Business
Restructuring of Promissory Notes
Restructuring of Promissory Notes.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n 9 MARCH 2009\nNOSTRA TERRA OIL AND GAS COMPANY PLC (\"NTOG\" or the \"Company\")\n\nRESTRUCTURING OF PROMISSORY NOTES\n\nFurther to the announcement on 24 December 2008, Nostra Terra Oil and Gas\nCompany plc, the AIM-listed oil and gas company, hereby announces that it has\nagreed to the restructuring of certain of its liabilities as follows:\n\n(1) The Company has agreed with its wholly owned subsidiary, Nostra Terra\n(Overseas) Limited (\"NTOL\"), and Nikea Nominees Limited and Nikea Trustees\nLimited (together \"Nikea\") to an assignment and variation of the promissory note\ndated 25 May 2007 in the sum of US$1,838,928 whereby the amount due from the\nCompany to Nikea is reduced by 75% to US$459,732 (the \"Nikea Sum\") and the\nobligation to repay the Nikea Sum is assigned to NTOL. In addition interest will\nno longer be payable on the Nikea Sum and the Nikea Sum will be due for\nrepayment on or before 30 November 2012 with no contingency based on the cash\nflow from the Company's wells. A provision allowing the parties to assign the\npromissory note has also been inserted.\n\n(2) NTOL has agreed with Ucoco Energy, Inc (\"Ucoco\") to a variation of the\npromissory note dated 10 May 2006 as amended by deed of variation dated 25 May\n2007 in the sum of US$159,744.50 whereby the amount due from NTOL to Ucoco is\nreduced by 75% to US$39,936 (the \"Ucoco Sum\"). In addition interest will no\nlonger be payable on the Ucoco Sum and the Ucoco Sum will be due for repayment\non or before 30 November 2012 with no contingency based on the cash flow from\nthe Company's wells.\n\n(3) NTOL has agreed with Nikea and Masterworks (Overseas) Limited\n(\"Masterworks\") to a variation of the promissory note dated 25 May 2007 as\npartially assigned by deed of assignment dated 14 November 2007 in the total sum\nof US$436,460 whereby the amount due from NTOL to Nikea is reduced from\nUS$194,161 by 75% to US$48,540.25 and the amount due from NTOL to Masterworks is\nreduced from US$242,299 by 75% to US$60,574.75 (together the \"Nikea/Masterworks\nSum\"). In addition interest will no longer be payable on the Nikea/Masterworks\nSum and the Nikea/Masterworks Sum will be due for repayment on or before 30\nNovember 2012 with no contingency based on the cash flow from the Company's\nwells.\n\nDetails of the original promissory notes are set out in the Co...