Completion of £2.1m sale of Chisholm Trail

RNS Number : 5163H

Nostra Terra Oil & Gas Company PLC

18 August 2016

 

18 August 2016

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Completion of $2.1 million sale of Chisholm Trail Interest

Further to the recent announcements by the Company concerning the sale of its interest in the Chisholm Trail Prospect ("the Sale"), the Board is pleased to announce the US$2.1 million Sale has completed successfully.

The purchaser of Nostra Terra's interest in the Chisholm Trail Prospect is Staghorn Petroleum LLC. Nostra Terra was unable to announce this fact prior to completion of the Sale as it was bound by commercial confidentiality, which has now been lifted.

Nostra Terra intends to deploy the net proceeds from the Sale to accelerate its growth plans and for general working capital purposes. Nostra Terra continues to evaluate a number of opportunities across different geographic regions, particularly North America and Egypt.

Future operations reporting

As part of Nostra Terra's cost cutting initiative and wider rationalization of the business, the Board has decided to extend the suspension of quarterly operations reports. The previous quarterly reporting policy was at the Board's discretion and is not required pursuant to the AIM Rules. The Board feel that management time is better directed towards evaluating and securing new assets for Nostra Terra, as it continues to implement its growth strategy and deliver shareholder value over the medium term. The Company will continue to report on operations and accounts in the Annual and Interims per standard reporting requirements.

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

"We are extremely pleased to have completed the sale of our interest in the Chisholm Trail Prospect to Staghorn Petroleum. This sale comes at an important time for Nostra Terra. The proceeds from the sale allow the Board to advance its plans for introducing new assets to the portfolio with larger working interests. We look forward to updating shareholders in the near future."

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		[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
Cornhill Capital Ltd (Joint Broker)			[phone]
Nick Bealer / Colin Rowbury
Walbrook PR (Financial PR)			[phone]
Gary Middleton / Nick Rome

 

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