IRG & Nostra Terra Acquire Producing Assets in Egypt

Independent Resources (IRG) announced the intention to establish a strategic joint venture company ('JVCO') owned 50-50 with Nostra Terra Oil & Gas focused on the acquisition of producing assets in the North Africa region.

IRG and Nostra Terra have reached agreement with TransGlobe Energy for the acquisition by JVCO of a 50 per cent non-company operated interest in the East Ghazalat concession in Egypt from TransGlobe for a headline consideration of US$3.5 million. JVCO and TransGlobe signed the Acquisition Agreement on 2 October 2015. The Acquisition Agreement contains certain conditions precedent to completion. JVCO expects completion to occur later in October 2015.

Greg Coleman, CEO of Independent Resources, commented:
'This marks the first of what I hope to be several asset acquisitions where we can demonstrate the value we can bring to oil and gas assets by good cost management, a rigorous approach to decision making and the application of appropriate technology to optimize oil and natural gas production and reserves for the benefit of the Arab Republic of Egypt and our shareholders.'

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects