TransGlobe Energy Corporation Announces an Agreement to Merge, Extend and Modernize Its Eastern Desert Concessions
Micro-cap TransGlobe Energy (TGA +45.1%) has reached an agreement with Egyptian General Petroleum to merge TransGlobe’s three existing Eastern Desert concessions into a new modernized concession agreement.
The merged concession will have a new 15-year development term and a 5-year extension option.
Improved netbacks and increased cash flows are expected to fund new investments in incremental recovery projects.
TGA will pay an initial equalization payment of $15M and signature bonus of $1M on ratification, with five further annual equalization payments of $10M each being made over five years (beginning Feb. 1, 2022 until Feb. 1, 2026).
finance.yahoo.com/ne...ement-161700729.html
Micro-cap TransGlobe Energy (TGA +45.1%) has reached an agreement with Egyptian General Petroleum to merge TransGlobe’s three existing Eastern Desert concessions into a new modernized concession agreement.
The merged concession will have a new 15-year development term and a 5-year extension option.
Improved netbacks and increased cash flows are expected to fund new investments in incremental recovery projects.
TGA will pay an initial equalization payment of $15M and signature bonus of $1M on ratification, with five further annual equalization payments of $10M each being made over five years (beginning Feb. 1, 2022 until Feb. 1, 2026).
finance.yahoo.com/ne...ement-161700729.html
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Low debt companies like TransGlobe Energy simply sit back and cash checks during this coronavirus demand destruction. It has negative net debt and therefore is under no pressure whatsoever during the current low commodity price period.