Business
Corporate Update & Notice of General Meeting
Corporate Update & Notice of General Meeting.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n \nNostra Terra Oil and Gas Company Plc\n(\"Nostra Terra\", \"NTOG\" or \"the Company\")\n \n1 July 2024\n \nCorporate Update\nNotice of General Meeting\n \nNostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, announces the following.\n \nHIGHLIGHTS\n· Previously shut non-core South Texas assets now returned to production.\n· Expressions of interest received to acquire these assets, as the Company accelerates its plans to focus on Pine Mills operations.\n· New Board commencing a series of material corporate and marketing initiatives to restore liquidity, tradability and interest in the Company's shares.\n \nSouth Texas Asset Update - The Company's South Texas assets have been shut in since December 2023. These assets, along with those in West Texas, are part of a divestiture program which will allow NTOG to focus in the near term on a significant production uplift at its Pine Mills asset. Currently, several private buyers are expressing interest in the South Texas assets. In June, these assets were returned to production and are expected to continue to produce at current levels until the sale process is complete of 10 bopd (8 bopd net to NTOG). The Company does not plan to make any additional investments in these assets, but will produce them as long as it can profitably do so. Net attributable Company-wide production has increased to 141 bopd as a result.\n \nShare Trading and Liquidity Improvement - A General Meeting is being convened for the purpose of considering certain ordinary and special resolutions (the \"Resolutions\") as part of the recently strengthened Board's ongoing focus on the turnaround of the Company. Specifically, the aim of the General Meeting is to reorganise the Company's share capital, the admission of New Ordinary Shares (as defined in the Circular and with a changed par value) is expected on or around 18 July 2024, to improve liquidity in order to help facilitate trading in its shares and ultimately to ensure that the Company can capitalise on the opportunities identified to materially increase production in the near term for the benefit of all shareholders. The General Meeting will be hel...