TransGlobe Energy Corporation Acquires West Bakr Concession Agreement in Egypt
03 Gennaio 2012 - 1:00PM
Marketwired
TransGlobe Energy Corporation (TSX:TGL)(NASDAQ:TGA) ("TransGlobe"
or the "Company") today announces the closing of the West Bakr
acquisition in the Arab Republic of Egypt ("Egypt") from The
Egyptian Petroleum Development Co. Ltd. (of Japan) that was
completed on December 29, 2011. All dollar values are expressed in
United States dollars unless otherwise stated.
The transaction highlights include:
-- $60 million all-cash deal, effective July 1, 2010, with operatorship of
three fields with 28 producing wells, funded with working capital;
-- Immediately accretive to funds flow from operations and net income;
-- 100% working interest in 4,350 barrels of oil per day production;
-- 45.2 square kilometres (11,600 acres) in two development leases;
-- Located immediately adjacent to TransGlobe's existing West Gharib
development leases;
-- Integration opportunities with the TransGlobe West Gharib operations;
-- Numerous development optimization projects identified.
West Bakr, Egypt (100% operated working interest)
TransGlobe West Bakr Inc. ("TGWB"), a wholly owned subsidiary of
TransGlobe Energy Corporation, has acquired all the Egyptian assets
of The Egyptian Petroleum Development Co. Ltd. (of Japan)
("EPEDECO") for $60 million plus or minus adjustments, effective
July 1, 2010. TransGlobe funded the acquisition with working
capital.
TGWB holds a 100% working interest in the West Bakr Production
Sharing Concession ("PSC"). TGWB is the operator of the West Bakr
Concession through its joint venture operating company (West Bakr
Petroleum Company).
The West Bakr PSC is located onshore in the western Gulf of Suez
rift basin of Egypt adjacent to TransGlobe's West Gharib
Concession. The two West Bakr development leases encompass 45.2
square kilometres (approximately 11,600 acres) and are valid until
2020 with an optional five-year extension to 2025. Modern 3-D
seismic covers the development leases. Current gross oil production
from the three producing fields is approximately 4,350 Bopd
(approximately 1,240 net Bopd after the production sharing split
with the Government of Egypt). There are three oil fields on the
lands with cumulative production of approximately 50 million
barrels of oil. The Company has identified a number of
optimization/development projects and drilling opportunities that
could increase production and recoverable reserves.
Production:
TransGlobe's total production including the West Bakr
acquisition is approximately 16,250 Bopd (West Bakr 4,350 Bopd,
West Gharib 11,500 Bopd and Block 32 Yemen 400 Bopd). Approximately
700 Bopd is curtailed at West Gharib and 2,250 Bopd of production
from Block S-1 Yemen is shut-in due to damage to the export
pipeline (announced October 8, 2011).
TransGlobe Energy Corporation is a Calgary-based,
growth-oriented oil and gas exploration and development company
focused on the Middle East/North Africa region with production
operations in the Arab Republic of Egypt and the Republic of Yemen.
TransGlobe's common shares trade on the Toronto Stock Exchange
under the symbol TGL and on the NASDAQ Exchange under the symbol
TGA.
Cautionary Statement to Investors:
This news release may include certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Such
statements relate to possible future events. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Although
TransGlobe's forward-looking statements are based on the beliefs,
expectations, opinions and assumptions of the Company's management
on the date the statements are made, such statements are inherently
uncertain and provide no guarantee of future performance. Actual
results may differ materially from TransGlobe's expectations as
reflected in such forward-looking statements as a result of various
factors, many of which are beyond the control of the Company. These
factors include, but are not limited to, unforeseen changes in the
rate of production from TransGlobe's oil and gas properties,
changes in price of crude oil and natural gas, adverse technical
factors associated with exploration, development, production or
transportation of TransGlobe's crude oil and natural gas reserves,
changes or disruptions in the political or fiscal regimes in
TransGlobe's areas of activity, changes in tax, energy or other
laws or regulations, changes in significant capital expenditures,
delays or disruptions in production due to shortages of skilled
manpower, equipment or materials, economic fluctuations, and other
factors beyond the Company's control. TransGlobe does not assume
any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change, other than as required by law, and investors should
not attribute undue certainty to, or place undue reliance on, any
forward-looking statements. Please consult TransGlobe's public
filings at www.sedar.com and www.sec.gov/edgar.shtml for further,
more detailed information concerning these matters.
Contacts: TransGlobe Energy Corporation Scott Koyich Investor
Relations
403.264.9888investor.relations@trans-globe.comwww.trans-globe.com
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