Dara Petroleum Company (Petrodara) completed the drilling of a new development well, Arta-23, on the West Gharib lease, in the Eastern Desert area.
Petrodara, a subsidiary of Transglobe, drilled the well to a total depth of 5000 cubic feet, through the ECDC-6 rig, with investment worth $800 thousand.
This drilling operation is part of the company’s drilling program for the fiscal year of 2011/2012.
In august 2008, TransGlobe acquired an additional 25% in eight development leases for $18 million.
The leases included Fadl, Hoshia, Hoshia North, Hoshia West, Hoshia East, Rami South, Arta and Arta East, on West Gharib contract from its partner. This acquisition deal increased TransGlobe’s holdings to a 100% working interest on all nine leases.