Petrodara advances its drilling plan

Dara Petroleum Company (Petrodara), a subsidiary of Transglobe, drilled a new development well, East Arta-23, in the West Gharib Lease, located in the Eastern Desert.

The East Arta-23, a crude oil producing well, was drilled by the EDC-6 rig to a 5000 feet-depth. The drilling cost of this new development well averaged $800 thousand.

Back to August 2008, TransGlobe completed the acquisition of an additional 25% in eight development leases, which are Fadl, Hoshia, Hoshia North, Hoshia West, Hoshia East, Rami South, Arta and Arta East; all located on the West Gharib concession. Transglobe increased its working interest to 100% on all nine West Gharib lease thanks to this $18 million deal.

The average monthly production of Petrodara revolves around 377559 barrels of crude oil.


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