LONDON (Alliance News) - Independent Resources PLC and Nostra Terra Oil & Gas Co PLC Thursday said their joint venture in Egypt has been issued with a commercial registration and tax ID, formally establishing a branch in the country.
This is a "significant step" in the process of making the venture eligible to receive payment of the revenues due to it from the East Ghazalat concession, Independent Resources said.
The venture, Sahara Resources GOS Inc, holds a 50% stake in the East Ghazalat concession, and has been formed to facilitate the acquisition of Independent Resource's interest in East Ghazalat.
Independent Resources said it believes the establishment of an Egyptian Branch of Sahara Resources completes "all the necessary legal formalities" that will allow it to conclude arrangements with Egyptian General Petroleum Corp, in respect to their registration process.
Once this process is completed, the timing of the payment of the revenues due remains "solely within the control of the relevant Egyptian authorities", Independent Resources said. As such, the company is liaising with the authorities so the payments can begin.
Shares in Independent Resources were up 35% at 0.106 pence following the news Thursday afternoon, whilst Nostra Terra was up 9% at 1.28 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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