, the oil and gas exploration company with production assets in Texas, USA, announced on Tuesday that the group’s wholly owned subsidiary Nostra Terra Inc. had reached a conditional agreement concerning the East Ghazalat Concession in Egypt.
NTI and the operator of the concession, North Petroleum International Company, have agreed for NTI to transfer its 50% participating interest in the concession to North.
This transfer comes with a provision to conclude the arbitration, alongside no further cash calls or liabilities for any past losses which include payment of cash calls from November and December 2015.
“We have taken the view that because the asset is loss-making and given we are not the operator, despite the fact that we feel that we could improve operations significantly, ultimately the best resolution is for NTI to transfer its interest and have no past or future liability," explained CEO, Matt Lofgran.
"I am very pleased that NTI has reached this agreement with North, which sees Nostra Terra effect a clean exit from this non-core concession,” Mr Lofgran added.
The completion of this assignment is conditional on the necessary formal governmental approvals, the firm explained, with North having the right to terminate the agreement if such conditions are not satisfied before the end of the year.
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