Nostra Terra Oil & Gas Company PLC Senior Lending Facility and Operational Update (2355W)
31 July 2018 - 4:01PM
UK Regulatory
TIDMNTOG
RNS Number : 2355W
Nostra Terra Oil & Gas Company PLC
31 July 2018
31 July 2018
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Increase of Senior Lending Facility and Operational Update
Nostra Terra (AIM:NTOG), the oil and gas exploration and
production company with a portfolio of assets in the USA and Egypt,
is pleased to announce a significant increase of the borrowing base
of its Senior Lending Facility ("the Facility") with Washington
Federal Bank.
Nostra Terra has been granted an increase of $750,000 on its
borrowing base, immediately available for use. As previously
announced (31 Jan 2018), the Facility size is US$5million and the
initial borrowing base was US$1.2million, which has now been
increased to US$1.95 million.
The redetermination was calculated based on production as of 01
May 2018 and was based solely on oil production at Pine Mills. The
Company's production in the Permian Basin has yet been factored
into the borrowing base calculation, nor have the recently
announced production increases at Pine Mills. As such, Nostra Terra
expects a further positive increase at the next
redetermination.
As previously announced, Nostra Terra's strategy in the Permian
Basin is to grow oil production across its portfolio of assets,
primarily using non-dilutive funds from the Facility.
Operational Update
The completion process of the G6 well, at the Company's Mitchell
County License in the Permian Basin, continues. Commercial
production has been initiated and Nostra Terra will provide a
production update from its Permian Basin assets shortly, once
stabilised rates can be reported.
Nostra Terra is also finalising its plans for further drilling
in the second half of this year and will provide an update to the
market on this in the coming weeks.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"We are delighted at our progress this year and the increase in
the size of borrowing base of the Facility is testament to the
resources we have invested in developing our current portfolio.
Being cashflow positive at the PLC levels also means that any funds
used from the Facility can go towards drilling new wells to
continue our growth."
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 Tel: +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
Smaller Company Capital Limited
(Joint Broker)
Rupert Williams / Jeremy Woodgate Tel: +44 (0) 20 3651 2910
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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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.
END
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