Direct Energy Makes Bid For TransGlobe Energy

UK utility Centrica says its US subsidiary Direct Energy has made an agreed offer to buy oil and gas assets of Canada's TransGlobe Energy Corporation for £28.4m (C$56.7m).

In addition to acquiring a largely natural gas production base, the deal includes the acquisition of 50,000 acres of land with development potential, says Centrica.

The transaction is expected to close by the beginning of May and is not subject to shareholder approval.

By staff writer