{"id":11981,"date":"2022-03-07T14:45:57","date_gmt":"2022-03-07T14:45:57","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11981"},"modified":"2022-03-07T14:45:57","modified_gmt":"2022-03-07T14:45:57","slug":"egypt-transglobe-energy-reserves-155-higher-in-2021","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-transglobe-energy-reserves-155-higher-in-2021\/","title":{"rendered":"EGYPT: TransGlobe Energy Reserves 155% higher in 2021"},"content":{"rendered":"

Egyptian net present value of future net revenues (2P reserves discounted at 10%, forecast pricing, after tax) increased to $289 MM, 155% higher compared to 2020, principally due to the increased net entitlement share resulting from the Merged Concession Agreement as well as an increased Brent oil price forecast from year-end 2020.<\/p>\n

2P drilling additions of 2.4 MMbbls (1P: 1.4 MMbbls) resulted from successful drilling in the K and H field, while improved production performance and the term extension realized from the Merged Concession Agreement resulted in positive 2P technical revisions of 3.2 MMbbls (1P: 6.8 MMbbls). Egypt represents 65% and 58% of TransGlobe’s reserves on a 1P and 2P basis, respectively.<\/p>\n

Randy Neely, President & Chief Executive Officer of TransGlobe:<\/strong>‘We are thrilled with the updated year-end 2021 reserves. This puts a resounding stamp of justification on the years of hard work to both complete the Eastern Desert PSC consolidation. Although improved commodity prices contributed to the increase in reserves and value, the quantum of the reserves increase is chiefly due to both the amended commercial terms in Egypt and the strong technical and operating work done in both Egypt and Canada.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian net present value of future net revenues (2P reserves discounted at 10%, forecast pricing, after tax) increased to $289 MM, 155% higher compared to 2020, principally due to the … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[10289,10288,10285,10287,7707,10286,9951,8669],"class_list":["post-11981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-eastern-desertegypt","tag-nuqra","tag-nw-gharib","tag-se-gharib","tag-south-ghazalat","tag-sw-gharib","tag-transglobe","tag-west-bakr","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/Egypt-Eastern-Desert.jpg?fit=470%2C616&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-37f","jetpack-related-posts":[{"id":15717,"url":"https:\/\/www.oilnewskenya.com\/index.php\/panoro-energy-provides-annual-statement-of-reserves\/","url_meta":{"origin":11981,"position":0},"title":"Panoro Energy Provides Annual statement of reserves","author":"Samuel Kamau Mbote","date":"April 22, 2026","format":false,"excerpt":"BLOCK G: Offshore Equatorial Guinea The Block G licence covers an area containing the Ceiba field and the Okume complex. The Okume complex consists of five separate oil fields. Production from Block G during 2025 amounted to 7.44 MMbbls gross. In April 2026 NSAI certified (3rd party) reserves and resources\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/01\/Panoro-Energy.png?fit=664%2C320&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/01\/Panoro-Energy.png?fit=664%2C320&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/01\/Panoro-Energy.png?fit=664%2C320&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10213,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-reports-material-upgrade-to-abu-sennan-reserves\/","url_meta":{"origin":11981,"position":1},"title":"EGYPT: United Oil and Gas Reports Material Upgrade to Abu Sennan Reserves","author":"","date":"April 14, 2021","format":false,"excerpt":"Highlights: \u00b7\u00a0\u00a0\u00a0\u00a0Independent reserves and resources report, relevant to end 2020, by Gaffney Cline & Associates\u00a0 indicates material increase in reserves at Abu Sennan: o\u00a0\u00a024% increase in Abu Sennan Gross 2P Reserves to 16.8 MMboe (15% gas) from 13.5 MMboe at the beginning of 2020, representing a near 200% reserves replacement\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/EGYPT-Abu-Madi-West-Development-Lease.jpg?fit=512%2C361&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":10064,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-morocco-sdx-energy-provides-full-year-2020-financial-operating-results\/","url_meta":{"origin":11981,"position":2},"title":"EGYPT\/ MOROCCO: SDX Energy Provides Full Year 2020 Financial & Operating Results","author":"","date":"March 21, 2021","format":false,"excerpt":"Mark Reid, CEO of SDX, commented: \"After what has been a very disruptive period for both businesses and people, I am extremely pleased to announce a set of results featuring record production, a strong balance sheet and successful drilling results.\u00a0 Operationally, 2020 was a strong year for the Group and\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/SDX-Energy.png?fit=541%2C306&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11455,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-transglobe-announces-ratification-of-the-consolidated-and-amended-eastern-desert-psc\/","url_meta":{"origin":11981,"position":3},"title":"EGYPT: TransGlobe Announces Ratification of the Consolidated and Amended Eastern Desert PSC","author":"","date":"December 22, 2021","format":false,"excerpt":"TransGlobe has said it received notification that its agreement with the Egyptian General Petroleum Corporation (EGPC) to merge, amend and extend its three existing Eastern Desert concessions (West Gharib, West Bakr and North West Gharib) has been ratified into Egyptian Law. 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