Independent Resources, Nostra Terra Complete Egyptian Asset Acquisition

Independent Resources plc announced Thursday that its newly-formed joint venture with Nostra Terra Oil and Gas Company plc has completed the acquisition of a 50 percent interest in Egypt’s East Ghazalat concession, from TransGlobe Petroleum International Inc, for $3.5 million.

Current gross production from East Ghazalat is approximately 880 barrels of oil per day, based on average production levels from June. The concession also includes the North Dabaa 1X (ND1X) and North Dabaa 2X (ND2X) gas discoveries. ND1X has been tested at an average rate of 16 million cubic feet per day, and 1,620 barrels per day of condensate, and ND2X has been tested at 18.7 mcf per day and 542 barrels per day of condensate.

Greg Coleman, CEO of Independent Resources, commented in a company statement:

"I am very pleased that we have completed our first targeted Egyptian acquisition in partnership with Nostra Terra. It is very clear that this partnership has an exciting future together as there are many opportunities which we believe we can now consider. In the short term, we are now focused on working with EGPC and the operator to add significant value to the asset.

“We were able to obtain financing from the vendor on attractive terms and consequently minimize dilution to existing shareholders."

Independent Resources plc and Nostra Terra Oil & Gas Company plc initially reached an agreement with TransGlobe Energy Corporation to acquire the 50 percent non-company operated interest in the East Ghazalat concession on October 6.

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