TransGlobe Energy (TGA) Signs Share Purchase Agreement to Acquire Cepsa Egypt SA B.V.
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TransGlobe Energy Corporation (NYSE: TGA) has entered into a share purchase agreement to acquire Cepsa Egypt from Cepsa for $3.0 million plus inventory, fixed assets and working capital adjustments, effective July 1, 2012.
On June 7, 2012 the Company acquired a company from EP Energy LLC which holds a 50% interest in the South Alamein Concession Agreement, under a Production Sharing regime.
Cepsa Egypt holds the remaining 50% working interest in and operates the South Alamein Concession. When acquired, the Company will hold a 100% working interest in the South Alamein Concession.
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On June 7, 2012 the Company acquired a company from EP Energy LLC which holds a 50% interest in the South Alamein Concession Agreement, under a Production Sharing regime.
Cepsa Egypt holds the remaining 50% working interest in and operates the South Alamein Concession. When acquired, the Company will hold a 100% working interest in the South Alamein Concession.
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