Transglobe Energy increases 2006 budget
Posted: 19 June 2006
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TransGlobe Energy said it has expanded its 2006 capital budget to $54 million, up from the initial budget of $45 million.
The increases will be used to fund a 610 square kilometre 3-D seismic programme in the southern area of Block S-1 in Yemen. This is expected to start recording in July 2006 with completion in Q-2 2007.
The increase will also be used to complete works on Block S-1 central production where facilities capacity will be expanded the from the current 11,500 Bopd to 15,000 Bopd, with increased gas injection.
Early production system will also be installed at the Godah discovery on Block 32. This will allow production of 2,000 to 4,000 Bopd (275 to 550 Bopd to TransGlobe) commencing in Q-4 2006. In addition, a 14 mile (23 km) 10 inch pipeline will be constructed to connect the Godah field to the Tasour CPF. A facility expansion of the Tasour CPF will be carried out to allow development of the Godah field in mid 2007.
The expanded 2006 budget is anticipated to be funded entirely from cash flow and working capital. In addition the Company has recently expanded its credit facility to $25 million (undrawn).
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