Business
Trading Statement
Trading Statement.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n Nostra Terra Oil and Gas Company plc\n (`NTOG' or the 'Company')\n\n Market Update\n\n24 December 2008\n\nNostra Terra Oil and Gas plc reports that subsequent to our reporting\nunfavourable results on Oktyabroskoe Well #24 the Company has undertaken the\nfollowing actions.\n\nA concerted effort to conserve cash and restructure liabilities was undertaken.\nManagement and Directors cash compensation was stopped and negotiations with\ncreditors were begun and employees in the Ukraine were made redundant.\n\nWe have continued to produce oil from Okktabryoskoe Well #1 and sales for the\nmonth of November were 325.8 barrels although the average selling price has now\nfallen to approximately $41.00 per barrel less royalties and production costs.\n\nThe creditor negotiations have produced informal agreement to a debt\nrestructuring under which Convertible Loan Stock holders are expected to extend\ntheir debts (which are due for redemption at the end of this month).\n\nAdditionally, the Company has renegotiated an informal agreement to reduce the\nface value of its Production/Acquisition notes due to Ucoco Energy Inc.,\nMasterworks (Overseas) Limited and Nikea Trustees. These notes will be reduced\nby 75% of their face value and assigned to NTOL. Should the restructuring not\nproceed and other measures being undertaken fail to produce additional cash\nresources, the Company's ability to continue operating would need to be\nconsidered.\n\nThe Company is currently negotiating a Farm In Agreement with a public oil\ncompany for the West Oktabryoskoe portion of the license held through NTOL. The\ndirectors expect these negotiations to be concluded in early 2009 and will\nreport further to shareholders at that time. The directors are also reviewing\nthe possibility of selling unneeded assets in the Ukraine which were originally\nheld to develop Well #24 and associated Wells.\n\nFor further information contact:\n\nNostra Terra Oil and Gas Company plc\nBrian Courtney, Chief Executive Officer [email protected]\nStephen Oakes, Non-executive Director Tel: +44 (0)207 877 8788\n\n\nBlomfield Corporate Finance Limited Tel: +44 (0)20 7489 4500\nAlan MacKenzie\nPeter Trevelyan-Clark\n\nEND \n ","length":2552,"tagName":"div"}]