Independent Resources (IRG) an AIM quoted company with expertise in the geology of, and operations in, the Mediterranean basin focused on acquiring and developing production and low risk exploration opportunities, on the 21st of September 2015 revealed its intention to set up a strategic joint venture company owned 50-50 with Nostra Terra Oil & Gas focused on the acquisition of producing assets in the North Africa region. Energy-pedia reports

 IRG and Nostra Terra have reached agreement with TransGlobe Energy for the acquisition by Joint Venture Company of a 50% non-company operated interest in the East Ghazalat concession in Egypt from TransGlobe for a headline consideration of US$3.5 million.  Joint Venture Company and TransGlobe signed the Acquisition Agreement on 2 October 2015. The Acquisition Agreement contains certain conditions precedent to completion. Joint Venture Company projects completion to occur later in October 2015.

“This marks the first of what I hope to be several asset acquisitions where we can demonstrate the value we can bring to oil and gas assets by good cost management, a rigorous approach to decision making and the application of appropriate technology to optimize oil and natural gas production and reserves for the benefit of the Arab Republic of Egypt and our shareholders.”Greg Coleman, CEO of Independent Resources, said