Nostra Terra Oil & Gas Co (NTOG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 0.28p
   
  • Change Today:
      0.000p
  • 52 Week High: 1.80p
  • 52 Week Low: 0.23p
  • Currency: UK Pounds
  • Shares Issued: 355.35m
  • Volume: 40,000
  • Market Cap: £0.98m
  • RiskGrade: 563

Nostra Terra agrees 'clean exit' from Egypt concession

By Josh White

Date: Tuesday 19 Nov 2019

LONDON (ShareCast) - (Sharecast News) - Oil and gas exploration and production company Nostra Terra announced on Tuesday that, further to its announcement on 12 August, its wholly-owned subsidiary Nostra Terra Incorporated (NTI) has reached a conditional agreement with regards to the East Ghazalat Concession in Egypt.
The AIM-traded firm said NTI and North Petroleum International Company, the operator of the Concession, had conditionally agreed that NTI would transfer its 50% participating interest in the concession to North, with provision for the conclusion of the arbitration and no further cash calls or liabilities for any past losses, including the amounts for the payment of November and December 2015 cash calls and interest, as it announced on 12 August.

Completion of the assignment remained conditional on the necessary formal governmental approvals.

If such conditions were not satisfied by 31 December, then North had the right to terminate the agreement, provided that the requisite termination notice was served on or before 30 April 2020.

The company said the agreement contained standard representations and warranties for an agreement of such nature.

"I am very pleased that NTI has reached this agreement with North, which sees Nostra Terra effect a clean exit from this non-core concession," said chairman Matt Lofgran.

"Following the arbitration NTI had the option to pay past cash calls and continue with the asset."

However, Lofgran said the company had taken the view that, because the asset was loss-making and given it was not the operator, despite the fact that it felt it could improve operations "significantly", the best resolution was for NTI to transfer its interest and have no past or future liability.

"Nostra Terra is focused on the Permian Basin, and East Texas, where it operates and expects to grow through a combination of acquisitions and drilling of further wells."

At 1437 GMT, shares in Nostra Terra were down 7.42% at 1.11p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

NTOG Market Data

Currency UK Pounds
Share Price 0.28p
Change Today 0.000p
% Change 0.00 %
52 Week High 1.80p
52 Week Low 0.23p
Volume 40,000
Shares Issued 355.35m
Market Cap £0.98m
RiskGrade 563

NTOG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
2.1% below the market average2.1% below the market average2.1% below the market average2.1% below the market average2.1% below the market average
65.22% above the sector average65.22% above the sector average65.22% above the sector average65.22% above the sector average65.22% above the sector average
Price Trend
97.49% below the market average97.49% below the market average97.49% below the market average97.49% below the market average97.49% below the market average
86% below the sector average86% below the sector average86% below the sector average86% below the sector average86% below the sector average
Income Not Available
Growth
5.56% above the market average5.56% above the market average5.56% above the market average5.56% above the market average5.56% above the market average
6.9% below the sector average6.9% below the sector average6.9% below the sector average6.9% below the sector average6.9% below the sector average

NTOG Dividends

No dividends found

Trades for 10-Aug-2020

Time Volume / Share Price
15:13 40,000 @ 0.26p

NTOG Key Personnel

CEO Matthew B. Lofgran
Chair George Henry Stephen Staley

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