By Joe Hoppe

 

Transglobe Energy Corp. said Wednesday that second-quarter production rose on quarter due to well-optimization activities in Egypt, full oil production from the lower Bahariya reservoir, Egypt, and a return to production in Canada.

The oil exploration-and-production company said second-quarter average oil production to date rose to 13,137 barrels of oil equivalent a day from 12,221 in the first quarter.

Signing of the consolidated production sharing concession--a contract that agrees to split some of the oil drilled between the company and the country--with the Egyptian government is progressing through to parliamentary approval, which is expected in the second half of the year, it said.

"With our planned operations, rising oil prices and expected ratification, we look to be in for an exciting second half of 2021," Chief Executive Randy Neely said.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

June 23, 2021 04:03 ET (08:03 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
TransGlobe Energy (TSX:TGL)
Historical Stock Chart
From Aug 2021 to Sep 2021 Click Here for more TransGlobe Energy Charts.
TransGlobe Energy (TSX:TGL)
Historical Stock Chart
From Sep 2020 to Sep 2021 Click Here for more TransGlobe Energy Charts.