Nostra Terra has signed a strategic joint venture agreement with Independent Resources to invest in producing or near-production assets.
The parties will 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.
Together the companies will work on sourcing opportunities where there is scope to increase production through better field, reservoir and well management; reduce operational costs; deliver good economic returns even at current oil pricing; jointly investing in assets where the application of modern industry practices including – precision drilling technology, horizontal drilling and multi stage well stimulation is involved; precise 3D seismic mapping; detailed log and technical evaluation and multi-zone well completions.
Nostra Terra and IRG will establish a new legal entity that will be owned jointly by them and which will be used to execute new investments.
