LONDON (Alliance News) - Independent Resources PLC and Nostra Terra Oil & Gas Co PLC on Tuesday said their joint venture, Independent Resources Egypt Ltd, has received security clearance in Egypt.
Egyptian authorities have given security clearance to the company, which is a 50:50 joint venture between Independent Resources and Nostra Terra, and the unit has been formally registered with the Egyptian General Petroleum Corp.
The venture was formed to pursue the East Ghazalat project in Egypt.
The pair said paperwork has been put in place for the next step, which will involve commercial registration of the business and receipt of an Egyptian tax card.
Independent Resources shares were up 8.7% to 0.0815 pence on Tuesday morning, while Nostra shares were untraded, having last traded at 1.75p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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