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.
