Independent Resources, Nostra Terra Acquire Stake in Oil, Gas Asset in Egypt

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

IRG and Nostra Terra have reached an agreement with TransGlobe Energy Corporation for the acquisition of a 50 per cent non-company operated interest in the East Ghazalat concession in Egypt for $3.5 million. JVCO and TransGlobe signed the agreement on October 2, 2015.

Current gross production from East Ghazalat is approximately 880 barrels of oil per day (bopd). The concession also includes two gas discoveries, North Dabaa 1X and North Dabaa 2X.  North Dabaa 1X tested at an average rate of 16 million cubic feet per day (MMCFD) and 1,620 barrels per day of condensate.  North Dabaa 2X tested at 18.7 MMCFD and 542 barrels per day of condensate. 

No reserves have been attributed for these discoveries.