Independent Resources has raised £200,000 to cover its capital costs in the short term.
Independent Resources will see its debt reduced by around £500,000 after a shares issue and put in place plans to substantially reduce holding company cash outgoings to around£700,000 over next 12 months.
Independent Resources has begun to seek shareholder approval for a reorganisation of its share capital which could lead to the company raising equity funding.
Nostra Terra, the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt is eyeing potential acquisitions as the oil price tumbles, the company has confirmed.
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.
Independent Resources has identified hydrocarbon prospects at its Ksar Hadada permit in Tunisia.
Independent Resources has struck an exclusive agreement with Scotforth Limited to carry out a remote sensing hydrocarbon survey at its Ksar Hadada permit in Tunisia. The survey is expected to be completed within six weeks.