Petroleum Africa
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Friday, June 16, 2017
Nostra Terra Oil & Gas reached an agreement with Echo Energy to acquire Echo’s 50% stake in Independent Resources Egypt (IRE), which holds a 50% non-operated interest with East Ghazalat concession.
Under the agreement, Nostra Terra has agreed to pay to Echo a total consideration of up to $500,000 once certain conditions are met. The conditions include the first $100,000, upon approval of the acquisition and assignment of the East Ghazalat Concession to Nostra Terra by EGPC. A further $200,000 payment, once production at East Ghazalat returns to 800 bpd for 30 consecutive days and the remaining $200,000 once production reaches 1,000 bpd for 30 consecutive days.
Each payment can be satisfied in cash or in new ordinary shares in Nostra Terra of 0.1p each at Nostra Terra’s sole discretion. Should shares be issued they will be at the lower of either the mid-market closing price on the dealing day prior to the date of the acquisition or the mid-market closing price on the dealing day prior to the date upon which the consideration is payable.
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