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Sunday, 29 April 2018

Nostra Terra refers Egypt oil dispute to arbitration

A dispute between Nostra Terra subsidiary Sahara Resources Inc. and the operator of the East Ghazalat concession in Egypt has been referred to the London Court of International Arbitration, the UK-based oil and gas company said on Thursday, according to Law 360. Sahara Resources Inc. owns a 50% non-operating interest in the concession, where it sees “significant scope” to boost output. Nostra Terra purchased Echo Energy’s 25% stake in the East Ghazalat concession for USD 500k in June 2017. The company is hoping to reach a settlement.

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