Area Drilling

08/02/2004
EgyptQuadra Resources Corp., Calgary, signed a farmout with Canadian and Egyptian companies that covers the 7.5 million acre Nuqra Block 1 in the Kom Ombo rift basin in southeastern Egypt.Farmees are units of TransGlobe Energy Corp., Calgary, and Rampex Petroleum International, Cairo.TransGlobe agreed to provide at least $2 million within 16 months for first stage work required by the concession agreement. It will have an option to provide $4 million to perform second stage work to earn a 50% working interest. TransGlobe will act as operator on behalf of Quadra and Rampex.Quadra has 4,000 line km of recent 2D seismic data and has identified 13 seismically defined exploratory leads on Nuqr...
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