10th Oct 2019 12:03
(Alliance News) - TransGlobe Energy Inc's production in the third quarter of 2019 declined slightly, it said on Thursday, due to natural field declines as it looks for opportunities elsewhere.
TransGlobe's assets in Egypt and Canada produced 15,900 barrels of oil equivalent per day in the three months to September, 5.9% lower than in the second quarter.
This production met previously issued guidance of between 15,000 barrels and 16,000 barrels of oil equivalent per day, the company added.
In Egypt's eastern desert during the period, TransGlobe completed and perforated the NWG 38D-1 well, which is now producing at a low rate. It will require stimulation before the end of 2109 to reach full production.
In the western desert, the company completed the SGZ-6X discovery well, and construction of an early production system is going to plan. TransGlobe expects first oil towards the end of the year.
"The company's management and board held its annual strategy session in early October, and reconfirmed its commitment to growth through material cash generative mergers and acquisitions to build significantly greater scale, profitability, and long-term sustainability within the next three to five years," added TransGlobe.
"To achieve these growth ambitions, the company intends to leverage its operating and financial capabilities as well as its unique position as a recognised partner of choice in the region, and is actively assessing several opportunities."
Shares were untraded on Thursday in London, last quoted at 110.00 pence each.
By George Collard; [email protected]
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