Flash note: East Ghazalat asset receives a good price
Independent Resources and Nostra Terra, which are both party to a 50:50 JV with the express purpose to acquire E&P assets in North Africa, have agreed to acquire TransGlobe's East Ghazalat concession in Egypt. TGA holds a 50% working interest in East Ghazalat, for which the JV is to pay $3.5m. This represents a significant premium to our value for the asset of $2m, and hence we see this as a positive deal for TGA. The East Ghazalat concession had gross production of 880b/d in June 2015 (average), equating to production of 440b/d net to the JV. 2P reserves at East Ghazalat were estimated at c 1mbbl of oil at 30 June 2015, equating to a purchase price of $3.47/bbl. The concession also holds two natural gas discoveries, although these are presently unquantified.
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