Nostra Terra Oil & Gas Company PLC Statement re: Requisitions to Convene a GM (0736C)
February 05 2020 - 6:00AM
UK Regulatory
TIDMNTOG
RNS Number : 0736C
Nostra Terra Oil & Gas Company PLC
05 February 2020
5 February 2020
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Statement re: Requisitions to Convene a General Meeting
Nostra Terra wishes to notify shareholders that the loan
agreement entered into between the Company's subsidiary, New
Horizons Energy 1 LLC ("New Horizons"), and Washington Federal Bank
("WAFB") (the "Loan Agreement"), as announced on 8 January 2018,
contains a number of customary negative covenants, one of which
relates to the ongoing appointment of Matt Lofgran as President of
New Horizons (the "key man clause").
The key man clause stipulates that New Horizons must obtain
written consent from WAFB prior to Matt Lofgran ceasing to be
President of New Horizons. Otherwise New Horizons will have 30 days
to remedy the situation or it will be in default of the Loan
Agreement and the outstanding principal and interest will
immediately become due.
In the event Matt Lofgran is voted off the Board at the
Company's forthcoming General Meeting, there is no guarantee that
Mr Lofgran would remain as an employee of the Nostra Terra group,
and therefore as President of New Horizons. Accordingly, the
Company's Board at such time would seek the written consent of WAFB
to waive the key man clause, however there is a risk that this
would not be given.
For further information, contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO Tel: +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser and Joint
Broker) +44 (0) 20 7409
Rory Murphy / Ritchie Balmer / Jack Botros Tel: 3494
+44 (0) 207 186
Shard Capital Stockbrokers (Joint Broker) 9952
Damon Heath / Erik Woolgar Tel:
Lionsgate Communications (Public Relations) +44 (0) 203 697
Jonathan Charles Tel: 1209
About Nostra Terra
Nostra Terra is seeking to increase oil production and reserves
through both organic growth and strategic acquisitions, utilising
the latest drilling and completion techniques.
Nostra Terra's core asset is a 100% working interest in the
Mesquite asset located in the prolific Permian Basin, West Texas.
The Mesquite asset covers 1,984 net acres with estimated proven
recoverable reserves of 2.4mmbbls.
In addition, Nostra Terra has a 100% working interest in the
well-established East Texas region, and interests in three
additional Permian Basin properties in close proximity to Mesquite
and is currently producing from two wells. The first well reached
pay-out in less than one year.
The Permian Basin, which covers 75,000 square miles over West
Texas and southeast New Mexico, is the most prolific oil producing
basin in the country.
For further information, please visit our website:
www.ntog.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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