Transglobe Energy Operations in Egypt

From Oil4All
Jump to: navigation, search

TransGlobe's first investments into Egypt occurred in July 2004 when the company entered into a farm-out agreement and earned a 50% interest in the Nuqra Concession. Subsequently, TransGlobe's interest in the property had increased to 71.43% (July 2008). The Nuqra Concession was relinquished in July of 2012.

In September 2007, TransGlobe significantly expanded its Egyptian operations with the acquisition of approximately 55% and operatorship of the West Gharib Concession; this was followed by the acquisition of an additional 30% in February 2008, and the final 15% in August 2008, to give the Company 100% of the West Gharib Concession.

In January 2010, TransGlobe farmed into a 50% interest of the Western Desert East Ghazalat exploration concession, while in December 2011, the company acquired a 100% working interest in the West Bakr Concession.[1]

In June 2012, TransGlobe acquired companies with a 50% non operated interest in the South Alamein Concession and a 60% operated interest in the South Mariut Concession.

The South Alamein Concession is located onshore in the Western Desert of Egypt and includes portions of the prolific Alamein and Tiba basins. The current gross size of this exploration concession is 1,423 square kilometers (355,832 acres). The concession, of which TransGlobe now holds 100% working interest, is in the final 2 year exploration phase.[2]

The South Mariut Concession in Egypt’s Western Desert has a gross size of approximately 3,350 square kilometers (828,000 acres). It is an onshore block running along the Mediterranean coast line, adjacent to prolific offshore hydrocarbon fields and southwest of the city of Alexandria. The southern boundary of the South Mariut Concession is approximately 20 kilometers north of the South Alamein concession.[3] In January 2013, TransGlobe announced that it will abandon the first of three planned exploration wells at its South Mariut project in Egypt.[4]

References

  1. "Arab Republic of Egypt", Transglobe Energy, retrieved 20 June 2013.
  2. "South Alamein", Transglobe Energy, retrieved 20 June 2013.
  3. "South Mariut", Transglobe Energy, retrieved 20 June 2013.
  4. "TransGlobe Energy shares down after news of abandoned Egypt well", Proactive Investors, retrieved 11 January 2013.