Nostra Terra Oil & Gas Company PLC $600,000 Additional Cash Received (2586R)
December 08 2016 - 2:00AM
UK Regulatory
TIDMNTOG
RNS Number : 2586R
Nostra Terra Oil & Gas Company PLC
08 December 2016
8 December 2016
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
$600,000 Additional Cash Received
Nostra Terra (AIM: NTOG), the oil and gas exploration and
production company with a portfolio of assets in the USA and Egypt,
is pleased to announce an increase of US$600,000 cash for the sale
of its interest in the Chisholm Trail Prospect, which was initially
announced in June 2016. Nostra Terra had previously reported the
sale amount of US$2.1 million. This figure is now revised up to
US$2.7 million. The funds were received on 7 December 2016.
Background to upward revision
The upward revision in the sale price of Nostra Terra's interest
in the Chisholm Trail Prospect is due to an adjustment made for an
interest in a further well and associated mineral rights, which was
not included in the original list of interests in the sale and
purchase agreement entered into between the buyer and seller of the
Chisholm Trail Prospect in June 2016 ("Agreement") and which Nostra
Terra joined as a minority interest. This adjustment is a
contractual term of the Agreement and was agreed between the buyer
and seller in November 2016, after consulting Nostra Terra. It was
finalised with the receipt of funds.
Outstanding balance from original reported payment
Of the initial US$2.1m previously reported as due to Nostra
Terra, US$100,000 has been held in escrow as is usual closing
practice. Per the contract, the full US$100,000 cash will be
released to Nostra Terra in early 2017.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"Having just acquired our 80% working interest in the Pine Mills
oil field, this is most welcome news for Nostra Terra. We're
pleased to receive the additional non-dilutive funds. The
additional capital further strengthens our balance sheet, at a
pivotal point in Nostra Terra's turnaround. The extra funds will
increase our ability to unlock value across our portfolio, building
both oil production and reserves.
Workovers are already taking place this month, both at Pine
Mills and our other recent acquisition in the Permian Basin. Our
goal is to increase oil production, while also continuing to pursue
new acquisition targets with existing cash resources. We look
forward to providing further updates shortly."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser and
Joint Broker) +44 (0) 20 7409 3494
Rory Murphy / Ritchie Balmer
Vicarage Capital Limited (Joint Broker) +44 (0) 20 3651 2910
Rupert Williams / Jeremy Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISAKODDDBDBOBK
(END) Dow Jones Newswires
December 08, 2016 02:00 ET (07:00 GMT)
Nostra Terra Oil And Gas (LSE:NTOG)
Historical Stock Chart
From Apr 2024 to May 2024
Nostra Terra Oil And Gas (LSE:NTOG)
Historical Stock Chart
From May 2023 to May 2024