VAALCO Energy to Acquire TransGlobe in $307 million Stock-for-stock Deal

Houston VAALCO Energy and Canada’s TransGlobe Energy agreed to a stock-for-stock business combination the companies expect will create a diversified African-focused E&P business supporting sustainable growth and stockholder returns.

Hart Energy Staff
VAALCO Energy to Acquire TransGlobe in $307 million Stock-for-stock Deal

The combined company assets will be located in prolific and established basins in Egypt, Gabon, Equatorial Guinea and Canada. Pictured, a rig ready to recomplete TransGlobe’s SGZ-6X well in the western desert of Egypt targeting the lower Bahariya reservoir in 2021. (Source: TransGlobe Energy Corp.)

VAALCO Energy Inc. agreed on July 14 to acquire TransGlobe Energy Corp. in a stock-for-stock strategic business combination transaction valued at $307 million the companies said will create a “world-class African-focused E&P company.”

“This transformational transaction is consistent with VAALCO’s strategic growth objectives of expanding our African footprint and providing an enlarged platform to deliver long-term, sustainable value for our stockholders,” VAALCO CEO George Maxwell commented.

The combined company assets will be located in prolific and established basins in Egypt, Gabon, Equatorial Guinea and Canada, with significant future growth potential, according to a joint press release.

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