Tanganyika Oil Company Ltd. has completed the previously announced sale of its interests in the West Gharib concession area in Egypt to TransGlobe Energy Corporation . Pursuant to the purchase and sale agreement, TransGlobe has acquired all of the shares of Tanganyika subsidiaries holding the West Gharib interests in consideration for US $59 million plus working capital adjustments effective July 1, 2007 of approximately US $11.0 million bringing the total consideration to approximately US $70.0 million. Tanganyika, through its subsidiaries, held a 70% interest in one Development Lease and a 45% working interest in seven additional Development Leases comprising the West Gharib Production Sharing Concession.
