Last checked at 28 Jul 2014 15:30
AIM: NTOG
28 July 2014
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Appointment of Consultant and Grant of Warrants
Nostra Terra, the AIM-quoted oil and gas producer with assets in the USA, is pleased to announce the engagement of Quixote Associates Limited ("Quixote") as consultant to the Company to assist Nostra Terra in the assessment, due diligence and financing of potential transactions or acquisition opportunities.
Tom Reynolds is the principal of Quixote and is highly experienced in the oil and gas sector. Mostly recently he acted as CEO of Bridge Energy ASA ("Bridge"), an oil and gas exploration and production company with licences in the UK and Norwegian continental shelves. While at Bridge, Mr Reynolds oversaw the successful sale to Spike Exploration Holding AS at a valuation of approximately £103 million, which completed in November 2013. The Directors believe that Mr Reynolds will provide an important service to Nostra Terra as the Company looks to increase its production portfolio.
The Board has granted 10,000,000 warrants to Quixote, exercisable at 0.29 pence per share, being the closing market price of the Company's ordinary shares on 25 July 2014 (the "Warrants"). The Warrants are exercisable for a five year period from the date on which they vest. Vesting of the Warrants is conditional on completion of a significant transaction and is subject to Board approval.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"While our portfolio of non-operated assets continues to grow, our attention has been focused on acquiring larger assets where Nostra Terra can act as the operator. We're excited to be working with Quixote and Tom Reynolds as we enter this new stage in the Company's development."
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO
mlofgran@ntog.co.uk Telephone: +1 480 993 8933
Northland Capital Partners Limited
(Nominated Adviser)
Matthew Johnson / Lauren Kettle Telephone: +44 (0)20 7382 1100
Hume Capital Securities plc (Broker)
Jon Belliss / Abigail Wayne Telephone: +44 (0)20 3693 1470
Lothbury Financial Services Limited
Gary Middleton / Michael Padley Telephone: +44 (0)20 3440 7620