Business
?1.75m Placing To Advance Portfolio
?1.75m Placing To Advance Portfolio.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4385S Nostra Terra Oil & Gas Company PLC 24 September 2014 \n \n\nAIM: NTOG\n24 September 2014\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \n£1.75 million Placing to advance White Buffalo and portfolio\n \nNostra Terra, the AIM quoted oil and gas exploration and production company with a growing portfolio of assets in the USA, is pleased to announce that Hume Capital Securities plc (\"Hume\") as sole broker has raised £1,750,000 before expenses through an oversubscribed placing of 583,366,666 new ordinary shares in the capital of the Company (\"Placing Shares\") with new and existing investors at 0.3 pence per share (the \"Placing\"). The funds raised will enable Nostra Terra to invest in further acquisitions and develop its existing assets, including the recently acquired White Buffalo Prospect.\nWhite Buffalo Prospect\n \nFollowing its acquisition of the White Buffalo Prospect, announced on 3 September 2014, Nostra Terra now holds a 100% WI (80% net revenue interest) in the assets located in the Big Horn Basin, Wyoming USA. The Directors are excited about Nostra Terra's entry to the Big Horn Basin, which is a prolific oil and gas basin with large established producers including Marathon Oil Corporation (NYSE:MRO), Devon Energy Corporation (NYSE:DVN), and SM Energy (NYSE:SM), among others. Recent industry activity in the immediate vicinity helps validate the significant oil and gas potential of the region, and Nostra Terra's newly acquired assets.\n \nThe White Buffalo Prospect currently covers approximately 6,100 net mineral acres (over 12,000 gross acres) and is operated by Nostra Terra. With this acquisition, Nostra Terra has become the operator of significant assets and will have much greater control of its costs and timelines.\n \nThe Company is currently seeking to acquire additional leases in and around the area to enhance it's position further while simultaneously moving forward to permit multiple drilling locations in anticipation of drilling its initial test well.\n \nBig Horn Basin Background\n \nThe Cottonwood Creek Field is the largest producing field in the Big Horn Basin, having produced 60 million barrels of oil and 67 billion cubic feet of gas. The primary objective for Nostra Terra ...