Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, provides an update on the progress to secure the remaining 12.5% stake in the Pine Mills oil field through a non-appealable Court Judgement against Hammerhead Management Partners (“Hammerhead”) (the “Court Judgement”).
The Court Judgement was inherited from GFP Texas, the previous majority owner. Successful completion of this process will take Nostra Terra’s ownership of Pine Mills to a 100% Working Interest.
Nostra Terra has received notice that the auction date has been set for 5 September 2017.
As previously announced on 24 May 2017, when the sale occurs, Nostra Terra will have the choice of collecting the proceeds from the highest bidder or to use the Court Judgement, which currently stands at $450,246, to credit bid for the 12.5% Working Interest in Pine Mills. If there is a remaining balance outstanding of the non-appealable Court Judgement, Nostra Terra may continue recovery action for this sum as well as the $293,785 second trade receivable owed by Hammerhead.
Update on Settlement of Magnolia Shares
Further to Nostra Terra’s announcement on 31 July 2017, the Company announces that the transfer of 204,226,749 ordinary shares of £0.001 each in Magnolia Petroleum plc (the “Magnolia Shares”) from Steven Snead and his family is progressing and is anticipated to complete by the end of August 2017. As at the close of business on 21 August 2017, the mid-market price of a Magnolia Share was 0.095 pence which equates to a premium of approximately 58% to the price at which Nostra Terra acquired the Magnolia Shares.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk
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