Nostra Terra Oil & Gas and its joint venture partner Independent Resources have snapped up their first acquisition in North Africa.
An agreement has been reached with Transglobe Energy for the acquisition by of a 50% share in the East Ghazalat concession for $3.5million.
The deal was signed earlier this month with $1million paid at the completion of legal documents and $200,000 already paid as a deposit.
Production from East Ghazalat is currently 880 barrels of oil per day based on average flow in June.
The concession also includes two gas discoveries announced by Transglobe previously.
The acquisition is expected to be completed later this month.