Corporate Update & Notice of General Meeting

Nostra Terra Oil & Gas Company PLC

01 July 2024

 

Nostra Terra Oil and Gas Company Plc

("Nostra Terra", "NTOG" or "the Company")

1 July 2024

Corporate Update

Notice of General Meeting

Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, announces the following.

HIGHLIGHTS

·    Previously shut non-core South Texas assets now returned to production.

·    Expressions of interest received to acquire these assets, as the Company accelerates its plans to focus on Pine Mills operations.

·    New Board commencing a series of material corporate and marketing initiatives to restore liquidity, tradability and interest in the Company's shares.

South Texas Asset Update - The Company's South Texas assets have been shut in since December 2023.  These assets, along with those in West Texas, are part of a divestiture program which will allow NTOG to focus in the near term on a significant production uplift at its Pine Mills asset.  Currently, several private buyers are expressing interest in the South Texas assets. In June, these assets were returned to production and are expected to continue to produce at current levels until the sale process is complete of 10 bopd (8 bopd net to NTOG).  The Company does not plan to make any additional investments in these assets, but will produce them as long as it can profitably do so.  Net attributable Company-wide production has increased to 141 bopd as a result.

Share Trading and Liquidity Improvement - A General Meeting is being convened for the purpose of considering certain ordinary and special resolutions (the "Resolutions") as part of the recently strengthened Board's ongoing focus on the turnaround of the Company.  Specifically, the aim of the General Meeting is to reorganise the Company's share capital, the admission of New Ordinary Shares (as defined in the Circular and with a changed par value) is expected on or around 18 July 2024, to improve liquidity in order to help facilitate trading in its shares and ultimately to ensure that the Company can capitalise on the opportunities identified to materially increase production in the near term for the benefit of all shareholders. The General Meeting will be held at the offices of Druces LLP at Salisbury House, London Wall, London EC2M 5PS, at 10.00 a.m. on 17 July 2024.  Further information on the General Meeting can be viewed at https://www.ntog.co.uk/agm-notice.html

Investor Engagement: As part of the Company's commitment to improve its engagement with shareholders, a number of investor-facing interviews and an overview presentation have been given in recent weeks.  Most recently, Paul Welch, CEO, was interviewed on the plans for NTOG on a podcast that can be accessed via the following link and on the NTOG website. https://youtu.be/b4A_cT0cecs?feature=shared

Paul Welch, Nostra Terra's CEO, said:

"We are committed to improving the Company's operational and financial performance. Today's announcement is the start of this ongoing process, and I plan to keep all stakeholders thoroughly and regularly informed as we implement the changes we've recently outlined.

I look forward to reporting on our progress in future periods and discussing it with our shareholders at our upcoming GM."

This announcement contains information for the purposes of Article 7 of the EU Regulation 596/2014.

 For further information, contact: 

Nostra Terra Oil and Gas Company plc Paul Welch, CEO	Email:	[e-mail]
Beaumont Cornish Limited (Nominated Adviser) James Biddle/ Roland Cornish	Tel:	[phone]
Novum Securities Limited (Broker) Jon Belliss	Tel:	[phone]
Celicourt Communications (PR/IR) Mark Antelme / Jimmy Lea	Tel: Email:	[phone] [e-mail]

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

END