Rita Brown
Nostra Terra today confirmed its subsidiary, Independent Resources Egypt (IRE), had been given the initial green light from Egyptian authorities.
IRE received security clearance and is now is formally registered with the Egyptian General Petroleum Corporation (EGPC).
Nostra Terra chief executive Matt Lofgran said: “We are very pleased that our 50 per cent. owned subsidiary IRE has taken the next step forward in establishing its operations in Egypt. As a company we remain excited by the potential for oil & gas in Egypt and look forward to updating the market on further developments.”
A spokesperson added: “IRE has put in place the paperwork for the next step which will be Commercial Registration and the receipt of an Egyptian Tax Card to formally allow IRE to receive accrued revenues from 1 July 2015, the effective date of the acquisition of East Ghazalat. The final step of the registration process should be completed shortly.”
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