Business
Hedging facility with BP Energy Company
Hedging facility with BP Energy Company.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8414R Nostra Terra Oil & Gas Company PLC 26 September 2017 \n\n26 September 2017\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nHedging facility with BP Energy Company\n \nNostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce it has secured a hedging facility with BP Energy Company (\"the hedging facility\"), part of the BP plc group.\n \nNostra Terra intends to use the hedging facility in conjunction with a senior debt facility to fund development of the Company's assets. The hedging facility can be used for price protection, enabling Nostra Terra to access greater working capital in a non-dilutive manner. \n \nNostra Terra currently has a $25,000,000 senior facility, which is in good standing, with Texas Capital Bank. The Company is also currently in discussions with a number of additional providers to ensure it obtains the best lending terms. \n \nMatt Lofgran, Chief Executive Officer of Nostra Terra, commented:\n \n\"I am very happy to report we have secured a hedging facility with a counterparty as respected as BP Energy Company. This is a significant endorsement of both Nostra Terra's strategy and asset portfolio. \n \nThis is a tangible step forward for the Company and I am particularly pleased to confirm funds released through the hedging facility will not carry any geographical restrictions. This means we will be able to deploy capital across our entire portfolio, in the USA and Egypt.\n \nThe next step is to confirm borrowing terms with a second senior facility provider. We are currently assessing a number of alternatives, with a view to securing the best terms for Nostra Terra. Despite the turbulence the industry has experienced over the last 3 years, we have always kept our existing facility in good standing. We believe this track record helps strengthen our negotiating position and I look forward to updating the market once we have concluded this process.\"\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \nFor further information, visit www.ntog.co.uk or contact:\n \n\n\n\n\nNostra Terra Oil and Gas Company plc\nMatt Lofgran, CEO\n...