LONDON (Alliance News) - Independent Resources PLC and Nostra Terra Oil and Gas PLC on Monday said they have signed a joint venture agreement to identify and develop assets in North Africa.
The pair will look for near-producing or producing assets in the region and initially focus on opportunities in Egypt and Tunisia.
"We are specifically targeting existing producing assets with an immediate focus on cash flow, where we can leverage the equity investments and grow our portfolio," the companies said in separate statements.
Independent Resources and Nostra Terra will look to lower the operational costs and improve the efficiencies at any assets they acquire under the joint venture. However, the pair also will consider acquiring non-operated interests as well.
"While the ability to operate licences will be sought, non-operated investments with a significant working interest and hence scope to influence field operations will also be considered," the pair said.
Nostra Terra and Independent Resources said they will establish a new legal entity that will be owned jointly by them and which will be used to execute new investments in due course.
"We are actively progressing negotiations on our first co-investment opportunity and discussions and due diligence are ongoing on additional opportunities," they added.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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