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Nostra Terra Oil & Gas said it had agreed to exit its 50% holding in an Egyptian project by transferring the stake to operator North Petroleum International.
The transfer would be struck with provision for the conclusion of an arbitration and no further cash calls or liabilities for any past losses.
Completion was conditional on necessary formal governmental approvals.
Nostra Terra chief executive Matt Lofgran said the agreement would effect 'a clean exit' from a non-core asset.
At 9:28am: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was -0.03p at 1.18p