The An Nagyah #14 well was drilled to a total depth of 1,365 meters and suspended as a Lam 'B' oil well. The An Nagyah #14 well encountered a 19 meter oil column in the Lam 'B' (lower Lam) sandstone. The well was swab tested at a rate of approximately 80 barrels of light (40 degree API) oil per day. No water was produced during the test period. This discovery is located south of the An Nagyah field in a separate fault block.
Transglobe Energy holds a 25% stake in Block S-1 in Yemen.
Ross Clarkson, TransGlobe's President and Chief Executive Officer said, "The An Nagyah #14 oil test has identified a new exploration fairway south of the main An Nagyah field. Additional work will be required to incorporate the well results and remap the seismic in this area to identify future drilling locations. This successful test is further confirmation of the potential of the Lam reservoir in Block S-1."
The oil production from the An Nagyah field is currently being trucked 18 miles to the Jannah Hunt facility where it enters the Hunt pipeline system to the Red Sea. Trucking operations will be phased out following the construction of a CPF at An Nagyah and a 28 kilometer (18 mile) pipeline to the Jannah Hunt export pipeline. The pipeline and facilities construction are underway and they are expected to be operational by mid 2005. The 10 inch pipeline is designed to allow an ultimate capacity of 80,000 Bopd so that future discoveries can be placed on stream quickly. The CPF is designed for an initial capacity of 10,000 to 12,000 Bopd (2,500 to 3,000 Bopd to TransGlobe), with expansion capabilities.
The drilling rig is currently moving to another exploration well (Malaki #1) on a separate structure located nine kilometers southwest of the An Nagyah field. Additional development wells on An Nagyah and several exploration wells are planned for the 2005 drilling program.
In addition to the current drilling activities, a workover rig has been on location completing the Harmel #2 well. Harmel #2 was drilled in June 2004 to appraise the shallow oil reservoirs found in the discovery well, Harmel #1. It is anticipated that the Harmel #1 and #2 wells will be equipped with pumps and production testing equipment by the end of the first quarter. Both Harmel wells will then be production tested for several months. Production and test data obtained from the Harmel #1 and #2 wells will help to determine the commerciality of the medium gravity oil (22 degree API).
TransGlobe's production during December 2004 averaged approximately 5,325 Boepd, surpassing the target 2004 exit rate of 5,000 Boepd and setting a new record production level for the Company. The An Nagyah field December production was approximately 7,407 Bopd (1,852 Bopd to TransGlobe). The Block 32 production during December averaged 18,630 Bopd (2,573 Bopd to TransGlobe). TransGlobe's Canadian production averaged 900 Boepd during December. Canadian production was curtailed by higher gathering pipeline pressures in the Nevis and Twining areas and well performance. The Company plans to install field booster compression during 2005 to offset the increased pipeline pressures.
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