TransGlobe Adds West Bakr Concession In Egypt

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
60MM
Description

Bought 11,600-acres West Bakr concession in Egypt featuring 3 fields in 2 development leases, gaining 4,350 BOE/d.

The acquisition of the West Bakr Concession in Egypt by TransGlobe Energy Corp. from the Egyptian Petroleum Development Co. Ltd. (of Japan) was completed on Dec. 29, 2011. The $60 million, all-cash deal is effective as of July 1, 2010, and includes the 100% ownership and being operator of three fields with 28 producing wells.

The three fields have 4,350 barrels of oil per day of production and 11,600 acres in two development leases. These leases are adjacent to TransGlobe’s existing West Gharib development leases. The company has identified several development optimization projects for the combined leases.

TransGlobe West Bakr Inc. now operates two West Bakr development leases that are valid until 2020 with an optional five-year extension to 2025. Modern 3-D seismic covers the development leases.