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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 0.0% 0.375 0.35 0.40 0.375 0.375 0.375 673,608 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.8 -1.7 0.0 - 1

Nostra Terra Oil & Gas Company PLC Completion of Acquisition and Interim Reporting

11/09/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 6820Y

Nostra Terra Oil & Gas Company PLC

11 September 2020

11 September 2020

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Completion of Acquisition and Interim Reporting

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, further to its RNS on 2 September 2020, that it has completed the acquisition of a 100% Working Interest ("WI") in the Caballos Creek Oil Field, which is located in Atascosa County Texas.

Highlights

   --    Acquisition completed in one month from asset identification 
   --    Financed 100% without dilution 
   --    Immediately accretive in terms of cashflow and production 
   --    30 bopd current production (gross), which increases Company-wide production by circa 25% 
   --    Additional acquisitions being assessed 

Acquisition Completed

As previously announced on 2 September 2020, Nostra Terra entered into a contract to acquire 100% WI in the Caballos Creek oil field, a producing asset in Atascosa County Texas. The acquisition has now been completed and Nostra Terra has taken over operations of the field.

Nostra Terra will be performing work to further assess additional upside in the field. This will include: review of well files (particularly well interventions and production records), review of logs, depth structure mapping on key reservoirs, identifying locations for additional drilling, calculating net pay and volumes, and other associated activities. Following this, reservoir and production engineering aspects will be reviewed with the target of updating the reserves and economics and determining the extent and relative rank of the upside opportunities.

The acquisition of this asset is consistent with Nostra Terra continuing to execute on its stated plan. As previously described, the acquisition delivers further expansion and diversification of the portfolio, conventional producing assets, with relatively low operating costs.

Additional Acquisitions

Nostra Terra is seeking to make further accretive acquisitions at this time, targeting assets with proven reserves (primarily producing), with a view to increasing cash flow immediately. As demonstrated by this acquisition, the Company is able to evaluate assets and close transactions quickly, using debt and equity.

In this regard, the Board continues to evaluate and progress numerous opportunities of different scales, consistent with the experience of the Directors, both inside and outside the USA. The current oil price environment provides opportunities for acquisitions at attractive valuations, and licensing of assets with significant upside potential.

Interim Accounts Publication

In line with the guidance issued by AIM Regulation in an Inside AIM notification dated 9 June 2020, and the ongoing COVID-19 related disruption to processes, the Company is availing of the one month extension to the date by which it is required under AIM Rule 18 to publish its interim accounts for the six months ended 30 June 2020. Accordingly, the Company is required to publish its 2020 interim accounts by 31 October 2020.

Matt Lofgran , Nostra Terra 's Chief Executive Officer, said:

"Nostra Terra has acquired another asset that is immediately accretive, adding significant cash flow to the Company, achieved with non-dilutive financing. The Board is planning further growth in a similar fashion during the remainder of the year. We look forward to providing further updates in the future."

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 
  plc 
  Matt Lofgran, CEO                      Email:    +1 480 993 8933 
 Strand Hanson Limited 
  (Nominated & Financial Adviser and 
  Joint Broker) 
  Rory Murphy / Ritchie Balmer / Jack 
  Botros                                 Tel:      +44 (0) 20 7409 3494 
 Novum Securities Limited (Joint 
  Broker) 
  Jon Belliss 
                                         Tel:      +44 (0) 207 399 9425 
  Lionsgate Communications (Public 
  Relations) 
  Jonathan Charles                        Tel:      +44 (0) 7791 892509 
 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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September 11, 2020 02:00 ET (06:00 GMT)

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