Echo Energy is selling its 25% stake in the East Ghazalat concession to its partner Nostra Terra Oil & Gas for USD 500k, Proactive Investors reports. USD 100k will be paid after EGPC approves the sale, with the rest paid in two USD 200k tranches. “This acquisition represents a significant milestone for Nostra Terra, as we have added just over [1 mn] barrels of 2p reserves to our asset portfolio for a total cost of [USD 1.09 per bbl of oil],” Nostra Terra CEO Matt Lofgran said.

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