News

February 05, 2009

Canada’s TransGlobe Energy Corporation Surpasses Production Targets Due To New Output From Egypt

When we wrote about Canada’s TransGlobe Energy Corporation last November we said production had dipped by 5 per cent to 6,935 barrels of oil per day due to equipment problems on the company’s West Gharib leases in Egypt, rather than more profound reservoir problems. The company still expected to hit its production guidance for the full year of 7,450 boepd.

In fact the latest production update suggests that the company is running above its targets in Egypt. A statement from the company says that one day in January output surpassed 9,500 barrels of oil a day (bopd). Oil production averaged 7,680 bopd during the month of January, and the company exited the month with 9000 bopd.

The main driver was the Wet Gharib field which, with equipment problems apparently resolved, saw total production of 6,200 bopd, an increase 107 per...