Not what was hoped for, apparently:
TransGlobe Energy Corporation Announces Update on International Operations
Monday February 28, 1:06 pm ET
CALGARY, Alberta--(BUSINESS WIRE)--Feb. 28, 2005--TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TSX:TGL - News; AMEX:TGA - News) announces an operations update on Block S-1, Block 32 and Block 72 on in the Republic of Yemen and on the Nuqra Block in the Arab Republic of Egypt.
Block S-1, Yemen (25.0% working interest)
Malaki #1, which commenced drilling on January 18, 2005, has reached a total depth of 2,315 meters. The well is being plugged and abandoned after encountering minor hydrocarbon shows. The Lam 'A' sandstone reservoirs were encountered structurally lower than the oil/water contact in the An Nagyah field and were water saturated. The drilling rig is preparing to move to the next drilling location at An Nagyah #15. The An Nagyah #15 well is planned as an 800 meter horizontal well in the northwest area of the An Nagyah field, adjacent to An Nagyah #12.
The pipeline and facility construction for the An Nagyah field is on schedule with a planned start up in June 2005. The An Nagyah field production is anticipated to increase to over 10,000 Bopd (2,500 Bopd to TransGlobe) when the facilities and pipeline are operational.
A service rig is currently installing pumps on Harmel #1 and #2 in preparation for a long term test. A three to six month production test is planned to determine stabilised production rates which will determine if a full scale development of the Harmel field can proceed.
Block 32, Yemen (13.81% working interest)
The Tasour #16 well has been suspended after encountering 6.0 meters of oil pay overlying 3.0 meters of water bearing sandstone. The dip meter indicates a structurally higher location can be reached by sidetracking the well to the south of the current bottom hole location. The sidetrack drilling is planned after Tasour #17. The rig is currently drilling Tasour #17 to test a possible eastern extension of the Tasour field. The eastern extension was identified on the recent 3-D seismic survey and by the Tasour #15 water injection well. Tasour #15 was drilled as a water injector nearby the central production facility and found a 2.5 meter oil column, which indicates the Tasour field could extend eastward.
Block 72, Yemen (33% working interest)
The Block 72 Production Sharing Contract has been approved by the Cabinet and is currently before the Yemen Parliament for final approval. Following parliamentary approval the Block 72 partnership plans to acquire 3-D seismic to identify drilling locations. Drilling is anticipated to commence late in 2005 or early 2006.
Nuqra Block, Egypt (50% working interest)
TransGlobe has obtained the older seismic on the Nuqra Block and is currently reprocessing the data to improve the resolution. A new seismic acquisition program is anticipated to commence in the fourth quarter 2005. A field geological survey is also underway to investigate surface outcrops and oil seeps in the Nuqra area. It is expected that a drilling program will commence in late 2006. |
