Transglobe surges on positive production update

24th Oct 2018 08:21

(Sharecast News) - Calgary-based exploration and development company TransGlobe Energy saw production average roughly 14.3m barrels of oil per day throughout the third quarter of its trading year.Transglobe told investors on Wednesday that it had successfully drilled two oil wells at its West Bakr asset in Egypt, currently producing around 800 barrels of oil per day, and had also commenced drilling at its multi-stacked Cretaceous prospect in South Ghazalat and its Hz Cardium development in Western Canada.At its South Alamein site, Transglobe received notification from the Egyptian military that access will be granted to the firm to drill its 24X Jurassic exploration prospect after final written approval has been granted.In Canada, the oil and gas outfit kicked off its six well drilling programme, expected to wrap up during the fourth quarter, with first production from the multi-well pad anticipated by early January.As of 0900 BST, Transglobe shares had jumped 19% to 255.70p.