Deals



Independent Resources has acquired Nostra Terra Oil and Gas Company plc


Posted: 15th October 2015 09:00

Independent Resources, an oil and gas exploration and production company with a growing portfolio of producing and exploration prospects in North Africa is pleased to announce the completion of the acquisition by its newly-formed joint venture with Nostra Terra Oil and Gas Company plc of a 50 per cent. interest in the East Ghazalat concession in Egypt from TransGlobe Petroleum International Inc, a wholly owned subsidiary of TransGlobe Energy Corporation for US$3.5 million.

The Acquisition was originally announced on 6 October 2015

Highlights

The effective date of the closing is 1 July 2015.  The immediate priorities of JVCO are to improve operating margins through cost reduction initiatives and to implement further reserve enhancement opportunities in a disciplined and rigorous manner.

In conjunction with Nostra Terra, we continue through the JVCO to appraise a number of other acquisition opportunities in the region.  We look forward to updating shareholders on further progress.

Greg Coleman, CEO of Independent Resources, commented:
"I am very pleased that we have completed our first targeted Egyptian acquisition in partnership with Nostra Terra.  It is very clear that this partnership has an exciting future together as there are many opportunities which we believe we can now consider.  In the short term, we are now focused on working with EGPC and the operator to add significant value to the asset.

We were able to obtain financing from the Vendor on attractive terms and consequently minimise dilution to existing shareholders."


Related articles



Comments


close

Subscribe to our newsletter

Sign up here and get the latest news and updates delivered directly to your inbox

You can unsubscribe at any time