HOUSTON and CALGARY, Alberta — VAALCO Energy Inc. and TransGlobe Energy Corp. have entered into a definitive arrangement agreement in which VAALCO will acquire all of the outstanding common shares of TransGlobe in a stock-for-stock strategic business combination transaction valued at $307 million.
The transaction will result in VAALCO stockholders owning approximately 54.5% and TransGlobe shareholders owning approximately 45.5% of the combined company.
The boards of directors of both companies have unanimously approved the transaction, which is expected to close in the second half of 2022.
VAALCO is an operator within the West Africa region, holding a 63.6% participating interest in the VAALCO-operated Etame Marin Block offshore Gabon, which to date has produced more than 126 MMbbl of crude oil.
TransGlobe Energy Corp. is a cash flow-focused oil and gas exploration and development company with current activities concentrated in the Arab Republic of Egypt and Canada.
07.14.2022
