To date, the Block S-1 Joint Venture group has drilled seven wells in 2004 program resulting in six oil wells (five producing oil wells at An Nagyah and one potential oil well at Harmel). The drilling rig is now moving to the An Nagyah field to resume additional development drilling at An Nagyah #10. In addition to continued An Nagyah development drilling, it is anticipated that one additional exploration well may be drilled prior to year-end.
Elsewhere, TransGlobe has begun its third quarter drilling campaign in Canada.
The company has commenced its third quarter drilling program in early August with two drilling rigs, resulting in three (2.5 net) potential gas wells (Nevis, Gadsby and Cynthia) and one well drilling (Cynthia).
To date, the Company participated in drilling nine wells (6.6 net) resulting in seven gas wells, one oil well and one D&A well for an overall success rate of 89% in 2004. In addition to the well currently drilling, four to five more wells are expected to be drilled during the next few months. All of the prospects are natural gas focused and are located in Central Alberta, which generally affords year round access.
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