UK’s Nostra Terra, a fast-growing oil and gas exploration and production company that focuses on established hydrocarbon provinces in the US and Egypt, has confirmed that its subsidiary, Independent Resources Egypt (IRE), has now been formally registered with the Egyptian General Petroleum Corporation (EGPC). IRE is now on track to start receiving revenue shared from its recently acquired stake in the East Ghazalat operations in Egypt, reported Proactive Investors.
IRE has finished the paperwork required for the next step; which is receiving an Egyptian Tax Card that will enable IRE to receive the accrued revenues starting from July 2015, which is the effective date of the transaction.
Energy Voice cited Nostra Terra CEO, Matt Lofgran saying: “We are very pleased that our 50% owned subsidiary IRE has taken the next step forward in establishing its operations in Egypt. As a company we remain excited by the potential for oil & gas in Egypt and look forward to updating the market on further developments.”