Petroleum Africa
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Tuesday, September 9, 2014
TransGlobe Energy was the successful bidder on the North West Sitra concession in EGPC’s 2014 bid round, pending ratification TransGlobe will hold the block with a 100% interest.
The 1,946 sq km NW Sitra concession is located in the Western Desert immediately to the west of the company’s South Ghazalat concession in the prolific Abu Gharadig basin. The company has committed to acquire a minimum of 300 sq km of 3D seismic and drill two exploration wells in the first exploration phase.
The concession will have a seven-year exploration term which will commence when it has been passed into law. The seven-year term is comprised of two, 3.5-year (42 month) exploration phases. The new concession provides for the approval of 20-year development leases on commercial discoveries.
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