11th Jan 2024 10:36
Nostra Terra Oil & Gas Co PLC - exploration and production company with portfolio of development and production assets in Texas - Shares fall following GBP300,000 fundraise through subscription and placing of 250.0 million shares at 0.12 pence each. Will use funds to develop drilling opportunities around its Pine Mills asset in East Texas, as well as for general working capital. Company has been seeking opportunities similar to its successful Fouke wells at Pine Mills. Says it is nearing completion of a deal allowing additional, analagous developments over a large area within and contiguous to existing Pine Mills acreage. Experience gained from Pine Mills suggests agreement "has the potential to provide an inventory of drilling locations for many years to come."
Chief Executive Officer Matt Lofgran says: "The Fouke wells at Pine Mills have been a great success, providing strong returns...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."
Current stock price: 0.11 pence, down 27% on Thursday
12-month change: down 60%
By Emma Curzon, Alliance News reporter
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