TransGlobe says its production drops q-o-q over delays in Egypt

TransGlobe Energy said production in 3Q2017 dropped q-o-q and was impacted by delays in well servicing in Egypt during August and September, in its 3Q2017 Operations Update. It had released the workover/completion rig supporting the Eastern Desert operations in early August due to escalating safety and performance issues but that a second workover rig was contracted in early October to accelerate removal of the backlog of well workovers. The company says it sold approximately 793,000 bbl of entitlement crude oil in Egypt during the quarter through one tanker lifting (September) and direct sales to EGPC for net proceeds of USD 34.5 mn (inclusive of realized hedging loss). TransGlobe also says it began testing at its South Alamein concession.