Proposed Appointment of Non-Executive Director

Nostra Terra Oil & Gas Company PLC

13 June 2024

 

13 June 2024

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

Proposed Appointment of Non-Executive Director

Presentation uploaded to Website

Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production in the US, is pleased to announce that James Newman, an existing 11.3% shareholder in the Company through the subscription by his wholly owned company, Dos Hermanos International, in the January 2024 fundraise has agreed to be appointed as a Non-Executive Director, subject to the completion of satisfactory regulatory checks.

Mr. Newman is an international energy executive with over 35 years of industry experience in multiple facets of the oil & gas industry, including well abandonment, well intervention, water management, regulatory compliance, vertical and horizontal drilling and completions, and financial management. He started his career at Triple N Services (22 years), an oilfield services company, specializing in well interventions, operations, and rejuvenation of mature assets, which he successfully sold to Basic Energy Services LP, where he served in various positions for 13 years, ultimately as the Executive Vice President of Operations until he stepped down in 2021.  He is the managing partner of Clean Rig Power, a company developing zero-emission alternatives for workover rigs, and Dos Hermanos International and the CEO of Aquafortus, a private Equity-backed technology company that has developed sustainable proprietary processes to treat heavy brines in oil & gas, mining, and industrial applications.

He graduated from the Colorado School of Mines with a bachelor's degree in petroleum engineering and is a registered Professional Engineer in Texas, USA.  Jim is active in the Society of Petroleum Engineers, most recently serving on the SPE US Advisory Council. Jim also sits on the Texas Tech Petroleum Advisory Board, is active on the Southwestern Petroleum Short Course board, and is a member of the Permian Basin Association. He previously served in a similar role for the Colorado Oil & Gas Association.

The Company will make a further announcement when the regulatory checks are complete.

 Dr Stephen Staley, Nostra Terra's Chairman, said:

" As we focus our turnaround on near-term, significant production uplift at Pine Mills, Jim brings highly relevant experience, including applying new operating technology and techniques to mature fields.  His impressive career to date includes several senior leadership roles, and his technical, financial, and capital market experience will be instrumental in helping us deliver exceptional value from our Pine Mills asset as we progress with its redevelopment. I am delighted to welcome Jim on behalf of everyone at Nostra Terra.

Concurrent with Jim's proposed addition to the BOD, we have put together a brief presentation on the Company's future direction. A copy of that presentation can be found at the URL address listed below. I would encourage all of our shareholders to have a look at it. I am very excited about this new path forward and the value we can deliver to our shareholders. I look forward to reporting on our progress in future periods and discussing it in detail with our shareholders at our upcoming AGM."

In addition, the Company has taken the opportunity to upload certain slides onto its website that provide a summary of the Company and the opportunities for growth focused on the Pine Mills field being developed by the new Management team, including Jim Newman.

Included within these slides is a summary of the results of an initial, internal evaluation, based on historic production, of the Pine Mills opportunity that includes the following potential production enhancements (on a gross basis and subject to funding):

•     9 well reactivations - 80+ bopd

•     3 infill drilling opportunities - 300 bopd

•     Waterflood optimization - 30+ bopd

Presentation Link:

https://www.ntog.co.uk/presentations.html

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 Celicourt Communications (PR/IR) Mark Antelme / Jimmy Lea Tel:  Tel:  Email:   [phone] [phone] [e-mail]

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Competent Person Disclosure

Paul Welch, a Director at Nostra Terra with over 35 years' relevant experience in the oil industry, has reviewed this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009. Mr Welch is a member of the Society of Petroleum Engineers and holds advanced degrees in Petroleum Engineering and Finance.

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