Nostra Terra to acquire further 25% of East Ghazalat
Source - SMW
Nostra Terra Oil & Gas said that on 14 June it reached agreement with Echo Energy to acquire that company's 50% stake in Independent Resources Egypt Ltd.
IRE owned a 50% non-operating interest in the East Ghazalat concession, Egypt, through its subsidiary Sahara Resources GOS Inc.
The remaining 50% of the concession was owned by North Petroleum International Company, which was the operator.
Initial consideration of $100,000 was to be paid to Echo, subject to approval by the Egyptian General Petroleum Corporation with additional production related payments totaling up to $400,000.
Total acquisition of the 50% stake in East Ghazalat added just over 1m barrels of 2P Reserves to Nostra Terra's asset portfolio for $1.09 per barrel (total $1.1m paid), based on a DeGoyler and MacNaughton Canada Ltd estimate.
At 9:54am: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was 0p at 1.7p