21st Nov 2024 15:43
(Alliance News) - Nostra Terra Oil & Gas Co PLC on Thursday said it raised GBP500,000 through a new share placing which will be used to increase production and cash flow.
The Texas-focused exploration company said it placed over 2.17 billion new ordinary shares at a price of 0.023 pence per share. It is expected that the shares will be admitted on or around November 27.
Nostra Terra said the money will be used to accelerate the planned second phase workover programme at Pine Mills, Texas on four additional wells. The first phase, completed in October, increased oil production by 30 barrels of oil per day.
The company now comprises around 4.78 billion shares.
Shares in Nostra Terra were down 37% to 0.024 pence in London on Thursday afternoon.
By Michael Hennessey, Alliance News reporter
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