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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1025 | 0.10 | 0.105 | 0.1025 | 0.1025 | 0.1025 | 1,102,859 | 07:40:09 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 4.02M | -546k | -0.0007 | -1.43 | 746.52k |
TIDMNTOG
RNS Number : 9966T
Nostra Terra Oil & Gas Company PLC
19 October 2017
19 October 2017
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Hedging Facility Update
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, announces the following:
As previously announced on 26 September 2017, Nostra Terra has secured a hedging facility with BP Energy Company ("the hedging facility"). In response to queries from investors, the board of the Company (the "Board") can confirm that it intends to utilise the hedging facility primarily in conjunction with lending facilities to enable increased funds to be made available to the Company.
In addition, as Nostra Terra has been able to demonstrate a track record of stable and secure oil production, BP Energy Company has waived its margin requirement. As a result, the Company's working capital position can be improved because the Company will not be required to hold cash on margin.
The hedging facility includes an inter creditor agreement to work seamlessly with Nostra Terra's existing $25,000,000 senior lending facility with Texas Capital Bank ("the TCB Facility"). This could also be applied to any other potential new senior lending facility. Nostra Terra has gone to great lengths over recent years to maintain the TCB Facility in good standing, with this goal in mind.
However, having now secured the hedging facility with BP Energy Company, the Board believes the Company is in a better funding position than it anticipated to be able to deliver its growth strategy. Nostra Terra is currently in discussions with three banks, including Texas Capital Bank, to ensure it has the best facility in place not just for immediate growth plans but also those over the coming years.
Nostra Terra expects to provide an update concerning this in the coming weeks.
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 and Joint Broker) +44 (0) 20 7409 3494 Rory Murphy / Ritchie Balmer / Jack Botros Smaller Company Capital Limited (Joint Broker) +44 (0) 20 3651 2910 Rupert Williams / Jeremy Woodgate
This information is provided by RNS
The company news service from the London Stock Exchange
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October 19, 2017 02:00 ET (06:00 GMT)
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