Monday, July 18, 2011
TransGlobe Energy Corporation
TransGlobe Energy Corporation announced the repair of the Yemen export pipeline to the Red Sea and resumption of production at Block S-1.
Block S-1, Yemen (25% non-operated working interest)
TransGlobe was advised on July 16th that the export pipeline from Marib to the Ras Issa facility on the Red Sea was repaired on July 15th. The operator of Block S-1 began shipping sales crude oil on July 16th and commenced production from the An Nagyah field. The operator is currently ramping up production from the field and is producing approximately 8,300 Bopd Gross (2,075 Bopd to TransGlobe) this morning. Block S-1 produces a high quality (43 API) sweet crude oil and typically receives Brent pricing.
Block S-1 production (approximately 2,300 Bopd to TransGlobe) was shut in since March 17th, 2011 due to damage to the export pipeline.
The Company will provide updated Guidance for 2011 with the second Quarter financial results which are scheduled for release on Monday, August 8th.
TransGlobe Energy Corporation is a Calgary-based, growth-oriented oil and gas exploration and development company focused on the Middle East/North Africa region with production operations in the Arab Republic of Egypt and the Republic of Yemen. TransGlobe's common shares trade on the Toronto Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.
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