Nostra Terra Oil & Gas Company PLC Pine Mills Auction and Magnolia Update (5960O)
August 22 2017 - 2:01AM
UK Regulatory
TIDMNTOG
RNS Number : 5960O
Nostra Terra Oil & Gas Company PLC
22 August 2017
22 August 2017
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Pine Mills Auction Collection and
Update on Settlement of Magnolia Shares
Nostra Terra (AIM:NTOG), the oil and gas exploration and
production company with a portfolio of assets in the USA and Egypt,
provides an update on the progress to secure the remaining 12.5%
stake in the Pine Mills oil field through a non-appealable Court
Judgement against Hammerhead Management Partners ("Hammerhead")
(the "Court Judgement"). The Court Judgement was inherited from GFP
Texas, the previous majority owner. Successful completion of this
process will take Nostra Terra's ownership of Pine Mills to a 100%
Working Interest.
Nostra Terra has received notice that the auction date has been
set for 5 September 2017.
As previously announced on 24 May 2017, when the sale occurs,
Nostra Terra will have the choice of collecting the proceeds from
the highest bidder or to use the Court Judgement, which currently
stands at $450,246, to credit bid for the 12.5% Working Interest in
Pine Mills. If there is a remaining balance outstanding of the
non-appealable Court Judgement, Nostra Terra may continue recovery
action for this sum as well as the $293,785 second trade receivable
owed by Hammerhead.
Update on Settlement of Magnolia Shares
Further to Nostra Terra's announcement on 31 July 2017, the
Company announces that the transfer of 204,226,749 ordinary shares
of GBP0.001 each in Magnolia Petroleum plc (the "Magnolia Shares")
from Steven Snead and his family is progressing and is anticipated
to complete by the end of August 2017. As at the close of business
on 21 August 2017, the mid-market price of a Magnolia Share was
0.095 pence which equates to a premium of approximately 58% to the
price at which Nostra Terra acquired the Magnolia Shares.
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 / Jack
Botros
Smaller Company 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
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