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EGYPT: Oil Production Decline Offset by Well Optimization Activities & New Drilling – TransGlobe

Eastern Desert (100% WI)

The Company continues to utilize the EDC-64 rig drilling development oil wells.

In West Bakr, during the quarter, the Company successfully drilled two development oil wells and is moving on to a third well, K-66, at quarter end.

The K-62 development well was drilled to a total depth of 1,473 meters, and encountered oil-bearing sands in the Asl-A formation. The reservoir section has been fully logged and evaluated, with an internally estimated 24.2 meters of net oil pay in the Asl-A reservoirs. The Asl-A2 was completed for oil production.

The second well in West Bakr, K-65, was drilled to a total depth of 1,730 meters, and encountered oil-bearing sands in the Asl-A, Asl-B, Asl-C, Asl-D and Asl-E formations. The reservoir section has been fully logged and evaluated, with an internally estimated 10.6 meters of net oil pay in the Asl-A sand, 12.5 meters of net oil pay across the Asl-B sand, 6.1 meters of net oil pay across the Asl-C sand, 5.5 meters of net oil pay across the Asl-D sand and 11.4 meters of net oil pay in the Asl-E sand (total net oil pay 46.1 meters). The Asl-E is expected to be completed for production in this well. The Asl-A, Asl-B, Asl-C, and Asl-D are expected to be recovered through future recompletions of this well.

The Company drilled one well in North West Gharib, NWG-3B-2, to a total depth of 1,627 meters to assess Red Bed potential in the northern area of our development leases. The well encountered Red Bed sands which were wet. The results are under evaluation to identify any up-dip sidetrack potential.

Western Desert (100% WI)

The lower Bahariya reservoir at SGZ-6X continues to produce on Gas Oil Ratio (GOR) control at a field estimated 680 Bopd of light oil with a 46% watercut.

With improved oil prices and spare capacity available in the South Ghazalat early production facility, the Company has accelerated drilling of an oil exploration well on the SGZ-7B prospect to the east of SGZ-6X. The well will target light oil in the Bahariya reservoir and fulfills our commitments to EGPC as part of the grant to the Company of a 10-block development lease in 2019. The Company anticipates spudding this well in early Q4, 2021.

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