TransGlobe Energy buying Egypt assets for $60m

NEW YORK: Canadian oil and gas producer TransGlobe Energy Corp.
said it will pay $60 million buy all the Egyptian assets of Egypt Petroleum Development Co.

Updated 29 March 2011 02:21

ASSOCIATED PRESS

March 29, 2011 02:21

TransGlobe said Egypt Petroleum Development owns three oil fields with 28 wells.

The fields produce 4,000 barrels of oil per day.

The deal is set to close on July 1 pending approval from the Egyptian government.

The company said Egypt Petroleum’s assets are located adjacent to TransGlobe’s own assets in the western Gulf of Suez rift basin.

The Egypt Petroleum Development Co. is based in Japan.