Nostra Terra Oil and Gas found in default of Egypt JV payments by court


Nostra Terra Oil and Gas said an arbitration court had ruled against the company regarding sums outstanding for the East Ghazalat joint venture in Egypt with North Petroleum International.

The London Court of International Arbitration Tribunal found that a wholly-owned Nostra Terra subsidiary, Nostra Terra Inc., was in default of the venture's joint operating agreement (JOA).

The default was for the non-payment of November and December 2015 cash calls to North Petroleum of around $1.06m, plus interest estimated at $125k.

Non-payment could culminate in the transfer of Nostra Terra's 50% interest in the concession to North Petroleum, which currently holds the other 50% stake.

'The East Ghazalat asset is considered non-core to Nostra Terra, which is focused on the Permian Basin, and East Texas, US, where it operates,' Nostra Terra said.

'The board is considering its next steps with its legal advisers, including seeking damages in favour of Nostra Terra Inc., in respect of alleged breaches of the JOA by North.'

At 2:03pm: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was 0p at 1.8p

Related content

Nostra Terra Oil & Gas sells 75% of Pine Mills asset in Texas to Cypress

Oil company Nostra Terra Oil & Gas said it had agreed to sell a 75% take in its Pine Mills acreage in East Texas to...

Wed, 22/04/2020 - 07:53

Nostra Terra raises capital; chairman Andy Morrison stands down

Texas focused oil explorer Nostra Terra said its chairman had resigned and that it had raised £0.32m from a share issue to strengthen its balance...

Wed, 08/04/2020 - 09:57

Nostra Terra overhauls board, appeasing Enbridge Capital

Oil company Nostra Terra said it had made a number of changes to its board, leading to Eridge Capital withdrawing a request to hold a...

Tue, 03/03/2020 - 09:52

Nostra Terra chairman Ewen Ainsworth stands down

Nostra Terra Oil and Gas said chairman Ewen Ainsworth had stood down, with immediate effect.

John Stafford had assumed the role of interim chairman while...

Mon, 02/03/2020 - 09:44

Nostra Terra to hold single meeting on push to replace CEO, chairman

Nostra Terra Oil and Gas said it would published a notice of general meeting by no later than 12 February regarding a push by Eridge...

Wed, 05/02/2020 - 09:03