A partnership between Nostra Terra and Independent Resources have announced the group’s first North Africa acquisition—a 50% stake in Transglobe’s East Ghazalat concession reported Energy Voice.
US-based Nostra Terra announced its partnership with Independent Resources in September of this year. According to Director’s Talk, the partnership aims to invest in producing or near-producing assets in North Africa.
The partnership is hoping to use advanced technology to provide higher profit margins. Stated goals include investing in, “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 agreement provides the partnership 50% of the Transglobe concession at a cost of $3.5m.
Production at East Ghazalat is currently just under 900 b/d.