Egypt-focused Canadian independent TransGlobe is upping spending this year from $57.7mn to $70.5mn. However, whilst the firm is guiding 2022 Egypt output of 10,000-10,800-b/d versus 10,090 b/d for Q1 and 10,043 b/d for April, the bulk of higher spending is needed to counter higher costs and unexpected drilling complications.
“Significant additional costs were incurred following unforeseen and significant hole problems drilling K-71 in the Eastern Desert,” the firm says. In January the firm announced the finalization of the merger of its three Eastern Desert concessions, West Gharib, West Bakr and North West Gharib (MEES, 24 December 2021). (CONTINUED - 190 WORDS)
