TransGlobe Announces 3rd Quarter Results in Yemen

Source: www.gulfoilandgas.com 11/9/2011, Location: Middle East

TransGlobe Energy Corporation is pleased to announce its financial and operating results for the three and nine months ended September 30, 2011.

- Operations Update:
- Yemen east- Masila Basin
Block 32, Republic of Yemen (13.81% working interest)
- Operations and Exploration: No wells were drilled during the third quarter.
- Production
Production from Block 32 averaged 3,144 Bopd (434 Bopd to TransGlobe) during the quarter, representing a 8% decrease from the previous quarter primarily due to natural declines. In October, production averaged approximately 2,935 Bopd (405 Bopd to TransGlobe). Block 32 production is exported to the Indian Ocean via the Nexen operated export pipeline, which has not been impacted by recent political unrest in Yemen.

Block 72, Republic of Yemen (20% working interest)
- Operations and Exploration
The Government has approved a six-month extension to the second exploration period and has extended the expiry date to January 11, 2012. All work commitments of the Second exploration period have been completed.

- Yemen west- Marib Basin
Block S-1, Republic of Yemen (25% working interest)
- Operations and Exploration: No wells were drilled during the quarter.
- Production
Production averaged 7,336 Bopd (1,834 Bopd to TransGlobe) during the third quarter with the export pipeline in operation from July 15th to the end of the quarter. Subsequent to the quarter, production averaged approximately 1,680 Bopd (420 Bopd to TransGlobe) during October which was impacted by the shut-in of the export pipeline on October 8th. The oil export pipeline from Marib to the Ras Eisa port on the Red Sea remains shut down. Production from TransGlobe's An Nagyah field on Block S-1 is shut-in until repairs to the export pipeline can be completed. The pipeline has been the target of a number of attacks since production resumed in mid-July (ending a four month shut-in period) and was typically repaired within 24 to 48 hours, which did not impact production. The most recent attacks on the pipeline have not been repaired due to local tribal groups preventing access to the pipeline. It is difficult to predict when production will resume. TransGlobe's working interest share of production was approximately 2,250 Bopd prior to being shut-in on October 8th.

Block 75, Republic of Yemen (25% working interest)
- Operations and Exploration
The PSA for Block 75 was ratified and signed into law effective March 8, 2008. The first, three-year exploration phase has a work commitment of 3-D seismic and one exploration well. The 3-D seismic was acquired in 2009. One exploration well was planned as part of the 2011 Block S-1/75 drilling program. With the suspension of the Block S-1/Block 75 drilling program in the first quarter of 2011, the Operator has declared Force Majeure under the PSA due to logistics and security concerns associated with the suspended drilling program.


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