Further to the recent announcements by the Nostra Terra concerning the sale of its interest in the Chisholm Trail Prospect, the Board has announced the successful completion of the US$2.1 million sale.
The purchaser of Nostra Terra's interest in the Chisholm Trail Prospect is Staghorn Petroleum LLC. Nostra Terra was unable to announce this fact prior to completion of the Sale as it was bound by commercial confidentiality, which has now been lifted.
Nostra Terra intends to deploy the net proceeds from the Sale to accelerate its growth plans and for general working capital purposes. Nostra Terra continues to evaluate a number of opportunities across different geographic regions, particularly North America and Egypt.
Future operations reporting
As part of Nostra Terra's cost cutting initiative and wider rationalisation of the business, the Board has decided to extend the suspension of quarterly operations reports. The previous quarterly reporting policy was at the Board's discretion and is not required pursuant to the AIM Rules. The Board feel that management time is better directed towards evaluating and securing new assets for Nostra Terra, as it continues to implement its growth strategy and deliver shareholder value over the medium term. The company will continue to report on operations and accounts in the Annual and Interims per standard reporting requirements.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"We are extremely pleased to have completed the sale of our interest in the Chisholm Trail Prospect to Staghorn Petroleum. This sale comes at an important time for Nostra Terra. The proceeds from the sale allow the Board to advance its plans for introducing new assets to the portfolio with larger working interests. We look forward to updating shareholders in the near future."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk
Adapted from various sources by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/18082016/nostra-terra-completes-sale-of-chisholm-trail-interest/