Middle East Economic Survey

VOL. LI

No 34

25-Aug-2008

EGYPT

TransGlobe Completes Acquisition Of West Gharib Concession

Canadas TransGlobe Energy announced on 18 August that it had completed the acquisition of all nine development leases in its West Gharib concession, in Egypts Eastern Desert. The company, which bought 75-100% working interests in the leases from Tanganyika Oil last year for $70mn, said it paid $18mn for the additional 25% interests. The new acquisition, from an unnamed private...