{"id":8460,"date":"2020-06-30T08:39:05","date_gmt":"2020-06-30T08:39:05","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8460"},"modified":"2020-06-30T08:39:05","modified_gmt":"2020-06-30T08:39:05","slug":"transglobe-energy-provides-egypts-operations-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/transglobe-energy-provides-egypts-operations-update\/","title":{"rendered":"Transglobe Energy Provides Egypt&#8217;s Operations Update"},"content":{"rendered":"<p align=\"justify\"><strong>UPDATES<\/strong><\/p>\n<ul type=\"disc\">\n<li>Production has averaged 14,447 Boepd in Q2 2020 to date (April 14,378 Boepd, May 14,334 Boepd and June 1 to June 19 14,740 Boepd) versus 14,997 Boepd in Q1 2020;<\/li>\n<li>Production guidance for 2020 remains unchanged at an average of 13,300 to 14,300 Boepd;<\/li>\n<li>Sold ~100,000 bbls oil in each of the months of April and May to EGPC, with net proceeds of ~$4.0 million;<\/li>\n<li>Collected ~$31.8 million in receivables during Q2 2020 to date;<\/li>\n<li>Business continuity plans remain effective across our locations in response to COVID-19 with no health and safety impacts or disruption to production;<\/li>\n<li>Negotiations continue with the Egyptian government to amend, extend and consolidate the Company\u2019s Eastern Desert concession agreements.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>PRODUCTION<\/strong><\/p>\n<p align=\"justify\">Production Summary (WI before royalties and taxes):<\/p>\n<div class=\"table-wrapper\">\n<table class=\"gnw_table_border_collapse hugin\">\n<tbody>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_label_i10 hugin gnw_vertical_align_middle\">(Boepd)<\/td>\n<td class=\"gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">Q1 2020<\/td>\n<td class=\"gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">Apr 2020<\/td>\n<td class=\"gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">May 2020<\/td>\n<td class=\"gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">Jun 2020<br \/>\n(to Jun 19<sup>th<\/sup>)<\/td>\n<td class=\"gnw_border_top_solid gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">YTD Average<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_label_i10 hugin gnw_vertical_align_middle\">Egypt<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">12,544<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">12,113<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">12,126<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">12,506<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">12,389<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_label_i10 hugin gnw_vertical_align_middle\">Canada<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">2,453<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">2,265<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">2,208<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">2,234<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">2,351<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_border_left_solid gnw_label_i10 hugin gnw_vertical_align_middle\">Total<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">14,997<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">14,378<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">14,334<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">14,740<\/td>\n<td class=\"gnw_border_right_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\">14,740<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p align=\"justify\">Over the quarter to date, production decreased marginally due to natural declines in Egypt and Canada, with June Egypt production positively impacted by successful well maintenance in May and timing of production recognition.<\/p>\n<p align=\"justify\">Please see the table entitled \u201cProduction Disclosure\u201d at the end of this news release for the detailed constituent product types and their respective quantities measured at the first point of sale for all production amounts disclosed in this news release on a Bopd and Boepd basis.<\/p>\n<p align=\"justify\"><strong>OPERATIONS UPDATE<\/strong><\/p>\n<p align=\"justify\"><strong>Arab Republic of Egypt<\/strong><\/p>\n<p align=\"justify\">Western Desert \u2013 South Ghazalat (100% WI)<br \/>\nSGZ-6X well continues to produce from the Upper Bahariya reservoir at a rate restricted to a field estimated 200 &#8211; 250 Bopd light and medium crude to evaluate the well, manage the reservoir and optimize the separation of oil, gas and water.<\/p>\n<p align=\"justify\">Eastern Desert (100% WI)<br \/>\nConsistent with the Company\u2019s revised 2020 budget, there has been no drilling activity in the Eastern Desert during Q2 2020.<\/p>\n<p align=\"justify\">Discussions with our joint venture operating partner continue to further reduce operating expenditures.\u00a0 Material operating cost reductions in Egypt require the assistance of the Company\u2019s Egyptian joint venture partner, the Egyptian General Petroleum Corporation (\u201cEGPC\u201d);<\/p>\n<p align=\"justify\">Despite restrictions on travel, constructive negotiations with EGPC to amend, extend and consolidate the Company\u2019s Eastern Desert concession agreements have continued throughout the quarter.<\/p>\n<p align=\"justify\"><strong>Canada<\/strong><\/p>\n<p align=\"justify\">Consistent with the Company\u2019s revised 2020 budget, there has been no drilling or completion activity during Q2 2020.<\/p>\n<p align=\"justify\">The 2-mile horizontal 2-20 well, completed in Q4 2019 and de-risking the South Harmattan fairway, was producing at field estimated rates of 186 Boepd (146 Bopd light oil, 151 Mcf\/d gas, 15 Bopd NGL) in June. \u00a0The Company remains encouraged as the well continues to produce above expectations for this significant new resource play.<\/p>\n<p align=\"justify\">TransGlobe\u2019s light oil production continued to be produced at a positive field netback, despite lower crude oil prices in Western Canada early in the quarter, further supported by continued relatively strong natural gas prices. The Company put into service spare oil storage capacity of ~12,000 bbls at our Canadian producing locations during the quarter to take advantage of strength in the forward pricing curve and has retained optionality to bring on flush production in a higher commodity price environment with the deferral of completion operations on the South Harmattan well drilled in the first quarter of 2020.<\/p>\n<p align=\"justify\"><strong>CORPORATE<\/strong><\/p>\n<p align=\"justify\">The Company has sold ~100,000 bbls oil in each of April and May to EGPC with net proceeds of ~$4.0 million, and expects to continue selling to EGPC at approximately this same monthly rate through the remainder of 2020, supplemented by a physical cargo in Q4 2020.<\/p>\n<p align=\"justify\">The Company has collected ~$31.8 million of receivables in Q2 2020 to date, of which ~$21.4 million was from EGPC.<\/p>\n<p align=\"justify\">As noted in our Q1 2020 update, the Company repaid $10.0 million on the $75.0 million prepayment facility agreement with Mercuria in April, leaving $20.0 million drawn and outstanding of a revolving balance of up to $75.0 million.<\/p>\n<p align=\"justify\">The Company remains forward looking and prepared to use its operational control to take advantage of any sustained upward movement in oil price. \u00a0TransGlobe continues to be vigilant for attractive M&amp;A opportunities steadfastly retaining its focus on shareholder value creation.<\/p>\n<p align=\"justify\"><strong>COVID-19<\/strong><\/p>\n<p align=\"justify\">Business continuity plans have been implemented in all our locations and operations continue as normal. The Company has had three reported cases of COVID-19 in its joint venture operating partner in Egypt, which were managed according to established Company and local national quarantine guidelines. All three have recovered and returned to work with no onward infection spread reported.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UPDATES Production has averaged 14,447 Boepd in Q2 2020 to date (April 14,378 Boepd, May 14,334 Boepd and June 1 to June 19 14,740 Boepd) versus 14,997 Boepd in Q1 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/transglobe-energy-provides-egypts-operations-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8461,"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":[7351,7710,7711,7708,7707,7706,7709,7610],"class_list":["post-8460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-covid-19","tag-eastern-desert","tag-egyptian-general-petroleum-corporation","tag-sgz-6x-well","tag-south-ghazalat","tag-transglobe-energy","tag-upper-bahariya-reservoir","tag-western-desert","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/TransGlobe.jpg?fit=946%2C580&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2cs","jetpack-related-posts":[{"id":10631,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-gas-provides-h1-2021-operational-update\/","url_meta":{"origin":8460,"position":0},"title":"EGYPT: United Oil &#038; Gas Provides H1 2021 Operational Update","author":"","date":"July 26, 2021","format":false,"excerpt":"Operational Highlights: \u00b7\u00a0\u00a0\u00a0\u00a0Q2\/21 Group\u00a0working interest production averaged\u00a02,937 boepd, yielding a H1\/21 average of 2,730 boepd, \u00a0ahead of H1 guidance of 2,300 to 2,500 boepd and in line with full-year guidance of between 2,500 and 2,700 boepd o\u00a0\u00a0This represents an uplift of 17% compared to H2 2020, when production averaged 2,340\u2026","rel":"","context":"In &quot;Countries&quot;","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\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13276,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-egypt-vaalco-energy-provides-operational-update\/","url_meta":{"origin":8460,"position":1},"title":"GABON\/EGYPT: VAALCO Energy Provides Operational Update","author":"","date":"February 14, 2023","format":false,"excerpt":"Reported fourth quarter 2022 production of approximately 18,175 working interest (\u201cWI\u201d) barrels of oil equivalent (\u201cBOEPD\u201d) or about 14,200 net revenue interest (\u201cNRI\u201d) BOEPD; Production was within VAALCO\u2019s fourth quarter 2022 guidance range and was positively impacted by strong Egypt production but offset by delayed Gabon well timing and related\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Gabon-Hubiscus.jpg?fit=496%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14066,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-apex-international-energy-provides-update-on-assets-acquired-in-1h-2023\/","url_meta":{"origin":8460,"position":2},"title":"EGYPT: Apex International Energy Provides Update on Assets Acquired in 1H 2023","author":"","date":"November 21, 2023","format":false,"excerpt":"Apex International Energy has provided an update on operations from the six concessions in the Western Desert oil producing region of Egypt acquired from IEOC Production B.V. (IEOC), a unit of Eni S.p.A., in the first half of 2023. As previously announced, Apex acquired all of IEOC\u2019s interests in the\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2023\/11\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Egypt-Western-Desert-APex.jpg?fit=642%2C326&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9681,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-united-oil-and-gas-provides-quarterly-production-report\/","url_meta":{"origin":8460,"position":3},"title":"EGYPT: United Oil and Gas Provides Quarterly Production Report","author":"","date":"January 13, 2021","format":false,"excerpt":"United Oil & Gas offers a quarterly production update for the period to the end of 2020. \u00b7\u00a0\u00a0\u00a0\u00a0United's H2 2020 net working interest production averaged 2,340 boepd in line with guidance for the period of 2,300 boepd \u00b7\u00a0\u00a0\u00a0\u00a0Q4 2020 net working interest production averaged 2,243 boepd (1,960 bopd oil and\u2026","rel":"","context":"In &quot;Countries&quot;","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\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9967,"url":"https:\/\/www.oilnewskenya.com\/index.php\/united-oil-and-gas-provides-ash-3-well-test-update\/","url_meta":{"origin":8460,"position":4},"title":"EGYPT: United Oil and Gas Provides ASH-3 Well Test Update","author":"","date":"February 23, 2021","format":false,"excerpt":"United Oil & Gas has provided the following update on the testing of the ASH-3 development well in the Abu Sennan concession, onshore Egypt. United holds a 22% non-operating interest in Abu Sennan, which is operated by Kuwait Energy Egypt.\u00a0 Highlights \u00b7\u00a0\u00a0\u00a0\u00a0Preliminary results from the ASH-3 well-test indicate a maximum\u2026","rel":"","context":"In &quot;Countries&quot;","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\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Egypt-Abu-Sennan.jpg?fit=750%2C406&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10001,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-oil-announces-2020-fourth-quarter-results\/","url_meta":{"origin":8460,"position":5},"title":"Africa Oil Announces 2020 Fourth Quarter Results","author":"","date":"March 1, 2021","format":false,"excerpt":"Highlights Africa Oil fourth quarter net income of\u00a0$79.8 million\u00a0and full-year net income of\u00a0$198.0 million, excluding a\u00a0$215.6 million\u00a0non-cash impairment of\u00a0Kenya\u00a0exploration assets posted in the first quarter 2020. Strong quarterly profit contribution by Prime to AOC's net income amounting to\u00a0$59.2 million. During 2020, Africa Oil repaid\u00a0$109 million\u00a0of its\u00a0$250 million\u00a0corporate term loan facility\u2026","rel":"","context":"In &quot;Countries&quot;","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\/11\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=8460"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8460\/revisions"}],"predecessor-version":[{"id":8463,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8460\/revisions\/8463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8461"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=8460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=8460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=8460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}