Egypt: TransGlobe to buy West Bakr concession

By OGJ editors
HOUSTON, Mar. 28
– TransGlobe Energy Corp. plans to acquire a 100% working interest from The Egyptian Petroleum Development Co. Ltd. of Japan in the West Bakr concession agreement in Egypt’s Gulf of Suez basin, subject to government approval.

The $60 million cash deal is retroactive to July 1, 2010. TransGlobe becomes operator of three fields with 28 wells producing a combined 4,000 b/d of 17-20° gravity oil from 7.4 million bbl of proved reserves and 1.4 million bbl of probable reserves.

The two development leases valid until 2020 cover 11,600 acres adjacent to TransGlobe’s West Gharib development leases. TransGlobe has identified numerous development optimization and drilling projects on the West Bakr concession.

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