TransGlobe Energy Corporation is pleased to announce the ratification of four new Production Sharing Concessions in Egypt.
NEW CONCESSIONS - EGPC BID ROUND
TransGlobe has received written notice from the Egyptian Government that the four Production Sharing Concessions ("PSCs") (100% working interest) which were won in the 2011/2012 EGPC bid round have been ratified into Law. It is expected that the new PSCs will be effective following the customary documentation associated with work program guarantees, settlement of signature bonuses and an official signing ceremony which is expected to occur in October.
Mr. Ross Clarkson, President and CEO states: "The approval of the four new PSCs represents a significant milestone in the Company's continued growth and commitment to Egypt and we are encouraged that the current Egyptian Government is demonstrating its commitment to follow through on its stated objective to facilitate increased investment in oil and gas exploration and development in Egypt. The four new PSCs will increase the Company's land position in Egypt by 160% to 1.3 million acres and will provide continued growth opportunities to the Company for many years to come."