Board Changes and Award of Warrants

RNS Number : 2004W

Nostra Terra Oil & Gas Company PLC

07 February 2017

 

7 February 2017

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Board Changes and Award of Warrants

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 the appointment of John Stafford as a non-executive director of the Company, with immediate effect.

John Stafford has 35 years experience in the oil & gas industry. He has been Vice President of Operations at Gulf Keystone (LSE:GKP) since May 2014, having joined that company as Manager, Geology & Geophysics in early 2009. John is a geoscientist, with specialist expertise in oil field development and reserve certification and reporting.

Mr Stafford has worked with well known companies in the oil and gas industry, such as ECL, Schlumberger and PGS, managing projects in integrated field management and all aspects of reserves certification and reporting. This includes the production of Competent Persons Reports. John has further experience of fractured reservoir development and risk management.

Nostra Terra is transitioning to becoming an operator, growing through development of existing fields as well as exploration. Nostra Terra also continues to pursue the acquisition of other potential strategic investments, leveraging the experience of the members of the board of the Company ("Board") and management.

As part of this process of strategic refocus, the Board has been seeking to strengthen its technical and operational skills base, while broadening its regional reach. John's appointment fits these goals perfectly. Specifically the Board expects that Mr Stafford'soperational, technical and geological experience will benefit the Company greatly, as will regional contacts he has developed.

John Stafford had today been awarded warrants to subscribe for up to 750,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at an exercise price of 2.55p per Ordinary Share, The first tranche of 375,000 Ordinary Shares will vest on 7 February 2018, and can only be exercised once the share price has increased by at least 50 per cent above the exercise price. The second tranche of 375,000 Ordinary Shares will vest on 7 February 2019, and can only be exercised once the share price has increased by at least 100 per cent above the exercise price

Separately, Nostra Terra announces that Stephen Oakes is retiring from the board with immediate effect, having served Nostra Terra as a non-executive director for over 10 years. The Board wishes to thank him for his service.

.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

"I am excited to welcome John to the team. He brings with him a wealth of experience in operational management of oil fields. His technical skills will complement the existing board and increase the Company's geological expertise immensely. John's regional knowledge also increases our potential sphere for operations, as we look to acquire new assets and become involved in new projects. I look forward to updating the market soon.

Finally, I would like to thank Stephen for all his dedicated service to Nostra Terra. The last few years have been particularly challenging for the industry and Stephen was always available to provide help and guidance and to ensure our shareholders' interests were carefully considered.  We wish him the very best in his retirement."

The information required by Schedule 2 paragraph (g) of the Aim Rules for Companies in relation to John Stafford is set out below:

Full Name and Age:  John Philip Stafford, Aged 56

Current Directorships:  Chestnut Place Residents Association Limited

Previous Directorships in the Last 5 years:  None

There is no information to be disclosed under paragraph (g) (iii) to (viii).    

Mr Stafford had no interest in the Company before the warrants that were awarded today, as disclosed above.

The information set out above is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

For further information, visit www.ntog.co.uk or contact:

Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO		[phone]
Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker)			[phone]
Rory Murphy / Ritchie Balmer
Vicarage Capital Limited (Joint Broker)			[phone]
Rupert Williams / Jeremy Woodgate

 

END

 

 

MSCLIFSRFRIDIID