TransGlobe Egypt has announced that its production averaged around 11,009 barrels of oil per day (bbl/d) in April and recorded 10,238 bbl/d throughout Q1 2021, according to a statement.
The company began production from SGZ-6X well located in the South Ghazalat concession, Western Desert, on March 21 with an estimated production rate of about 3,600 bbl/d of light oil on a 32/64-inch choke with 0% water cut. Soon after, the well was restricted to a field-estimated about 1,000 bbl/d of light oil on a reduced choke, to facilitate reservoir data gathering. Production then averaged at 188 bbl/d during the quarter and at about 996 bbl/d in April.
The EDC-64 rig was relocated to the company’s concessions in the Eastern Desert to begin the 12-well drilling program in May.
The company sold 171,900 bbl of inventoried entitlement crude oil to the Egyptian General Petroleum Corporation (EGPC) for net proceeds of $8.5 million during Q1 2021. The company has also received $10 million of accounts receivable from EGPC and an additional $1 million received after the quarter.
The company still awaits the ratification on the merger of its three existing Eastern Desert concessions for a 15-year primary term.