19 November 2019
Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, is pleased to announce that, further to the Company's announcement of 12 August 2019, Nostra Terra's wholly owned subsidiary, Nostra Terra Inc. ("NTI") has reached a conditional agreement with regards to the East Ghazalat Concession, Egypt (the "Concession").
NTI and North Petroleum International Company SA ("North"), the operator of the Concession, have conditionally agreed that NTI will transfer its 50% participating interest in the Concession to North with provision for the conclusion of the arbitration and no further cash calls or liabilities for any past losses, including the amounts for the payment of November and December 2015 cash calls and interest, as announced on 12 August 2019.
Wednesday, 14 August 2019
Arbitration court rules against Nostra Terra in Egypt oil payments dispute: Nostra Terra Oil & Gas has been found in default of the joint operating agreement (JOA) governing its East Ghazalat joint venture in Egypt with North Petroleum International, the company said on Monday. The London Court of International Arbitration ruled against the UK-based oil and gas company, finding subsidiary Nostra Terra Inc. in default for the non-payment of November and December 2015 cash calls to North Petroleum of around USD 1.06 mn, along with an estimated USD 125k in interest. The company’s failure to make the payments could result in the transfer of Nostra Terra’s 50% stake in the East Ghazalat concession to North Petroleum. Nostra Terra has described the concession as “non-core” to its operations. The company is considering seeking damages from North Petroleum for allegedly breaching the JOA.
April 29, 2018
A dispute between Nostra Terra subsidiary Sahara Resources Inc. and the operator of the East Ghazalat concession in Egypt has been referred to the London Court of International Arbitration, the UK-based oil and gas company said on Thursday, according to Law 360.
Sahara Resources Inc. owns a 50% non-operating interest in the concession, where it sees “significant scope” to boost output. Nostra Terra purchased Echo Energy’s 25% stake in the East Ghazalat concession for USD 500k in June 2017. The company is hoping to reach a settlement.
Oil exploration company Nostra Terra said Thursday that its ultimate subsidiary had its dispute with the operator of an oil and gas producing field in Egypt referred to arbitration, remarking that it hopes a settlement could improve production of the asset in which it has a partial interest.
The referral is over the operations of “the East Ghazalat Concession Egypt,” which is located about 150 miles southwest of Cairo. Nostra Terra’s ultimate subsidiary, Sahara Resources Inc., owns a 50 percent non-operating interest in the concession.
June 15, 2017
AIM-listed Nostra Terra Oil & Gas has reached agreement with Echo Energy to acquire Echo’s 50 percent stake in Independent Resources Egypt (‘IRE’). IRE owns a 50% non-operating interest in the East Ghazalat concession, Egypt through its subsidiary Sahara Resources GOS Inc (‘SRGOS’). The remaining 50% of the Concession is owned by North Petroleum International Company, which is the Operator.
21/06/2016 5:42 am
Rita Brown
Nostra Terra today confirmed its subsidiary, Independent Resources Egypt (IRE), had been given the initial green light from Egyptian authorities.
IRE received security clearance and is now is formally registered with the Egyptian General Petroleum Corporation (EGPC).
Nostra Terra chief executive Matt Lofgran said: “We are very pleased that our 50 per cent. owned subsidiary IRE has taken the next step forward in establishing its operations in Egypt. As a company we remain excited by the potential for oil & gas in Egypt and look forward to updating the market on further developments.”
