20th Jun 2022 10:42
(Alliance News) - TransGlobe Energy Corp on Monday said its production remains on track to meet its annual guidance, as output from Canada was restored in May following planned maintenance at a major processing plant.
For the second quarter up to June 11, the Calgary, Canada-based oil explorer and producer posted an average output of 12,100 barrels of oil per day, allowing year-to-date production to reach 12,259 barrels per day.
This figure remains in line with TransGlobe's 2022 guidance of 12,400 to 13,400 barrels per day.
The company noted a strong performance in Egypt, with Eastern Desert oil production responding positively to ongoing drilling, despite higher waters cut than anticipated at South Ghazalat.
During the second quarter, TransGlobe sold 451,000 barrels of entitlement crude oil from Egypt, generating proceeds of USD46 million.
Meanwhile, all Canadian wells have returned to production in mid-May, however production from the region will be affected over the next quarter as well are shut-in temporarily to protect stimulation operations on adjacent new wells.
"The company's operations continue to be in-line with plan, with both Egypt and Canada generating production within guidance. Canadian production was curtailed for part of April and much of May as a result of planned third party plant maintenance which was completed on schedule," said Chief Executive Officer Randy Neely.
"Corporately, we continue to examine portfolio optimization opportunities and other value enhancing strategies that are complementary to our previously announced distribution policy," Neely added.
Shares in TransGlobe Energy were down 1.5% at 320.00 pence on Monday in London.
By Dayo Laniyan; [email protected]
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