AIM-listed Nostra Terra, the international oil & gas exploration and production company with development and production assets in Texas, USA, has announced a successful fundraise supported by institutional investors, Directors and Management, existing shareholders and new investors.
The Company has raised £500,000 (before expenses) through a subscription and placing of 2,173,913,042 new ordinary shares at a price of 0.023p per share.
The Company has embarked on a major workover and development programme at its principal producing asset at Pine Mills. It has successfully delivered on the 1st phase of the workover programme during September and October 2024 which increased oil production by 30 bopd above that in August 2024. Net proceeds from this Fundraise will be used to accelerate the planned 2nd phase workover programme on 4 additional wells to deliver further potential significant increases in production and cash flow in the near term.
Paul Welch, Nostra Terra's Chief Executive Officer, said:
'Today's fundraise is an important next step in the rebuilding of NTOG as it enables us to accelerate the 2nd phase workover program in Pine Mills following on immediately after the very successful 1st phase and so deliver further potential significant increases in production, improved net backs and increased cash flow, all the more quickly. I would like to thank those shareholders and new institutional investors who supported the fundraise, and I look forward to updating everyone on our operational progress over the coming months.'
Source: Nostra Terra
