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Canada’s Caracal Energy expands into Egypt

: Tuesday, March 18 - 2014 @ 03:30

Canadian oil producer operating in Chad, Caracal Energy Inc. has signed an agreement to acquire TransGlobe Energy Corp for about $696.2m in stock to expand into Egypt, Financial Post has reported. “Through the combination of complementary asset bases, we will create a solid regional platform for compounding reserves and production growth,” said Caracal CEO, Gary Guidry. The transaction will create one of the largest independent Africa-focused oil producers, with current combined oil production of 25,100 barrels a day and a target average of 31,000 to 34,000 this year, the two companies said.

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Tuesday, March 18- 2014 @ 3:30 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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