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TransGlobe Energy Corporation (AIM: TGL) (TSX:TGL) (NASDAQ:TGA) ("TransGlobe" or the "Company") notes the positive update issued by VAALCO Energy, Inc. (NYSE:EGY) (LSE: EGY) ("VAALCO") this morning. VAALCO's announcement can be viewed here.
David Cook, Chair of the Board of TransGlobe commented:
"VAALCO continues to make positive progress with its ongoing Etame drilling programme with the successful drilling of the North Tchibala 2H-ST well. Today's operational update highlights VAALCO's attractive asset base and supports the Board's existing recommendation to combine to create a world-class African-focused E&P company with a diversified portfolio of development assets with significant upside and strong fiscal terms which will generate sustainable returns to the combined shareholder base.
Both the management and Board continue to unanimously support the merger which is expected to deliver material benefits for TransGlobe shareholders."
