TransGlobe Energy reports 2012 year-end contingent resources TransGlabe Energy announced best case contingent resources of 2M barrels and estimated future net revenue for best case contingent resource is $29.1M. Company also announces prospective resources at year-end, reporting that the mean estimate of total undiscovered oil initially in place for the 38 evaluated prospects is 1B barrels; the mean estimate of total prospective resource is 200M barrels; the mean estimate of total working interest prospective resource is 170M barrels.
News For TGA From The Last 14 Days
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TransGlobe reintroduces 5c dividend, announces 10c special dividend The company intends to proceed with obtaining the required approvals for the previously announced, and subsequently suspended, dividend of 5c per share per quarter to be paid from funds on hand. In addition the company will seek the required approvals to pay a special dividend of 10c per share from the proceeds of the reverse termination fee. Declaration and the payment of the dividends are subject to stock exchange and bank lender approval.
TransGlobe Energy announces termination of Arrangement Agreement with Caracal TransGlobe Energy announces the termination of the Arrangement Agreement between TransGlobe and Caracal Energy, dated March 15. Caracal advised TransGlobe that it had received an unsolicited cash offer to acquire all of the outstanding shares of Caracal from Glencore Xstrata plc. Caracal further advised TransGlobe that the unsolicited offer constituted a "Superior Proposal" under the terms of the Arrangement Agreement. Accordingly, Caracal has terminated the Arrangement Agreement and has paid TransGlobe the reverse termination fee of $9.25M in accordance with the terms of the agreement.