Update on East Ghazalat and Investor Conf. Call

RNS Number : 7504I

Nostra Terra Oil & Gas Company PLC

12 August 2019

 

12 August 2019

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Update on East Ghazalat and Investor Conference Call

Nostra Terra (AIM: NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA, and Egypt, provides an update on the East Ghazalat concession and an Investor Conference Call.

East Ghazalat

The London Court of International Arbitration Tribunal (the "Tribunal") has published its award in relation to the East Ghazalat concession (the "Concession"), which Nostra Terra's wholly owned subsidiary, Nostra Terra Inc. ("NTI"), holds a 50% participating interest.

The Tribunal has found that NTI is in default of the Joint Operating Agreement ("JOA") for the non-payment of the November and December 2015 cash calls, to North Petroleum International Company SA ("North"), in an amount of US$1,062,613 plus interest (estimated at US$125,000). Non-payment could culminate in the transfer of NTI's interest in the Concession to North. North holds the other 50% participating interest in the Concession and is the operator.

The East Ghazalat asset is considered non-core to Nostra Terra, which is focused on the Permian Basin, and East Texas, USA, where it operates.

The Board is considering its next steps with its legal advisers, including seeking damages in favour of NTI in respect of alleged breaches of the JOA by North. Further announcements will be made in due course

Investor Conference Call

The Company will discuss its progress to date, as well as its strategy and plans for the remainder of the year. Investors will be able to participate in the discussion and ask questions directly to the board.

Time and Date: 7pm (UK) on Tuesday 13 August 2019.

To participate in this conference call, please find the link and dial in to the following: https://vtm.clickmeeting.com/ntog
London [phone]
For participants: When prompted provide Participant's pin code followed by # key
Participant PIN 651846# 

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

For further information, visit contact:

Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO	Tel:	[phone]
Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker) Rory Murphy / Ritchie Balmer / Jack Botros	Tel:	[phone]
Shard Capital Stockbrokers (Joint Broker) Damon Heath / Erik Woolgar Lionsgate Communications (Public Relations) Jonathan Charles	Tel: Tel:	[phone] [phone]

 

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