Tanganyika Oil has completed the previously announced sale of its interests in the West Gharib concession area in Egypt to TransGlobe Energy. TransGlobe is a publicly traded oil and gas company listed on the TSX (TGL) and AMEX (TGA).
Pursuant to the purchase and sale agreement, TransGlobe has acquired all of the shares of Tanganyika subsidiaries holding the West Gharib interests in consideration for US $59 million plus working capital adjustments effective July 1, 2007 of approximately US $11.0 million bringing the total consideration to approximately US $70.0 million. Tanganyika, through its subsidiaries, held a 70% interest in one Development Lease and a 45% working interest in seven additional Development Leases comprising the West Gharib Production Sharing Concession.
Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Egypt and Syria. Its shares are traded on the TSX Venture Exchange under the symbol TYK and its Swedish Depository Receipts trade on OMX Nordic Exchange under the symbol “TYKS”.