Nostra Terra and IRG on track for first Egypt revenues

(MENAFN- ProactiveInvestors - UK) Nostra Terra Oil and Gas Company plc (LON:NTOG) and Independent Resources plc (LON:IRG) told investors they are on track to start receiving a revenue share from the recently acquired stake in the East Ghazalat operation in Egypt.

A jointly owned vehicle, called Independent Resources Egypt Limited or IRE, has now been formally registered with the Egyptian General Petroleum Corporation.

It comes after IRE secured security clearance from the Egypt authorities.

IRE has now put in place paperwork for the next steps, which include Commercial Registration and the receipt of an Egyptian Tax Card.

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These steps will allow the venture to receive accrued revenues from July 1 2015, which is the effective date of the transaction.

The final part of registration is expected to be completed shortly, Nostra Terra highlighted.

Matt Lofgran, Nostra Terra chief executive, 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."

IRG boss Greg Coleman, meanwhile, highlighted that the Egyptian General Petroleum Corporation had been ''very supportive''.

Coleman added: ''we look forward to building on our position through participation in upcoming licence rounds and the acquisition of further interests where the company can demonstrate its operational and commercial capability to build production and reserve levels."