Business
Update on East Ghazalat and Investor Conf. Call
Update on East Ghazalat and Investor Conf. Call.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7504I Nostra Terra Oil & Gas Company PLC 12 August 2019 \n\n \n12 August 2019\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nUpdate on East Ghazalat and Investor Conference Call\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 East Ghazalat concession and an Investor Conference Call.\nEast Ghazalat \nThe London Court of International Arbitration Tribunal (the \"Tribunal\") has published its award in relation to the East Ghazalat concession (the \"Concession\"), which Nostra Terra's wholly owned subsidiary, Nostra Terra Inc. (\"NTI\"), holds a 50% participating interest.\n \nThe Tribunal has found that NTI is in default of the Joint Operating Agreement (\"JOA\") for the non-payment of the November and December 2015 cash calls, to North Petroleum International Company SA (\"North\"), in an amount of US$1,062,613 plus interest (estimated at US$125,000). Non-payment could culminate in the transfer of NTI's interest in the Concession to North. North holds the other 50% participating interest in the Concession and is the operator.\n \nThe East Ghazalat asset is considered non-core to Nostra Terra, which is focused on the Permian Basin, and East Texas, USA, where it operates.\n \nThe Board is considering its next steps with its legal advisers, including seeking damages in favour of NTI in respect of alleged breaches of the JOA by North. Further announcements will be made in due course \n \nInvestor Conference Call\nThe Company will discuss its progress to date, as well as its strategy and plans for the remainder of the year. Investors will be able to participate in the discussion and ask questions directly to the board.\n \nTime and Date: 7pm (UK) on Tuesday 13 August 2019.\nTo participate in this conference call, please find the link and dial in to the following: https://vtm.clickmeeting.com/ntog\nLondon +44 (20) 7048-4146\nFor participants: When prompted provide Participant's pin code followed by # key\nParticipant PIN 651846# \n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014\n \nFor further information, visit contact:\n \n\n\n\n...