Page 13 - AfrOil Week 04 2022

AfrOil PROJECTS & COMPANIES AfrOil

Additionally, TransGlobe has committed to approximately 7,358 net acres [29.78 net square
spending a minimum of $50mn over each five- km] in the Western Desert in one operated
year period of the primary contract term of 15 development lease,” according to information
years. posted on the company’s website. ™
“This Agreement with Egyptian General
Petroleum Corp. resets the TransGlobe busi-
ness in Egypt; not only does it give us the added
time to exploit the existing producing fields to
their maximum potential, including the pursuit
of identified contingent resources, the improved
fiscal terms incentivise TransGlobe to continue
to invest across our Eastern Desert portfolio,”
said Randy Neely, TransGlobe’s CEO, in a state-
ment posted on the company’s website.
The company says it has financed the mod-
ernisation payment and the signature bonus
from cash on hand and cash from operations.
AIM-, Toronto- and NASDAQ-listed Trans-
globe describes itself as a “cash flow focused oil
and gas exploration and development company”
whose activities are currently concentrated in
Egypt and Canada.
Elsewhere in Egypt, TransGlobe is also
working at the South Ghazalat exploration con-
cession in the Western Desert. It gained a 100%
working interest in the site in 2013 and “now has Eastern Desert sites (Image: TransGlobe Energy)

FAR speeds up evaluation of Bambo-1 data

THE GAMBIA AUSTRALIA’S FAR Ltd said last week that it southern edge of Sangomar, a Senegalese block
was accelerating efforts to evaluate data gath- in which FAR was a shareholder until mid-2021.
ered from Bambo-1, an exploration well drilled FAR is serving as operator of A2 under a
at a site adjacent to Sangomar, a field discovered licence that covers both this block and A5, which
offshore Senegal, in the zone controlled by The is located to the south-east. Equity in the pro-
Gambia. ject is split 50:50 between the Australian com-
In its fourth-quarter report, released last pany and its partners, PC Gambia, a subsidiary
week, FAR declared that it was encouraged by of Malaysia’s Petronas. The two companies are
the results of the drilling project, even though hoping that both blocks contain commercial
it had not found commercial hydrocarbon reserves drawn from the same oil source. ™
reserves in Bambo-1 or in the Bambo-1ST1
sidetrack well. Data collected during the drill-
ing programme indicate that the site is home to
a prolific source of crude oil, which has positive
implications for the prospectivity of Blocks A2
and A5 offshore The Gambia, it said.
The Australian company did not say exactly
how long it might take to finish evaluating
the data from the Bambo-1 well. It did report,
though, that it expected to unveil a revised plan
for exploration work in the area within the next
few months.
FAR spudded the Bambo-1 well last year and
began drilling the sidetrack in December. It then
said late last month that it had decided to plug
and abandon Bambo-1ST1 after determining
that the well did not hold commercially viable
reserves of crude.
Bambo-1 was drilled at the northern end of
the A2 block, which lies within the offshore area
assigned to The Gambia. The well lies just south
of the maritime border, which is adjacent to the Bambo-1 and Bambo-1ST1 were drilled very close to Sangomar (Image: FAR)

Week 04 26•January•2022 www. NEWSBASE .com P13