Calgary-based TransGlobe Energy is to acquire privately held GHP Exploration for $40.2 million.
TransGlobe Energy said it will acquire a 30% interest in eight development leases and associated infrastructure in Egypt. The deal is expected to close in February
President and chief executive Ross Clarkson said: “This acquisition further strengthens our position in the Egypt. It provides TransGlobe Energy with enhanced drilling opportunities, increased reserves and a more robust production profile.”