TransGlobe Cites '09 Production Replacement of 303%
TransGlobe's total proved reserves increased 53 percent from 12.6 million barrels of oil ("MMbbl") at December 31, 2008 to 19.2 MMbbl at December 31, 2009. This increase in proved reserves represents a production replacement in 2009 of 303 percent.
Proved Plus Probable Reserves ("2P")
Total 2P reserves grew 22 percent from 19.8 MMbbl at December 31, 2008 to 24.2 MMbbl at December 31, 2009. The increase in 2P reserves represents a production replacement in 2009 of 234 percent.
Proved Plus Probable Plus Possible Reserves ("3P")
Total 3P reserves grew 9 percent from 28.0 MMbbl at December 31, 2008 to 30.5 MMbbl at December 31, 2009. The increase in 3P reserves represents a production replacement in 2009 of 176 percent.
In 2009, the Company's activities focused primarily on the development of its operated West Gharib concession in the Arab Republic of Egypt ("Egypt").
In Egypt, the Company's 1P reserves grew 125 percent over 2008, representing a production replacement of 440 percent. On 2P basis, the year-over-year increase was 40 percent, equal to a production replacement of 324 percent. The most significant reserves additions during the year resulted from the appraisal/development drilling at Hana West and the recognition of reserves associated with enhanced recovery projects at the Hana, Hoshia and Hana West fields. Water injection was initiated in both the Hana and Hoshia fields during 2008 and in the Hana West field during 2009. Approximately 67 percent of the corporate 1P reserve additions and 62 percent of the corporate 2P reserve additions during 2009 were attributed to the water flood projects at Hana, Hoshia and Hana West.
In Yemen, 2009 production was partially replaced by improved recovery factors at the An Nagyah, Tasour and Godah fields. The Company's 1P reserves in Yemen decreased 9 percent over the prior year, representing a production replacement of 48 percent. On a 2P basis, reserves in Yemen decreased 5 percent over the prior year, representing a production replacement of 68 percent.
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