Trans Global Petroleum Signs Exploration Agreement With Ethiopia

Trans Global Petroleum Ethiopia Ltd., U.S. firm, signed an agreement with Ministry of Energy of Ethiopia enabling the firm to explore and develop petroleum in north Ethiopia's Afar, Tigray and Amhara regions. Under the agreement, the ministry has granted Trans Global Petroleum Ethiopia Ltd., an exclusive right that enables the company to engage in exploration and development within the license area for the period specified in the agreement and will have the right to extend as per the agreement. The initial term of exploration period shall be four years, and may be extended twice each for two years. The development and production period shall be 25 years and may be extended as appropriate...more...