This week saw Canadian listed, Egyptian focussed TransGlobe announce an acquisition of producing assets in Western Canada. The company will be paying USD80 million to Bellatrix Exploration for Cardium light oil and Mannville liquid-rich gas acreage in the Harmattan Area. The portfolio comes with 21mmboe of 2P reserves and 3,100boepd of production.
The acquisition is a shift away from the company's historic strategy of being an Egyptian focussed player. However this had been pre-announced with TransGlobe stating earlier this year that it was...
