Nostra Terra Oil & Gas Company PLC Update on East Ghazalat and Investor Conf. Call (7504I)
12 Agosto 2019 - 7:16AM
UK Regulatory
TIDMNTOG
RNS Number : 7504I
Nostra Terra Oil & Gas Company PLC
12 August 2019
12 August 2019
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Update on East Ghazalat and Investor Conference Call
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 East Ghazalat concession and an
Investor Conference Call.
East Ghazalat
The London Court of International Arbitration Tribunal (the
"Tribunal") has published its award in relation to the East
Ghazalat concession (the "Concession"), which Nostra Terra's wholly
owned subsidiary, Nostra Terra Inc. ("NTI"), holds a 50%
participating interest.
The Tribunal has found that NTI is in default of the Joint
Operating Agreement ("JOA") for the non-payment of the November and
December 2015 cash calls, to North Petroleum International Company
SA ("North"), in an amount of US$1,062,613 plus interest (estimated
at US$125,000). Non-payment could culminate in the transfer of
NTI's interest in the Concession to North. North holds the other
50% participating interest in the Concession and is the
operator.
The East Ghazalat asset is considered non-core to Nostra Terra,
which is focused on the Permian Basin, and East Texas, USA, where
it operates.
The Board is considering its next steps with its legal advisers,
including seeking damages in favour of NTI in respect of alleged
breaches of the JOA by North. Further announcements will be made in
due course
Investor Conference Call
The Company will discuss its progress to date, as well as its
strategy and plans for the remainder of the year. Investors will be
able to participate in the discussion and ask questions directly to
the board.
Time and Date: 7pm (UK) on Tuesday 13 August 2019.
To participate in this conference call, please find the link and
dial in to the following: https://vtm.clickmeeting.com/ntog
London +44 (20) 7048-4146
For participants: When prompted provide Participant's pin code
followed by # key
Participant PIN 651846#
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information, visit contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Tel: +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser
and Joint Broker)
Rory Murphy / Ritchie Balmer /
Jack Botros Tel: +44 (0) 20 7409 3494
Shard Capital Stockbrokers (Joint
Broker)
Damon Heath / Erik Woolgar
Tel: +44 (0) 207 186 9952
Lionsgate Communications (Public
Relations)
Jonathan Charles Tel: +44 (0) 203 697 1209
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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