Independent Resources is pleased to announce that our 50 per cent owned associate Independent Resources Egypt Limited (‘IRE’) has now received security clearance from the Egyptian authorities and is formally registered with the Egyptian General Petroleum Corporation (‘EGPC’). Nostra Terra Oil & Gas own the remaining 50%.
IRE have put in place the paperwork for the next step which will be Commercial Registration and the receipt of an Egyptian Tax Card to formally allow IRE to receive accrued revenues from 1 July 2015, the effective date of the acquisition of East Ghazalat. The final step of the registration process should be completed in a few weeks with revenue receipt to follow once invoices are verified and the EGPC payment process commences.
The completion of the registration process approves IRE to acquire further Egyptian license interests.
Greg Coleman, CEO of IRG, commented:
‘EGPC have been very supportive of our entry into the country and we look forward to building on our position through participation in upcoming license rounds and the acquisition of further interests where the Company can demonstrate its operational and commercial capability to build production and reserve levels.’
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
‘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.’