The West Bakr acquistion, completed in late 2011, provides TransGlobe with synergies with the West Gharib Concession and additional operating leverage in the Eastern Desert Region.
The West Bakr Concession is located immediately adjacent to TransGlobe’s existing West Gharib Concession. The West Bakr Concession contains three fields: H, K and M, which produce from the Asl and Yusr formations. Crude oil produced in West Bakr ranges from 14-20 API averaging 19 API and generally contains 4% sulfur. The infrastructure in the West Bakr Concession allows the Company to process the oil to pipeline specifications in the field.
The crude oil production is transported by pipeline to the Ras Gharib terminal on the Gulf of Suez.
TransGlobe has identified a number of optimization/development projects and drilling opportunities that could increase production and recoverable reserves. Knowledge and experience gained at West Gharib has been applied at West Bakr to increase production and enhance value.
In addition, the Company has consolidated the West Bakr JV Operating Comany and the West Gharib Operating Company to improve operational efficiencies and reduce costs.