In its latest operations update, Independent Resources plc announced that the lower oil price environment presents “an increasing number of opportunities” and revealed that it intends to seek further acquisitions of assets in known existing oil provinces such as Egypt and Tunisia.
During the third quarter of this year, IRG acquired a 50 percent interest in the East Ghazalat concession in Egypt, for $3.5 million, through a joint venture partnership with Nostra Terra Oil and Gas plc. The transaction marked IRG’s first acquisition of a producing asset.
Greg Coleman, chief executive officer of IRG, commented in a company statement:
"We are excited to have entered into a productive joint venture and through it have completed our first acquisition of a producing asset which meets our criteria of returns and growth potential. The collapse in crude oil prices has created a significant amount of stress on companies with high debt levels, high costs and weak and overstretched capability. I believe this is a great time to be acquiring new assets in our areas of focus."
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