Timgad Energy would like to announce for the last changes in the chairmanship of the Board of directors:
- Dr.Ahmed Bahgat resigned as a chairman of the Board upon his request.
- Eng. Nazim C.E. Zouioueche has been elected as the new chairman of Timgad effective June 1st 2009.
Board Meetings
TE's first Board Meeting took place on the 21st of October 2007, at the Company's Headquarters in Cairo, Egypt.
· February 24th, 2008
Second Board Meeting took place on the 24th of February 2008.
Third & fourth Board Meeting took place on the 11th of March 2008.
Fifth Board Meeting took place on the 1st of April 2008.
Sixth Board Meeting took place on the 23rd of November 2008 in Cairo.
KONDAR Block “E 1”
The First Technical Committee Meeting (TCM) of the KONDAR prospecting permit was successfully convened on December 17, 2008 between ETAP and Timgad Energy in the presence of the representative of the Ministry of Energy. Timgad has presented the planned work program & budget for the year 2009 with a total of MM USD 3.7 planned. The work program and budget were agreed on.
In the context of the outcome of 2007 bid round launched by the Enterprise Tunisienne D’Activites Petrolieres (ETAP), the signature between the Tunisian Government and TIMGAD Energy for the Prospecting Permit (Kondar) took place on June 16th, 2008, at the premises of the Ministry in Tunis.
· January 15th ,2008
Department of Energy in Tunisia has awarded TIMGAD together with ETAP (National Oil Company of Tunisia) the KONDAR Block "E1" in Tunisia as TIMGAD is the sole operator for the concession with a financial commitment of USD 1,000,000.00 to cover 250 KM2 of 2D or the equivalent of 3D seismic acquisition and an initial exploration period of two years. The block is located in the mid east onshore of Tunisia covering about 972 KM2. The block was previously explored by ENI and SOCO having 1299 KM length of 2D seismic acquisition in 1984 and 1985. The block seems to be promising and TIMGAD will start the work as soon as the formalities are finalized.
The technical team of TE traveled to Tunisia on 22nd through 24th of July 2007, to examine the technical merits to invest in exploration assets offered by ETAP
North African Oil & Gas Summit 2008:
Timgad Energy will participate in North African Oil & Gas Summit 2008 that will be held on 04-06 November 2008 in Vienna, Austria as Dr.Ahmed Bahgat the Executive Chairman will be one of the speakers to talk about Proliferation of small to medium E and P Companies. You can visit:
http://www.theenergyexchange.co.uk/3/13/articles/30.php?
BAZMA & JORF Blocks in Tunisia:
On September 16th; TE has signed a farm- in agreement with RIGO OIL Company in Tunisia in the two blocks of BAZMA and JORF for 10% & 70% working interest in each respectively. This represents the second transaction for TE in Tunis after the KONDAR prospect permit signed last June 2008. Both parties, TE and RIGO will work together to get ETAP and the Tunisian Government approval on the transaction which is currently in process. One well in BAZMA block is planned to be drilled in 2009 with a high potential due to its nearby position to the TARFA producing field, while JORF is under a complete re-evaluation study after the last 2D seismic took place last July 2008 by RIGO.