IRG acquires producing assets in Egypt

Independent Resources' joint venture company with Nostra Terra Oil & Gas has agreed to acquire a 50% non-company operated interest in the East Ghazalat concession in Egypt from TransGlobe for a headline consideration of US$3.5m.

JVCO expects completion to occur later this month.

The East Ghazalat concession is approximately 240 kilometres south-west of Cairo in a platform region over the Sharib-Sheiba high. It includes two development permits totalling 62 square kilometres. Field facilities are located 130 km south south west of El Alamein. The concession is limited to the north by the south-western extension of the Alamein Basin. The southern part of the concession is situated in the Abu Gharadig and Margin Basins, the former of which holds significant hydrocarbon potential in the Western Desert of Egypt. The concession is operated by North Petroleum, a subsidiary of China ZhenHua Oil Co. Ltd, a state owned oil company of China. It consists of two development licences covering approximately 62 sq km awarded in July 2011 and February 2014.