Nostra Terra, in a newly-formed joint venture with Independent Resources plc, has completed the acquisition of the 50 per cent. interest in the East Ghazalat concession in Egypt from TransGlobe Petroleum International Inc, a wholly owned subsidiary of TransGlobe Energy Corporation for US$3.5 million, as first announced on 6 October 2015.
•Current gross production from East Ghazalat is approximately 880 barrels of oil per day (bopd), based on average June 2015 production levels (440 bopd net to JVCO).
•Gross Company 2P reserves attributable to the 50 per cent. interest acquired at the effective date of 30 June 2015 were estimated at 1,008,922 barrels of oil (DeGolyer and MacNaughton Canada Limited estimate).
•Implied acquisition cost of US$3.47 per barrel of 2P oil reserves and US$7,955 per barrel of daily oil production attributable to the Acquired Interest.
•The concession also includes two gas discoveries mentioned by TransGlobe on 28 August 2013 and 3 September 2014 in North Dabaa 1X and North Dabaa 2X respectively. North Dabaa 1X tested at an average rate of 16 million cubic feet per day (MMCFD) and 1,620 barrels per day of condensate. North Dabaa 2X tested at 18.7 MMCFD and 542 barrels per day of condensate. No reserves have been attributed for these discoveries.
•Operated by North Petroleum, a wholly-owned subsidiary of China ZhenHua Oil Co, Ltd, a Chinese state-owned oil company.