Page 20 - AfrOil Week 46

AfrOil NEWS IN BRIEF AfrOil

SERVICES Highlights: TransGlobe is focused on con- Operations update, Egypt, Eastern Desert:
serving cash in the current low commodity West Gharib , West Bakr, and North West Gharib
Shearwater GeoServices price environment. The Company ended the (100% working interest, operated).
In Egypt, the Company contracted a work-
third quarter with positive working capital of
awarded contract for $12.7mn, including cash and cash equivalents over rig to perform well interventions at West
of $27.1mn.
Bakr, beginning in September 2020 and contin-
Senegal 3D acquisition and boepd (Egypt 9,812 bpd, Canada 2,232 boepd), a aged 9,635 bpd during the quarter, a decrease
Third quarter production averaged 12,044 uing into the fourth quarter. Production aver-
processing by Total decrease of 2,256 boepd (16%) from the previous of 18% (2,122 bpd) from the previous quarter.
The decrease was primarily due to deferred well
quarter primarily due to deferred well interven-
Shearwater GeoServices has announced the tions in Egypt during low oil prices and natu- interventions in Egypt during low oil prices and
award for a large towed streamer 3D acquisition ral declines. Production in October averaged natural declines.
and Fast Track processing project by Total E&P approximately12,162 boepd (Egypt approxi- With the well interventions that began in
Senegal. mately10,303 bpd, Canada approximately1,859 September 2020, it is expected that production
The exploration survey covers 5,000 square boepd), an increase of 1% from Q3-2020, and will be in-line with full year 2020 guidance,
km in the UDO Block Exploration area offshore below revised budget expectations primarily including South Ghazalat, of 11,200-11,600 bpd.
Senegal. The data acquisition will be carried out due to deferred well interventions in Egypt and Production in October 2020 averaged approxi-
by the SW Empress using an ultra-wide tow repairs on a third-party pipeline in Canada that mately10,161 bpd.
Flexisource configuration together with Fast required the Company to shut-in certain wells Western Desert: South Ghazalat (100% work-
Track processing enabled by Shearwater’s pro- for two weeks in October. ing interest, operated)
prietary Reveal software. Sales averaged 10,680 boepd, including The SGZ-6x well continues to produce from
“We are pleased to be awarded this contract 259.2mn barrels sold to EGPC for net proceeds the Upper Bahariya reservoir at a field estimated
by Total in North West Africa, providing us with of $10.2mn in Q3-2020. Average realised price rate of approximately140 bpd light and medium
back-to-back work for one of our vessels,” said for Q3-2020 sales of $33.63 per boe; Q3-2020 crude to evaluate the zone, restricted to the opti-
Irene Waage Basili. “Leveraging our strong geo- average realised price on Egyptian sales of mal operation of the early production facility.
graphically dispersed fleet to drive efficiencies $37.15/bbl and Canadian sales of $20.80 per Production averaged 177 bpd during the quar-
and minimise transit times and thereby create boe; Funds flow from operations of $0.3mn ter, a decrease of 24% (56 bpd) from the previous
commercial and environmental benefits for our ($0.00 per share) in the quarter; Third quarter quarter. Production in October 2020 averaged
clients is a key element of our strategy.” net loss of $6.0mn ($0.08 per share), inclusive of approximately 142 bpd.
The two-month survey is scheduled to com- a $0.3mn unrealised loss on derivative commod- The Company sold all of its entitlement crude
mence in Q4-2020, adding to another recent ity contracts. oil production of 6.1mn barrels in the quarter to
award by Total to Shearwater for work in North Contracted a workover rig and began well EGPC.
West Africa’s MSGBC Basin. interventions in Egypt in September 2020 at TransGlobe Energy, November 16 2020
Shearwater GeoServices, November 11 2020 West Bakr. Business continuity plans remain
effective across our locations in response to
COVID-19 with no health and safety impacts or LEGAL
PERFORMANCE disruption to production; Despite restrictions
on travel, management concluded its negotia- Transcorp and Efora
TransGlobe Energy tions with EGPC to amend, extend and consol- settle legal disputes
idate the Company’s Eastern Desert concession
reports on operational agreements during the quarter. At this time, it over OPL 281
is the Company’s belief that EGPC approval will
results for Q3-2020 occur in the near term; and TransGlobe con-
tinues to actively evaluate M&A opportunities, Nigeria’s Transnational Corporation announced
TransGlobe Energy Corporation is pleased to with a view to not only better position the Com- today that it has entered into an agreement with
announce its financial and operating results for pany to weather the current downturn but also Sacoil Holdings (now Efora Energy) to settle all
the three and nine months ended September 30, rebound strongly once commodity prices begin existing legal disputes around its Oil Prospecting
2020. to strengthen. Licence 281 (OPL 281).

P20 www. NEWSBASE .com Week 46 18•November•2020