Houston-based Vaalco, which has assets in Gabon and Equatorial Guinea, on 14 October completed its takeover of Egypt-focused Canadian independent TransGlobe Energy. Vaalco shareholders will hold 54.5% of the new company and TransGlobe shareholders 45.5% after both voted in favor on 7 October. The deal was initially announced in July (MEES, 15 July).
TransGlobe saw a 3% quarter on quarter increase to its Egypt output to 10,338 b/d for Q2 (85% of its total output; the rest is in Canada). Output from its fields on the west bank of the Gulf of Suez peaked at 18,000 b/d in 2013. Output from the mature Gulf of Suez region, at 230,000 b/d for the first eight months of 2022, is on track for the lowest annual figure since the early 1970s, whilst output from the country’s other key producing region the Western Desert is also near 40-year lows (MEES, 14 October). (CONTINUED - 174 WORDS)