TransGlobe discovers oil in Egyptian concession

oil-egypt-nestor galina-flickrTransGlobe has discovered oil in its first exploration well — NWG 1 — on Lower Nukhul located at North West Gharib (NWG) concession in Egypt

The company report stated that around 10 metres of net oil pay was identified on well logs and the well was cased for completion as a future oil producer.

Following NWG 1, the rig is scheduled to move to NWG 2 followed by NWG 3. NWG 2 and NWG 3 will offset the northwest corner of East Arta, which contains upper and lower Nukhul producers, TransGlobe added.

The company will move a second drilling rig, which currently drilling at West Gharib, to NWG 10, targeting an exploration site on the southeast corner of the concession. TransGlobe has commenced an 18-well 2014 drilling programme on the NWG and both drilling rigs are scheduled to remain in the concession through 2015.

The explore has also identified 79 drilling locations based on existing 3D seismic and geological modeling of the area and has internally estimated a prospective resource of 71mn barrels on an un-risked deterministic basis for the NWG block.

The 2014 drilling programme will target up to 58mn barrels of the total 71mn barrels of prospective resource identified to date.

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