TGA
Posted: Fri Nov 08, 2013 12:47 pm
TGA would be near $20/share if not for the political crap in Egypt. - Dan
CALGARY, ALBERTA, Nov 08, 2013 (Marketwired via COMTEX) -- TransGlobe Energy Corporation ("TransGlobe" or the "Company") is pleased to announce the signing of agreements for the four new Production Sharing Concessions in Egypt. All dollar values are expressed in United States dollars unless otherwise stated.
ARAB REPUBLIC OF EGYPT
NEW CONCESSIONS - EGPC BID ROUND
TransGlobe signed the four Production Sharing Concession agreements ("PSC"), won in the EGPC bid round in 2011/2012, at an official signing ceremony with the Ministry of Petroleum held on November 7, 2013. These new concessions add approximately 800,000 net acres to TransGlobe's land holdings in Egypt and brings the total number of TransGlobe Egyptian PSCs to eight (seven are operated).
The Company has committed to $101.1 million of expenditures on the new blocks over the next three years. The total commitment includes $40.6 million in signature bonuses that were settled through an offset to TransGlobe's outstanding accounts receivable with the government of Egypt. Each concession consists of an initial three-year exploration period with the provision for two extension periods of two years each for a total exploration period of seven years.
"TransGlobe is extremely excited about the potential to grow our base of operations materially over the next few years in Egypt. The Northwest Gharib concession, which surrounds all of our Eastern Desert production, is expected to be the cornerstone of that growth. The Southeast Gharib and Southwest Gharib concessions, which are situated directly south of our current operations, should provide lower risk exploration opportunities in the coming years. The South Ghazalat concession in the Western Desert abuts the recent condensate discovery (see Operations Update 10/01/13) and should provide some additional exploration opportunities as well. TransGlobe commends the Egyptian Ministry of Petroleum for making the ratification of these concessions a top priority of the new administration", stated Ross Clarkson, President and CEO.
CALGARY, ALBERTA, Nov 08, 2013 (Marketwired via COMTEX) -- TransGlobe Energy Corporation ("TransGlobe" or the "Company") is pleased to announce the signing of agreements for the four new Production Sharing Concessions in Egypt. All dollar values are expressed in United States dollars unless otherwise stated.
ARAB REPUBLIC OF EGYPT
NEW CONCESSIONS - EGPC BID ROUND
TransGlobe signed the four Production Sharing Concession agreements ("PSC"), won in the EGPC bid round in 2011/2012, at an official signing ceremony with the Ministry of Petroleum held on November 7, 2013. These new concessions add approximately 800,000 net acres to TransGlobe's land holdings in Egypt and brings the total number of TransGlobe Egyptian PSCs to eight (seven are operated).
The Company has committed to $101.1 million of expenditures on the new blocks over the next three years. The total commitment includes $40.6 million in signature bonuses that were settled through an offset to TransGlobe's outstanding accounts receivable with the government of Egypt. Each concession consists of an initial three-year exploration period with the provision for two extension periods of two years each for a total exploration period of seven years.
"TransGlobe is extremely excited about the potential to grow our base of operations materially over the next few years in Egypt. The Northwest Gharib concession, which surrounds all of our Eastern Desert production, is expected to be the cornerstone of that growth. The Southeast Gharib and Southwest Gharib concessions, which are situated directly south of our current operations, should provide lower risk exploration opportunities in the coming years. The South Ghazalat concession in the Western Desert abuts the recent condensate discovery (see Operations Update 10/01/13) and should provide some additional exploration opportunities as well. TransGlobe commends the Egyptian Ministry of Petroleum for making the ratification of these concessions a top priority of the new administration", stated Ross Clarkson, President and CEO.