West Gharib is the cornerstone of TransGlobe’s success in Egypt.
In September 2007 TransGlobe completed an acquisition and assumed operation of 8 development leases with 24 producing wells in West Gharib, Egypt. On August 18, 2008 TransGlobe acquired the remaining 25 percent financial interest in the non-Hana development leases, which increased the Company’s working interest to 100% in the West Gharib PSC.
West Gharib consists of eight development leases: Arta, East Arta, Hana, Hana West, Hoshia, West Hoshia, Fadl, and South Rami. These fields produce from the Asl, [Markha], Nukhul, Lower Nukhul (Redbed), Rudeis, Lower Rudeis and Thebes formations. The crude oil produced ranges in quality from 16-26 API averaging 20 API and generally contains approximately 3% sulfur. As a result of this higher sulfur content West Gharib (and West Bakr) crude is exported, as part of Ras Gharib blend, to be refined outside of Egypt (Europe and Asia).
The West Gharib Concession has been, and continues to be, one of the Company’s most valuable areas of operations. Since acquiring the concession in 2007 the Company has increased production by over 400% through development drilling, implementation of and improvements to water flooding as well as exploration discoveries.