Nostra Terra Oil & Gas Company PLC Potential Portfolio Expansion
RNS Number : 0899W
Nostra Terra Oil & Gas Company PLC
21 April 2021
21 April 2021
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Potential Portfolio Expansion
Nostra Terra (AIM: NTOG), the oil & gas exploration and
production company with a portfolio of development and production
assets in Texas, USA, is pleased to announce progress with the
planned strategic expansion of its portfolio into Tunisia .
Exclusive negotiations and preparations have taken place for a
large block with existing discoveries, offering both exploration
and appraisal activity and new entities have been organised in
anticipation of such expansion.
Completion of the initial transaction is not certain, however
Nostra Terra has exclusivity, has negotiated terms and is waiting
final approval. Further updates will be made in due course.
Matt Lofgran , Nostra Terra's Chief Executive Officer, said:
"Our core focus at Nostra Terra has been to first build a
foundation of steady producing assets where cashflow covers
overhead and can be reinvested in growth. We know investors like to
see assets that have large potential upsides so that they can
deliver substantial value. We said that we planned to add that
aspect to the portfolio once we reached cashflow positive.
In anticipation of where we are now, we began working on certain
opportunities in the Spring of 2020, when commodity prices were
low, caused by the onslaught of the Covid pandemic, creating a
great opportunity to invest. We are leveraging the board's
extensive experience and network, and we look forward to adding a
dynamic asset to the portfolio, with no near term external funding
needs, and the ability to have a very positive impact."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information, contact:
Nostra Terra Oil and Gas Company
Matt Lofgran, CEO Email: +1 480 993 8933
Beaumont Cornish Limited
James Biddle/ Roland Cornish Tel: +44 (0) 20 7628 3396
Novum Securities Limited (Broker)
Tel: +44 (0) 207 399 9425
Lionsgate Communications (Public
Jonathan Charles Tel: +44 (0) 7791 892509
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(END) Dow Jones Newswires
April 21, 2021 02:00 ET (06:00 GMT)