TransGlobe Energy Corporation ("TransGlobe" or the "Company")
(TSX:TGL) (NASDAQ:TGA) announces the signing of a Share Purchase
Agreement (the "SPA") with two United States based energy companies
(collectively, the "Vendors") to acquire the shares of their direct
and indirect wholly owned subsidiaries which hold the Vendor's
Egyptian Assets (the "Acquisition").
THE ACQUISITION:
TransGlobe announces the signing of the SPA to acquire the
shares of a wholly owned Cayman Islands subsidiary of the Vendors
("EgyptCo"). EgyptCo's subsidiaries hold a 50% non-operated working
interest in the South Alamein concession and a 60% operated working
interest in the South Mariut concession, both located in the
Western Desert of the Arab Republic of Egypt ("Egypt"). This
transaction is expected to close by early June 2012 and is subject
to customary closing conditions.
TransGlobe cannot make assurances that it will successfully
close the subject transaction. All dollar values are expressed in
United States dollars unless otherwise stated.
The transaction highlights include:
-- $15 million plus inventory, fixed assets and working capital
-- All-cash deal, effective April 1, 2012
-- 50% working interest in the South Alamein concession, which combined
with the previously announced Cepsa acquisition (June 29, 2011) will
increase TransGlobe's interest to 100%
-- 60% working interest and operatorship of the South Mariut concession
-- Increase of 674,523 net exploration acres in Egypt's prolific Western
Desert
-- Near term (100% operated) development project, of the Boraq 2 Oil
Discovery in South Alamein
-- Near term (60% operated) exploration well (Al-Azayem-1) in South Mariut
-- Greatly expanded exploration opportunity base in the Western Desert
-- Maps and additional information can be found on the Company's website,
starting May 3, 2012 at http://www.trans-globe.com/operations/egypt
South Alamein, Egypt (100% working interest, TransGlobe
operated);
(SUBJECT TO CLOSING of the Acquisition and the Cepsa Transaction
(as defined below) including the necessary Government approval)
On June 29, 2011, the Company announced it had entered into a
Sale and Purchase Agreement to acquire Cepsa Egypt's 50% operated
working interest in the South Alamein concession for $3 million
plus an inventory adjustment, effective on and subject to approval
from the Egyptian Government ("Cepsa Transaction"). The deed of
assignment was signed by the Egyptian General Petroleum Corporation
("EGPC") on March 29, 2012 and is awaiting final approval by the
Minister of Petroleum.
TransGlobe's intended acquisition includes the remaining 50%
non-operated working interest in the South Alamein concession.
TransGlobe will assume operatorship and 100% working interest of
the South Alamein concession upon closing both transactions, which
is expected to occur in Q2 2012.
The South Alamein concession is located onshore in the Western
Desert of Egypt and includes portions of the prolific Alamein and
Tiba basins. The current gross size of this exploration concession
is 1,423 square kilometers (355,832 acres) following a 25%
relinquishment of non-prospective acreage on April 4, 2012, and
moves the concession into the final 2 year exploration phase. The
concession includes an oil discovery well, Boraq-2X. The primary
Cretaceous zone tested at a rate of 800 to 1,323 bopd of 34 API oil
with no water and a 13% pressure drawdown during a 28 hour drill
stem test (DST). A secondary Cretaceous zone tested at a rate of
274 Bopd of 32-35 API oil and 4% water during a 23 hour DST. Test
rates are not necessarily indicative of long-term performance but
it is anticipated that the well should be capable of producing
approximately 1,700 Bopd. Initial work by TransGlobe will focus on
appraisal and development of the Boraq-2X oil discovery which
includes drilling at least two appraisal wells and readying the
Boraq-2X well for production. The Boraq-2X discovery is close to
existing infrastructure which should reduce development time and
capital. An extensive 3-D seismic acquisition program was acquired
over the entire South Alamein concession area. TransGlobe's
technical team has identified a number of leads on the remaining
exploration acreage that are being progressed to drill-ready
prospects. Drilling on these prospects could commence by end of
2012.
The Company plans to submit a revised budget and development
plan for the Boraq discovery to the Egyptian Government for
approval following the closing of the Cepsa Transaction which is
expected to occur in the Q2 2012.
South Mariut, Egypt (60% operated working interest);
(SUBJECT TO CLOSING of the Acquisition)
TransGlobe's intended acquisition includes a 60% operated
working interest in the South Mariut concession. The interest in
the South Mariut concession is subject to waiver or non-exercise of
the 40% working interest partner's 30-day preferential right of
purchase. The current gross size of this exploration concession is
approximately 3,350 square kilometers (approx. 828,000 acres). It
is located in the Western Desert of Egypt and is onshore along the
Mediterranean coast line, adjacent to prolific offshore hydrocarbon
fields and southwest of the city of Alexandria. The southern
boundary of the South Mariut concession is approximately 20
kilometers north of the South Alamein concession. The South Mariut
concession is in the first, three-year extension period which
expires on April 5, 2013. A further two-year extension is available
under the production sharing contract.
The concession joint venture partners have acquired over 1,200
square kilometers of 3-D seismic over the original area and
executed several studies supporting the prospectivity of the South
Mariut concession area. The joint venture partners have approved
(subject to rig availability) a $9.6 million exploration well
(Al-Azayem -1) for 2012. The partners have received all the
necessary well permit approvals and are in discussion with several
contractors to supply a 2,000 horsepower drilling rig. The well is
targeting several stacked horizons with four-way closures
identified on 3-D seismic, with total depth expected at
approximately 14,500 feet in Jurassic-aged strata. TransGlobe has
internally estimated a combined undiscovered 236 million barrels of
Petroleum Initially in Place on a probabilistic P-mean basis for
this prospect.
The South Mariut concession production sharing terms are as
follows: cost oil of 35%, sharing of profit oil with 18% to the
Contractor, 82% to the Government of Egypt, with 100% excess cost
recovery oil to the Government. Capital investments are amortized
over five years and operating costs are fully recovered in the
quarter incurred and paid. All taxes and royalties are paid out of
the Government's share of profit oil.
Q1 2012 RELEASE DATE, WEBCAST AND CONFERENCE CALL
TransGlobe also announces its first quarter 2012 financial and
operating results to be released on Monday, May 7, 2012 prior to
the opening of the stock markets. A conference call and webcast to
discuss the results will be held the same day:
Time: 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time)
Dial-in: (416) 340-2216 or toll-free at 1(866) 226-1792
Webcast: http://events.digitalmedia.telus.com/transglobe/050712/index.php
Shortly after the conclusion of the call, a replay will be
available by dialing (905) 694-9451 or toll-free at 1(800)
408-3053. The pass code is 3340633. The replay will expire May 14,
2012 at 11:59 p.m. Eastern Time. Thereafter, a copy of the call can
be accessed on TransGlobe's website at www.trans-globe.com.
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.com
www.trans-globe.com
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