June 15, 2017
AIM-listed Nostra Terra Oil & Gas has reached agreement with Echo Energy to acquire Echo’s 50 percent stake in Independent Resources Egypt (‘IRE’). IRE owns a 50% non-operating interest in the East Ghazalat concession, Egypt through its subsidiary Sahara Resources GOS Inc (‘SRGOS’). The remaining 50% of the Concession is owned by North Petroleum International Company, which is the Operator.
21/06/2016 5:42 am
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.”
