Canada’s TransGlobe Energy Corporation said it received an approval of a new development lease for Egypt’s onshore South Ghazalat concession, where it expects to see first oil later this year.
The company is targeting an initial production target of approximately 1,000 barrel of oil per day from the upper Bahariya formation, TransGlobe said in a statement.
The near term development plan is targeting first oil production from the SGZ-6X discovery well in fourth quarter of 2019.
In November 2013, TransGlobe acquired a 100 per cent working interest in the South Ghazalat concession.
In a production update, the company said it averaged 17 million barrels of oil equivalent in May, month to date, consistent with April production and 7 per cent higher than first quarter average production.
TransGlobe has drilled and cased the West Bakr K-63 development well as an Asl A formation oil well with an internally estimated 74 feet of net oil pay, it said.
Meanwhile the West Bakr HW-2X discovery well drilled in April continues to clean up and is currently producing about700 bpd (field estimate).
TransGlobe has 100 per cent working interest in six concession blocks in Egypt; West Gharib, West Bakr, South Ghazalat, North West Sitra, South Alamein and North West Gharib.