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11/5/13 - C$9.93
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transglobe energy corp (TGL) Details

TransGlobe Energy Corporation is engaged in the exploration, development, and production of oil and gas properties. It operates in two segments, the Arab Republic of Egypt and the Republic of Yemen. The company holds interests in eight production sharing concessions (PSCs) that cover approximately 800,000 net acres located in Egypt; and four PSCs in Yemen. As of December 31, 2013, its total proved reserves were 31.6 million barrels of oil (MMBbl); and proved plus probable reserves were 45.3 MMBbl. TransGlobe Energy Corporation was founded in 1968 and is headquartered in Calgary, Canada.

Founded in 1968

transglobe energy corp (TGL) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$384.8K
Chief Financial Officer, Vice-President of Fi...
Total Annual Compensation: C$280.8K
Chief Operating Officer, Vice President and D...
Total Annual Compensation: C$335.9K
Vice President of Business Development
Total Annual Compensation: C$275.6K
Vice President of Exploration
Total Annual Compensation: C$251.7K
Compensation as of Fiscal Year 2013.

transglobe energy corp (TGL) Key Developments

TransGlobe Energy Corporation Announces Exploration Update

TransGlobe Energy Corporation announced an exploration update including a Lower Nukhul oil discovery at NWG 3, a gas/condensate test at North Dabaa 2 and the award of a new concession in the Western Desert. North West Gharib, Arab Republic of Egypt (100% working interest, operated): The company has drilled and cased NWG 3 as a Lower Nukhul new pool oil discovery. The well was drilled to a total depth of 5,360 feet and encountered 42 feet of net oil pay in the prolific Lower Nukhul formation based on well logs and oil recovered on wireline samples. The Lower Nukhul sandstone encountered in NWG 3 has similar permeability and porosity to the main Arta/East Arta wells which produced in excess of 1,000 Bopd, unstimulated. The company plans to expedite appraisal drilling to better define the discovery. The NWG 3 well was drilled near the northern edge of the existing 3-D seismic (acquired in 2008) and therefore the northern limit to the new pool is undefined at this time. New 3D seismic data is currently being acquired on these lands and will be available in early 2015 for mapping. The drilling rig has moved to the fourth well in the program and is currently drilling NWG 4 which is targeting a Nukhul pool south of the Arta field. A second drilling rig has finished drilling a successful multi-zone oil well at Hana West on the West Gharib concession. The rig has moved to the North West Gharib concession and is expected to commence drilling NWG 10 next week following scheduled rig maintenance. NWG 10 is targeting an internally estimated undiscovered prospective resource of 33 million barrels (un-risked) on a deterministic basis with an estimated geologic chance of success of 15%. The primary targets are the Markha/Rudeis sands similar to the Hana/Hana West and West Bakr K & M fields approximately 10 kilometers north and west of NWG 10. Results from the 8,300 foot exploration well are expected in October. In addition, the company commenced seismic acquisition in NWG concession in late August. The NWG 3D, which is expected to be completed in 2014, is approximately 512 square kilometers and will cover the north/west portion of the concession including a potential northern extension of the NWG 3 discovery. The NWG 3-D is the first portion of a larger $36 million seismic program (1,000 square km's of 3-D and 300 km's of 2-D in the Eastern Desert and 400 square km's of 3-D in South Ghazalat). The total program is targeting a Second Quarter 2015 completion. The third drilling rig will continue to drill development wells on the West Bakr concession into 2015. East Ghazalat, Arab Republic of Egypt (50% working interest): The North Dabaa 2X well, an appraisal well to the initial North Dabaa 1X gas/condensate discovery that was drilled in 2013, was drilled to a total depth of 14,237 feet and cased as a Jurassic gas condensate well. Based on open hole well logs and samples, the well encountered approximately 136 feet of gross interval in the Khatatba/Upper Safa formation with an estimated 36 feet of net pay. The Khatatba/Upper Safa formation was completed and flow tested using the drilling rig for a total duration of 64.5 hours. During this period, approximately 50.4 million cubic feet of gas ("MMcf") and 1,456 barrels ("Bbl") of 57deg API condensate were recovered on choke sizes varying from 24/64 inch to 64/64 inch and corresponding wellhead drawdowns of 9% to 69%. This represents average rates during the entire flow test of 18.7 million cubic feet of gas per day (MMcfd) and 542 barrels per day ("Bpd") of condensate. An extended flow period of 35.5 hours was performed on a 64/64 inch choke during the test resulting in rates of 21.3 MMcfd of gas and 551 Bpd of condensate. Shut-in periods were conducted during the test, however a detailed well test analysis has not been performed. The test results should be considered as preliminary and are not necessarily indicative of long-term performance. The well is currently shut-in for an extended build-up period. The results of North Dabaa 2X will be fully evaluated along with the prior North Dabaa 1X test to determine the extent of the discovery. Following North Dabaa 2x, the drilling rig is scheduled to move to the Safwa development lease to drill a Safwa horizontal development well. North West Sitra, Arab Republic of Egypt (100% WI - pending ratification): EGPC announced that TransGlobe was the successful bidder on the North West Sitra (NW Sitra) concession (100% working interest) in the 2014 EGPC bid round which closed on July 7, 2014. It is anticipated that the ratification approval process of the new concession could be completed by late 2014. The 1,946 square kilometer (480,850 acre) NW Sitra concession is located in the Western Desert immediately to the west of the company's South Ghazalat concession in the prolific Abu Gharadig basin. The Company has committed to acquire a minimum of 300 square kilometers of 3D seismic and drill two exploration wells in the first exploration phase. The concession will have a 7 year exploration term which will commence when it has been passed into law. The seven year term is comprised of two 3.5 year (42 month) exploration phases. The new concession provides for the approval of 20 year development leases on commercial discoveries.

TransGlobe Energy Corporation Presents at Canaccord Genuity 8th Annual Global Resources Conference, Oct-15-2014

TransGlobe Energy Corporation Presents at Canaccord Genuity 8th Annual Global Resources Conference, Oct-15-2014 . Venue: Palace Hotel, 455 Madison Avenue, New York, New York, United States.

TransGlobe Energy Corporation Presents at FirstEnergy Global Energy Conference, Sep-15-2014 11:00 AM

TransGlobe Energy Corporation Presents at FirstEnergy Global Energy Conference, Sep-15-2014 11:00 AM. Venue: Intercontinental London Park Lane, One Hamilton Place Park Lane, London , W1J 7QY, United Kingdom. Speakers: Ross G. Clarkson, Chief Executive Officer, President and Director.


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