4th Mar 2016 11:17
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC said Friday that it has raised GBP350,000 through the placing of 350 million shares at 0.10 pence each.
Shares in the company were down 4.3% at 0.0885 pence Friday morning.
Nostra Terra plans to use the funds raised to strengthen its balance sheet whilst seeking additional acquisitions, it said.
"Last week we announced the acquisition of a 60% interest in a prospect in the Permian Basin where only 20% of the reserves are PDP (proven developed producing), leaving significant scope for improvement, and where the lifting costs are an average of USD17 a barrel making it profitable even at these historically low oil prices. The money raised, at a premium, will strengthen the balance sheet while providing additional funds to explore additional acquisitions. As previously stated, we are actively pursuing additional opportunities, some of which are in advanced negotiations," said Chief Executive Officer Matt Lofgran in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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