TransGlobe signed the four PSC’s won in the EGPC bid round in 2011/2012, at an official signing ceremony with the Ministry of Petroleum held on 7 November, 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 $101.1m of expenditures on the new blocks over the next three years.
The total commitment includes $40.6m 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 Energy president and CEO Ross Clarkson said, "TransGlobe is extremely excited about the potential to grow our base of operations materially over the next few years in Egypt."
