Petroleum Africa
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Monday, October 12, 2015
Independent Resources plc and Nostra Terra Oil & Gas Company plc have reached an agreement that will have them picking up a stake in Egypt. The two firms, who entered into a strategic agreement in September to cooperate in the investment of operated and non-operated assets in North Africa, will acquire a 50% non-operated interest in TransGlobe Energy’s East Ghazalat concession.
The pair will acquire the asset through a JV company and pay a consideration of $3.5 million for the deal, which is expected to be complete before the end of the month.
Current gross production from East Ghazalat is approximately 880 bpd. The concession also includes the North Dabaa 1X (ND1X) and North Dabaa 2X (ND2X) gas discoveries. ND1X has been tested at an average rate of 16 Mmcf/d of gas, and 1,620 bpd of condensate, and ND2X has been tested at 18.7 Mmcf/d of gas and 542 bpd of condensate.
Greg Coleman, CEO of Independent Resources, commented in a company statement: “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.”
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