Nostra Terra Oil & Gas Company PLC IRG's announcement re East Ghazalat (5013P)
November 17 2016 - 9:45AM
UK Regulatory
TIDMNTOG
RNS Number : 5013P
Nostra Terra Oil & Gas Company PLC
17 November 2016
17 November 2016
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
IRG's announcement re East Ghazalat
Nostra Terra notes the announcement made today by Independent
Resources plc ("IRG") concerning Sahara Resources GOS Inc.
("SRGOS"), the wholly owned subsidiary of the Company's 50 per
cent. owned associate Independent Resources (Egypt) Limited
("IRE"), Nostra Terra's joint venture vehicle ("JV") owned jointly
with IRG, which was formed to facilitate IRE's acquisition of its
interest in the East Ghazalat concession:
"East Ghazalat Update - Commercial Registration
"IRG is pleased to announce that Sahara Resources GOS Inc.
("SRGOS"), which holds a 50 per cent interest in the East Ghazalat
concession, has been issued with a commercial registration and tax
ID number by the General Authority for Investments and Free Zones
("GAFI") which formally establishes a branch of SRGOS in Egypt.
SRGOS is the wholly owned subsidiary of the Company's 50 per
cent. owned associate Independent Resources (Egypt) Limited
("IRE"), IRG's joint venture vehicle ("JV") owned jointly with
Nostra Terra Oil and Gas plc ("NTOG"), which was formed to
facilitate IRE's acquisition of its interest in the East Ghazalat
concession.
IRG believes the establishment of an Egyptian branch of SRGOS
completes all the necessary legal formalities and will allow IRE to
seek to conclude arrangements with the Egyptian General Petroleum
Corporation ("EGPC") in respect of their registration process.
Once EGPC have concluded their process, the timing of the
payment of accrued revenues remains, however, solely within the
control of the relevant Egyptian authorities. The Company is
liaising with these authorities so that payments can commence and
will update the market further when it has visibility on when
payments may be received.
Greg Coleman, CEO of IRG, commented:
"We are delighted that SRGOS has established a branch in Egypt,
a significant step in the process to make it eligible to receive
payment of the material accrued revenues due to the JV from the
East Ghazalat concession. We will continue to liaise with EGPC in
an effort to secure payment of these revenues however the timing of
any payment is controlled by these authorities.
We appreciate the continued patience of our investors and look
forward to updating the market with further developments as they
arise."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser +44 (0) 20 7409
and Joint Broker) 3494
Rory Murphy / Ritchie Balmer
Vicarage Capital Limited (Joint +44 (0) 20 3651
Broker) 2910
Rupert Williams / Jeremy Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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