Business
Pine Mills Auction and Magnolia Update
Pine Mills Auction and Magnolia Update.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5960O Nostra Terra Oil & Gas Company PLC 22 August 2017 \n\n22 August 2017\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nPine Mills Auction Collection and\nUpdate on Settlement of Magnolia Shares\n \nNostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, provides an update on the progress to secure the remaining 12.5% stake in the Pine Mills oil field through a non-appealable Court Judgement against Hammerhead Management Partners (\"Hammerhead\") (the \"Court Judgement\"). The Court Judgement was inherited from GFP Texas, the previous majority owner. Successful completion of this process will take Nostra Terra's ownership of Pine Mills to a 100% Working Interest. \n \nNostra Terra has received notice that the auction date has been set for 5 September 2017. \n \nAs previously announced on 24 May 2017, when the sale occurs, Nostra Terra will have the choice of collecting the proceeds from the highest bidder or to use the Court Judgement, which currently stands at $450,246, to credit bid for the 12.5% Working Interest in Pine Mills. If there is a remaining balance outstanding of the non-appealable Court Judgement, Nostra Terra may continue recovery action for this sum as well as the $293,785 second trade receivable owed by Hammerhead. \n \nUpdate on Settlement of Magnolia Shares\n \nFurther to Nostra Terra's announcement on 31 July 2017, the Company announces that the transfer of 204,226,749 ordinary shares of £0.001 each in Magnolia Petroleum plc (the \"Magnolia Shares\") from Steven Snead and his family is progressing and is anticipated to complete by the end of August 2017. As at the close of business on 21 August 2017, the mid-market price of a Magnolia Share was 0.095 pence which equates to a premium of approximately 58% to the price at which Nostra Terra acquired the Magnolia Shares.\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 \n\n\n\n\n\n +1 480 993 8933\n\n\n\n\n\n\n\nStrand Hanson Limited\n(...