TransGlobe Energy Corporation announced that it failed to find hydrocarbons in two testing zones in Boraq 5, Egypt Oil & Gas reports.
Due to the disappointing results, the company announced that the Boraq 5 well will be plugged and abandoned.
“We are very disappointed in the Boraq 5 appraisal well test results. At this point, the Boraq 2 discovery does not have sufficient scale to proceed with development without additional exploration success on the South Alamein Concession,” the President and CEO of TransGlobe, Ross Clarkson, said in a statement released to the press. He added, “We [TransGlobe] have identified a number of exploration prospects that, if successful, could provide the additional reserves and productivity to bring forward a South Alamein development. We are reviewing these targets to determine if they should be added into our 2018 exploration program.”
The Boraq 5 well is located in the Western Desert in the South Alamein Concession. TransGlobe is the owner and operator of the concession.
The company has invested approximately $10.3 million in its Boraq explorations in the South Alamein Concession.
During the second quarter of 2017, the company was producing 13,851 barrels of crude per day from its Egyptian oilfields, Egypt Oil & Gas previously reported.