Nostra Terra Oil & Gas Company PLC Update on East Ghazalat, Egypt (8108T)
19 Noviembre 2019 - 01:00AM
UK Regulatory
TIDMNTOG
RNS Number : 8108T
Nostra Terra Oil & Gas Company PLC
19 November 2019
19 November 2019
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Update on East Ghazalat, Egypt
Nostra Terra (AIM: NTOG), the oil & gas exploration and
production company with a portfolio of development and production
assets in Texas, USA, is pleased to announce that, further to the
Company's announcement of 12 August 2019, Nostra Terra's wholly
owned subsidiary, Nostra Terra Inc. ("NTI") has reached a
conditional agreement with regards to the East Ghazalat Concession,
Egypt (the "Concession").
NTI and North Petroleum International Company SA ("North"), the
operator of the Concession, have conditionally agreed that NTI will
transfer its 50% participating interest in the Concession to North
with provision for the conclusion of the arbitration and no further
cash calls or liabilities for any past losses, including the
amounts for the payment of November and December 2015 cash calls
and interest, as announced on 12 August 2019.
Completion of the assignment is conditional on the necessary
formal governmental approvals. If such conditions are not satisfied
by 31 December 2019, then North has the right to terminate the
agreement provided that the requisite termination notice is served
on or before 30 April 2020.
The agreement contains standard representations and warranties
for an agreement of this nature.
Matt Lofgran, Chief Executive Officer of Nostra Terra, said:
"I am very pleased that NTI has reached this agreement with
North, which sees Nostra Terra effect a clean exit from this
non-core concession. Following the arbitration NTI had the option
to pay past cash calls and continue with the asset. However, we
have taken the view that because the asset is loss-making and given
we are not the operator, despite the fact that we feel that we
could improve operations significantly, ultimately the best
resolution is for NTI to transfer its interest and have no past or
future liability.
Nostra Terra is focused on the Permian Basin, and East Texas,
USA, where it operates and expects to grow through a combination of
acquisitions and drilling of further wells."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information, 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) +44 (0) 20 7409
Rory Murphy / Ritchie Balmer / Jack Botros Tel: 3494
+44 (0) 207 186
Shard Capital Stockbrokers (Joint Broker) 9952
Damon Heath / Erik Woolgar Tel:
Lionsgate Communications (Public Relations) +44 (0) 203 697
Jonathan Charles Tel: 1209
About Nostra Terra
Nostra Terra is seeking to increase oil production and reserves
through both organic growth and strategic acquisitions, utilising
the latest drilling and completion techniques.
Nostra Terra's core asset is a 100% working interest in the
Mesquite asset located in the prolific Permian Basin, West Texas.
The Mesquite asset covers 1,984 net acres with estimated proven
recoverable reserves of 2.4mmbbls.
In addition, Nostra Terra has a 100% working interest in the
well-established East Texas region, and interests in three
additional Permian Basin properties in close proximity to Mesquite
and is currently producing from two wells. The first well reached
pay-out in less than one year.
The Permian Basin, which covers 75,000 square miles over West
Texas and southeast New Mexico, is the most prolific oil producing
basin in the country.
For further information, please visit our website:
www.ntog.co.uk.
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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