1st Apr 2016 15:35
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Friday said it is in the process of negotiating an extension to the original closing date for its acquisition of an interest in the Permian Basin of New Mexico.
The oil and gas company is buying a 60% interest in producing assets in the Permian Basin from Alamo Resources II LLC for USD3.0 million.
It was due to pay USD2.7 million of this on March 31, with the remaining USD300,000 to be paid a year after the closing of the deal.
It has now sought an extension and expects to make an announcement regarding this early next week.
Shares in Nostra Terra closed down 4% at 0.0720 pence on Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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