Petroleum Africa
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Tuesday, September 22, 2015
Nostra Terra signed a strategic JV agreement that will have it entering North Africa, specifically in Egypt and Tunisia. The strategic JV agreement was signed with Independent Resources who has a similar strategic intention to that of Nostra to invest in producing or near-production assets.
Under the terms of the agreement, the parties will cooperate in areas of project identification and due diligence, financing, geological exploitation, technical support, operations and procurement with a geographical focus on North Africa with immediate attention focused on Egypt and Tunisia.
Together the companies will work on sourcing opportunities where there is scope to increase production through better field, reservoir, and well management; reduce operational costs; and deliver good economic returns even at current oil pricing.
While the ability to operate licenses will be sought, non-operated investments with a significant working interest and hence scope to influence field operations will also be considered.
Nostra Terra and Independent Resources will establish a new legal entity that will be owned jointly by them and which will be used to execute new investments in due course. The pair are actively progressing negotiations on their first co-investment opportunity and discussions and due diligence are ongoing on additional opportunities.
Matt Lofgran, CEO of Nostra Terra, commented: “The lower oil price environment we are experiencing is presenting very interesting opportunities for investment and growth not just in America but globally. Partnering with Independent Resources gives us boots-on-the-ground experience of the countries we are immediately focusing on, with immediate acquisition opportunities of producing assets already being proposed and due diligence in progress. We’re happy to be involved with a strong team as we look to build a presence in the area.”
Greg Coleman, CEO of Independent Resources, commented: “We are really pleased to be working together with the team at Nostra Terra to advance co-investment opportunities. Their strategic and operational agendas are very similar to our own and we believe that there is much experience in our respective companies that will complement each other. Cooperation with Nostra Terra will allow us to accelerate our acquisition program.”
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