North West Gharib
The North West Gharib concession was ratified into law on November 11th, 2013.
The 655 square kilometer (162,000 acre) North West Gharib PSC surrounds and immediately offsets the Company's core West Gharib/West Bakr producing PSCs (~45,000 acres).
At North West Gharib the Company paid a signature bonus of $25 million and committed to a work program of $35 million in the first phase which consists of 200 square kilometers of 3-D seismic and 30 wells. The initial 3 year exploration phase ends November 11th, 2016 at which time the Company can elect to enter into the first of two extension periods (2 years each). The concession provides for 20 year development leases on commenced discoveries. The first exploration phase has been extended 6 months to May 2017.
TransGlobe drilled 15 wells during 2014 resulting in five oil wells including three discoveries (NWG #1, #3 and #5). Concurrently the Company acquired 480 square kilometers of 3-D seismic in 2014 over the North Western and Southern portions of the concession. The new seismic data will be processed and interpreted during 2015. The Company is progressing development plans for three discoveries and a second exploration drilling campaign commenced in 2016. There are 12 exploration wells planned for 2016.