Egypt-focused independent TransGlobe Energy on 14 July announced that it had agreed to be taken over by Houston-based Vaalco Energy.
The firms say the deal, which values TransGlobe at $307mn, will create “a world-class African-focused E&P Company supporting sustainable growth and stockholder returns.” Fields on the western shore of Egypt’s Red Sea accounted for four-fifths of TransGlobe’s 12,300 b/d of working interest output for the first half of 2022. The remainder is in the Calgary-based firm’s native Canada. Vaalco has production in Gabon and Equatorial Guinea. (CONTINUED - 220 WORDS)