Proceeds will enable NTOG to realise further value from Pine Mills
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 2,173,913,043 new ordinary shares at a price of 0.023p per share.
Paul Welch, Nostra Terra's Chief Executive Officer, said:
'I am pleased to announce that we have successfully completed a further £500,000 fundraise for the progression of our major operational program at the Pine Mills licence in East Texas. With three of the five workovers now completed, and production currently averaging ca.90 bopd over the last 5 days, this additional raise will enable us to finish the workover program, with production anticipated to reach ca. 110 bopd once this is done. Pine Mills continues to be a high-margin asset with considerable organic growth potential and today's funding news enables us to realise further value from the acreage.
'In closing, I would like to thank our new and existing shareholders for their support with this Fundraise. We have ambitious plans for this business, both organic and inorganic, and we look forward to sharing further updates with all our stakeholders in due course.'
Source: Nostra Terra
