Independent, Nostra Terra Score First Goal in Egypt

Independent Resources said on Tuesday that its joint venture with Nostra Terra reached a deal with TransGlobe Energy Corporation for the acquisition of a 50% interest in the East Ghazalat concession in Egypt, confirming the growing interest in the North African country.

"This marks the first of what I hope to be several asset acquisitions … to optimize oil and natural gas production and reserves for the benefit of the Arab Republic of Egypt and our shareholders” Greg Coleman, CEO of Independent Resources, commented in a note on Tuesday.

TransGlobe should maintain a 50% interest, and should receive US$1.0 million in cash at legal completion; and a loan note for US$2.5 million to be paid within two years of legal completion.  

The East Ghazalat Concession is located in the Western Desert region of Egypt, approximately 240 kilometres southwest of the city of Cairo in a platform region over the Sharib-Sheiba high.

In September, Nostra Terra and Independent Resources signed a “strategic” joint venture agreement to invest in producing or near-production assets in the Mediterranean and North Africa region, mainly Egypt and Tunisia. 

Also on Tuesday, Egypt awarded four new licences to explore for oil and gas off its Mediterranean coast.