Ross Clarkson, President & CEO of the Company said, "TransGlobe will continue to expand our gas exploration program in Canada to balance our successful oil developments in Yemen. The very strong North American natural gas market fundamentals, combined with our exploration drilling success, affords us excellent growth opportunities."
It is expected that Canadian production will reach 1,200 Boepd (6.0 MMcfd plus 200 Bpd of oil and liquids) when all the wells from the 2003 drilling program have been placed on production. This represents a 440% increase over the first nine months of 2003 production of 223 Boepd for Canada. TransGlobe expects to have 750 Boepd on production at year end and will be working to tie in the balance of the wells by the end of Q-1 2004.
To date in 2003, TransGlobe has acquired mineral rights on 12,000 net acres and farmed-in on an additional 5,600 (2,900 net) acres. The Company plans to acquire additional mineral rights and is negotiating several farm-in proposals. The majority of the land is located in Central Alberta on three main prospects, of which two are new focus areas. It is expected three to four wells could be drilled during Q-1 of 2004. The 2004 Canadian drilling program plans up to ten additional wells for Q-3 and Q-4 of 2004. All the prospects are focused towards natural gas.
Most Popular Articles