Canadian independent TransGlobe says its amended and consolidated production sharing contract for its three concessions in Egypt’s Eastern Desert has been ratified into Egyptian law.

The deal, announced 12 months ago, “ modernizes the fiscal terms to promote investment across a broad range of commodity prices” and has an effective date of 1 February 2020 (MEES, 11 December 2020). This encouraged TransGlobe to increase activity with output from the newly merged three concessions rising 7% quarter on quarter to 10,653 b/d for Q3 (see chart). (CONTINUED - 185 WORDS)