Gulf Oil and Gas accountACCOUNT

TransGlobe Acquires Additional Interest in West Gharib Properties

Source: www.oilegypt.com 8/18/2008, Location: Africa

TransGlobe Energy Corporation completed the acquisition of an additional 25 percent in certain leases on its West Gharib (Arab Republic of Egypt) properties from its partner, a private company registered in Cyprus, for consideration of US$18.0 million adjusted to June 1, 2008. This acquisition brings TransGlobe's holdings to a 100 percent working interest on all nine West Gharib leases.

The acquisition was funded from TransGlobe's expanded credit facility and working capital. TransGlobe's average daily production increases by approximately 400 barrels of oil per day (Bopd), effective today. The purchase price paid by TransGlobe translates into approximately US$16.20 per barrel of Proved Plus Probable reserves or approximately US$45,000 per flowing Bopd, in line with recent similar transactions in the area. Depending upon the size of future reserve additions in the East Hoshia and South Rahmi fields, TransGlobe agreed to pay the partner a success fee up to $5.0 million and $2.0 million, respectively.

Ross Clarkson, President and Chief Executive Officer of TransGlobe, commented: "The West Gharib acquisition established TransGlobe as a producing operator in the Middle East and we are very pleased to increase our interest. The early drilling successes have proved the value of the assets. We believe there are more production and reserve gains to come from the West Gharib lands."

Oil & Gas Companies News in Egypt >>

Nigeria >>  5/13/2020 -  Saipem, in joint venture with Daewoo E&C Co. Ltd and Chiyoda Corporation (SCD JV), has been awarded by Nigeria LNG Limited the contracts for the Engi...
Algeria >>  5/4/2020 - SONATRACH and the Russian company LUKOIL proceeded to the signing of a memorandum of understanding (MoU) to initiate discussions in order to identify ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

Oil & Gas Projects in Egypt >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.