TransGlobe Energy Corporation Acquires Operated Interest in the South Alamein Concession Agreement in Egypt for $3.0M
TransGlobe Energy Corporation (NASDAQ: TGA) announces the signing of a Sale and Purchase Agreement to acquire a 50% operated working interest in the South Alamein Concession in the Arab Republic of Egypt from Cepsa Egypt SA B.V., a wholly owned subsidiary of COMPANIA ESPANOLA DE PETROLEOS, S.A. (of Spain) subject to the approval of the Egyptian Government and customary closing conditions.
The transaction highlights include:
-- $3.0 million all-cash deal; -- An expansion of TransGlobe's portfolio in Egypt's Western Desert, located approximately 150 kilometres northwest of Cairo;
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