Nostra Terra Oil & Gas Company PLC Completion of £2.1m sale of Chisholm Trail (5163H)
August 18 2016 - 1:01AM
UK Regulatory
TIDMNTOG
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 +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser +44 (0) 20 7409
and Joint Broker) 3494
Rory Murphy / Ritchie Balmer
Vicarage Capital Limited (Joint +44 (0) 20 3651
Broker) 2910
Rupert Williams / Jeremy Woodgate
Cornhill Capital Ltd (Joint +44 (0) 20 7710
Broker) 9610
Nick Bealer / Colin Rowbury
+44 (0) 20 7933
Walbrook PR (Financial PR) 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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