Nostra Terra Oil & Gas has signed a strategic joint venture agreement with Independent Resources, an AIM listed exploration and Production Company focused on the acquisition of producing assets in the Mediterranean and North Africa region and a similar strategic intention to that of Nostra to invest in producing or near-production assets.

Under the Agreement, the parties is to co-operate in areas of project identification and due diligence, financing, geological exploitation, technical support, operations and procurement with a geographical focus on North Africa with immediate attention focused on Egypt and Tunisia.

As partners, the joint strategy for delivering value will involve investing in assets where the application of modern industry practices including precision drilling technology, including horizontal drilling and multi stage well stimulation, precise 3D seismic mapping, detailed log and technical evaluation; and multi-zone well completions

“The lower oil price environment we are experiencing is presenting very interesting opportunities for investment and growth not just in America but globally. Partnering with Independent Resources gives us boots-on-the-ground experience of the countries we are immediately focusing on, with immediate acquisition opportunities of producing assets already being proposed and due diligence in progress.  We're happy to be involved with a strong team as we look to build a presence in the area.” Matt Lofgran (picture), CEO of Nostra Terra told Energy-pedia.

While the ability to operate licences will be sought, non-operated investments with a significant working interest and hence scope to influence field operations will also be considered.

According to Greg Coleman, CEO of Independent Resources, “We are really pleased to be working together with the team at Nostra Terra to advance co-investment opportunities.  Their strategic and operational agendas are very similar to our own and we believe that there is much experience in our respective companies that will complement each other. Co-operation with Nostra Terra will allow us to accelerate our acquisition programme.”