TransGlobe's initial entry into Egypt occurred in July 2004 when the Company entered into a farm-out agreement and earned a 50% interest in the Nuqra Concession.
In September 2007, TransGlobe significantly expanded its Egyptian operations with the acquisition of approximately 55% and operatorship of the West Gharib Concession; this was followed by the acquisition of an additional 30% in February 2008, and the final 15% in August 2008, to give the Company 100% of the West Gharib Concession.
In December 2011, TransGlobe acquired a 100% working interest in the West Bakr Concession.
In November 2013, TransGlobe acquired a 100% working interest in the NW Gharib, SW Gharib, SE Gharib and South Ghazalat Concessions.
The West Gharib Concession has been a tremendous success for the Company. Through the implementation of and improvements to water flooding, water handling, pumping technology as well as exploration discoveries the West Gharib concession became the template for operational excellence.
From acquisition to peak (in 2013) TransGlobe increased production by over 400%.
Concession has additional exploitation and unconventional opportunities that may be pursued in the future.
The West Bakr acquisition, completed in late 2011, provides TransGlobe with synergies and operating leverage in the Eastern Desert Region.
TransGlobe has identified a number of optimization/development projects and drilling opportunities that could increase production and recoverable reserves.
In addition, TransGlobe has consolidated the West Bakr JV Operating Company and the West Gharib JV Operating Company to improve operational efficiencies and reduce costs.
The North West Gharib concession was ratified into law on November 11th, 2013.
At North West Gharib the Company acquired 200 square kilometers of 3-D seismic and drilled 30 wells during the initial three year exploration phase was extended six months to May 2017. In December of 2016, the NWG Development Lease #1 was approved, with three additional development leases (NWG DL 2, 3 & 4) approved in 2017. The balance of the exploration lands were relinquished in 2017.
In November 2013, TransGlobe acquired a 100% working interest in the South Ghazalat Exploration Concession.
TransGlobe now has approximately 7,358 net acres in the Western Desert in one operated development lease.