Egypt-focused Canadian independent TransGlobe fell to a loss of $56.5mn in Q2 as the company impaired $67.5mn of exploration spend at its Northwest Gharib concession.

Awarded in November 2013, and adjacent to its production heartland on the western shore of the Gulf of Suez, exploration has resulted in only modest discoveries with estimated recoverable reserves booked at just $4.4mn.

The company will retain four small development leases but relinquish the remainder rather than commit to a...