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The Company expects to achieve improved pump performance similar to the West Gharib operations as equipment is repaired or replaced with better quality components over the balance of 2013.
Quarterly West Bakr Production (Bopd) 2012---------------------------------------------------------------------------- Q-4 Q-3 Q-2 Q-1----------------------------------------------------------------------------Gross production rate 4,730 4,590 4,230 4,358TransGlobe working interest 4,730 4,590 4,230 4,358TransGlobe net (after royalties) 1,569 1,268 1,244 1,239TransGlobe net (after royalties and tax) (i) 1,230 939 941 926----------------------------------------------------------------------------(i) Under the terms of the West Bakr Production Sharing Concession, royalties and taxes are paid out of the Government's share of production sharing oil.
East Ghazalat Block, Arab Republic of Egypt (50% working interest)
Operations and Exploration
No wells were drilled during the fourth quarter. The operator has contracted drilling rigs for five wells in 2013. Drilling is expected to commence in March.
Production
Production from East Ghazalat averaged 467 Bopd to TransGlobe during the fourth quarter which represents the first full quarter of production from the Western desert for the Company.
TransGlobe's production averaged 405 Bopd in January and 324 Bopd in February. Three of the four producing Safwa wells are on pump and the fourth well continues to flow at reduced rates. It is expected that the flowing well will be placed on pump in 2013 when it is no longer capable of flowing to surface.
Production is trucked to a receiving terminal at the Dapetco operated South Dabaa facility approximately 35 kilometers southwest of Safwa.
Quarterly East Ghazalat Production (Bopd) 2012---------------------------------------------------------------------------- Q-4 Q-3 Q-2 Q-1----------------------------------------------------------------------------Gross production rate 934 163 - -TransGlobe working interest 467 82 - -TransGlobe net (after royalties) 235 41 - -TransGlobe net (after royalties and tax) (i) 187 33 - -----------------------------------------------------------------------------(i) Under the terms of the East Ghazalat Production Sharing Concession, royalties and taxes are paid out of the Government's share of production
South Alamein, Arab Republic of Egypt (100% working interest, operated)
Operations and Exploration
The Company has approved a budget for 2013 which includes an initial eight well drilling program and the development of the Boraq 2 oil discovery. The 2013 drilling program includes two Boraq appraisal wells with the balance of the program focused on exploration prospects in South Alamein.
The Company is waiting for military surface access approvals, which have been delayed. The Company is encouraged by the continued support from EGPC and the Ministry of Oil and is cautiously optimistic that the necessary approvals will be forthcoming over the next quarter or two.
