Zhenhua Acquires Remaining 50% Interest in East Ghazalat Concession in Egypt

Updated 1 year 10 months ago

Following an initial announcement of August 12, 2019, Nostra Terra has reached a conditional agreement to transfer its 50% interest in the East Ghazalat concession in Egypt to North Petroleum International (Zhenhua Oil), the operator of the concession. The parties have conditionally agreed that Nostra Terra will transfer its 50% interest to North with provision for the conclusion of the arbitration and no further cash calls or liabilities for any past losses, including the amounts for the payment of November and December 2015 cash calls and interest.

Completion of the assignment is conditional on the necessary formal governmental approvals. If such conditions are not satisfied by December 31, 2019, then North has the right to terminate the agreement provided that the termination notice is served by April 30, 2020.