlobe remarked "We are delighted that our perseverance in the Western Desert has been rewarded with a light oil discovery and very encouraging test rates. Once we have completed our planning, we will be able to incorporate the development of this discovery into our 2019 plan and provide updated capital and production guidance."

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