On 21 September 2015 IRG announced the intention to establish a strategic joint venture company owned 50-50 with Nostra Terra Oil & Gas Company plc focused on the acquisition of producing assets in the North Africa region.
IRG and Nostra Terra are pleased to announce that it has reached agreement with TransGlobe Energy Corporation for the acquisition by JVCO of a 50 per cent non-company operated interest in the East Ghazalat concession in Egypt from TransGlobe for a headline consideration of US$3.5 million. JVCO and TransGlobe signed the Acquisition Agreement on 2 October 2015. The Acquisition Agreement contains certain conditions precedent to completion. JVCO expects completion to occur later in October 2015.