Nostra Terra Oil & Gas Company PLC East Ghazalat Update (8144X)
May 10 2016 - 7:36AM
UK Regulatory
TIDMNTOG
RNS Number : 8144X
Nostra Terra Oil & Gas Company PLC
10 May 2016
10 May 2016 AIM:NTOG
Nostra Terra Oil and Gas Company PLC
(the "Company")
East Ghazalat Update
We note the announcement released today by Independent Resources
plc, entitled "Creditor and Cost Reductions & Financial
Update", which includes a section on the East Ghazalat joint
venture, which is 50 per cent. owned by the Company, and which is
set out below:
"Update on East Ghazalat
Independent Resources Egypt Ltd ("IRE") is the Company's joint
venture vehicle with Nostra Terra Oil and Gas Company plc ("NTOG"),
which owns a 50% interest in the East Ghazalat concession.
IRE continues to make progress on the registration process with
the Egyptian Government. This will allow it to receive its share of
the East Ghazalat revenues from 1 July 2015.
As announced on 25 January 2016, IRE remains in dispute with
North Petroleum International SA the operator of East Ghazalat. IRE
remains entitled to its share of revenues notwithstanding the
dispute and expects the formalities with the Egyptian authorities
to allow it to receive those revenues to be completed within
approximately two months. IRE will receive directly from Egyptian
General Petroleum Corporation its shares of revenue from East
Ghazalat. IRG will make a further announcement on completion of
those formalities.
As part of the terms of the acquisition of East Ghazalat as
announced on 15 October 2015, IRE issued a US$2.5m loan note to
TransGlobe Petroleum International Inc. ("TransGlobe") the vendor
of East Ghazalat, repayable by 30 September 2017 (the "Loan Note").
IRG is jointly and severally liable with NTOG for the Loan
Note.
The amount to be repaid to TransGlobe pursuant to the terms of
the Loan Note is subject to adjustment to reflect East Ghazalat's
working capital position on 30 June 2015, together with the net
cash flow attributable to the assets from 30 June 2015 until the 14
October 2015, the date of completion of the acquisition ('the
adjustment"). The scale of the adjustment has not yet been
agreed."
Further updates will be provided as and when appropriate.
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser and Joint Broker) +44 (0) 20 7409 3494
Rory Murphy / Ritchie Balmer
Cornhill Capital Ltd (Joint Broker) +44 (0) 20 7710 9610
Nick Bealer / Colin Rowbury
Walbrook PR (Financial PR) +44 (0) 20 7933 8797
Gary Middleton / Nick Rome
This information is provided by RNS
The company news service from the London Stock Exchange
END
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