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NTOG Nostra Terra Oil And Gas Company Plc

0.09
-0.0025 (-2.70%)
Last Updated: 11:08:47
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nostra Terra Oil And Gas Company Plc LSE:NTOG London Ordinary Share GB00BZ76F335 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.0025 -2.70% 0.09 0.085 0.095 0.0925 0.09 0.0925 3,071,212 11:08:47
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 4.02M -546k -0.0007 -1.29 671.87k

Nostra Terra Oil & Gas Company PLC Acquisition of interest in Magnolia Petroleum plc (4031G)

26/05/2017 1:15pm

UK Regulatory


Nostra Terra Oil And Gas (LSE:NTOG)
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RNS Number : 4031G

Nostra Terra Oil & Gas Company PLC

26 May 2017

26 May 2017

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Acquisition of interest in Magnolia Petroleum plc

Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, announces that it has agreed today to acquire 204,226,748 ordinary shares of GBP0.001 each in Magnolia Petroleum plc ("Magnolia") (the "Magnolia Shares"), which represents a 10.9% interest in the ordinary share capital of Magnolia.

Magnolia is an AIM-quoted exploration & production company with assets in the mid-continent of the USA. Nostra Terra is making the investment as an alternative and additional way to increase its exposure to the oil and gas market in the USA.

Nostra Terra will acquire the Magnolia Shares for GBP125,000 consideration, equivalent to approximately 0.06 pence per Magnolia Share. As at close of business on 25 May 2017, the mid-market price of a Magnolia Share was 0.115 pence and accordingly, Nostra Terra is acquiring the interest in Magnolia at an approximate 47% discount to the prevailing price of a Magnolia Share.

The consideration for the Magnolia Shares will be payable as to GBP65,000 in cash and through the issue of 2,400,000 new ordinary shares of GBP0.001 each in Nostra Terra ("Ordinary Shares") (the "Consideration Shares"), at an implied issue price of 2.5 pence per share, which equates to a premium of 23% to the mid-market price of an Ordinary Share as at close of business on 25 May 2017.

The Magnolia Shares have been purchased from Steven Snead, the former CEO of Magnolia, and his family.

Nostra Terra also has the option to pay the full consideration in cash should it decide. The receipt of the Magnolia Shares and the issue of the Consideration Shares, should the Company not elect to settle the consideration fully in cash, is anticipated to take place on or before 30 June 2017. A further announcement will be made at that time. Until such point, it has been agreed that Nostra Terra has direction over the voting rights of the Magnolia Shares.

For the year ended 31 December 2015, Magnolia reported revenues of US$1,991,021 and a loss before tax of US$9,793,276. As at 30 June 2016, Magnolia reported net assets of US$6,534,072.

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 
 Smaller Company Capital                 +44 (0) 20 3651 
  Limited (Joint Broker)                            2910 
 Rupert Williams / Jeremy Woodgate 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQPGUQUAUPMGPQ

(END) Dow Jones Newswires

May 26, 2017 08:15 ET (12:15 GMT)

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