Canada’s TransGlobe Energy has plugged and abandoned its Set-1 exploration well in Egypt’s Nuqra Block 1 after failing to find hydrocarbons.
The company said the well had been drilled to 1372 meters to test Cretaceous and Jurassic sands.
The well was the first of two wells to be drilled on the Nuqra/Kom Ombo rift basin near Aswan, TransGlobe said. It said its drilling rig was now moving to drill the Narmer-1 exploration well about 30 kilometers to the east.
TransGlobe has an active exploration and development program planned for 2007 in Yemen, Egypt and Canada.
The Company owns working interests in more than 6.6 million acres across their operating regions. In 2006, the Company set new records for total proved reserves and annual production. Calgary-based, TransGlobe Energy’s common shares trade as “TGL” on the Toronto Stock Exchange and “TGA” on the American Stock Exchange.
(Upstream Online & TransGlobe)