AIM-listed Nostra Terra, the international oil and gas exploration and production company with a portfolio of development and production assets in Texas, USA, has announced growth plans and a successful fundraise supported by institutional investors.
Following the success of the Fouke wells at the Company's Pine Mills asset in East Texas, Nostra Terra has been looking for similar opportunities in this prolific region of East Texas. The Company is nearing completion of an agreement that will allow it to develop additional, analogous opportunities over a large area both within and contiguous to the existing Pine Mills acreage using modern 3D seismic data. Previous use of this seismic data has resulted in the successful Fouke wells and other similar aged prospects in this area. Based on the experience gained from Pine Mills, this opportunity has the potential to provide an inventory of drilling locations for many years to come.
To support this, the Company has raised £300,000 (before expenses) through a subscription and placing of 250,000,000 new ordinary shares at a price of 0.12p per share. Funds from the Placing will be used to develop the drilling opportunities around its Pine Mills asset and for general working capital. The fundraise was cornerstoned by institutional investors.
Matt Lofgran, Nostra Terra's Chief Executive Officer, said:
'The Fouke wells at Pine Mills have been a great success, providing strong returns for the Company. I am delighted to announce that we have strong support from respected institutional investors, which will now allow us to accelerate growth opportunities in front of us. We anticipate closing the Pine Mills transaction in the coming days.'
Source: Nostra Terra
