Nostra Terra Oil and Gas Company PLC - Texas-focused oil and gas explorer - Renews senior lending facility and upgrades cash reserves.
Facility doubles in size to USD10.0 million from USD5.0 million, increasing borrowing rate to USD2.4 million from USD 1.6 million. Interest rate up 4.4%, and extends facility maturity to January 2025 from 2022.
Total proved net reserves now at 973,180 barrels of oil, up 27% from 764,030 at end of 2019, while total proved future net income USD23.7 million, up 58% in same period.
"We're very pleased to have a substantial increase in both the facility size and borrowing base, along with a three-year extension, in our senior facility," says Chief Executive Matt Lofgran. "This exemplifies the value in our portfolio and operations and shows the alignment between us and the bank to be able to grow significantly with access to non-dilutive funds at such a great rate."
Current stock price: 0.52 pence, up 22% on Wednesday
Year-to-date change: up 30%
By Josie O'Brien; josieobrien@alliancenews.com
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Nostra Terra (NTOG)