IRG: Lower Oil Price Presents Increasing Number of Opportunities

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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  MEO Australia Seeks Shareholder Approv... (Sep 28)
 -  Karoon Buys PEPC's 35% Stake in 4 Sant... (Sep 28)
 -  China's Wison Completes Test of World'... (Sep 28)
 -  No Survivors Following Helicopter Cras... (Sep 28)
 -  Farstad Shipping Sells AHTS Lady Sandr... (Sep 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
Treasury & Credit Management Analyst
Expertise: Accounting|Financial Analyst|Financial Audit
Location: KCMO, MO
 
State Income Tax Counsel/Tax Advisor
Expertise: Accounting|Financial Analyst
Location: San Ramon, CA
 
United States Odessa: Area Resource Coordinator
Expertise: Operations Management|ROV Ops / Tech|Sales
Location: Odessa, TX
 
search for more jobs

Brent Crude Oil : $45.97/BBL 2.91%
Light Crude Oil : $44.67/BBL 2.74%
Natural Gas : $3/MMBtu 0.33%
Updated in last 24 hours