TransGlobe ups reserves

Canadian oil and gas company TransGlobe Energy Corporation said its proved reserves at the end of last year rose 6%, helped by exploration and appraisal drilling at its leases in West Gharib, Egypt.

The company, which has production operations in Egypt and Yemen, said proved plus probable reserves grew 26% to 30.4 million barrels of oil at 31 December last year from 24.2 million barrels a year earlier.

Total proved reserves increased 6% to 20.5 million barrels at 31 December last year from 19.2 million a year earlier, the company said in a statement, Reuters reported.


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