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

Writer, Stock Market Wire
Monday, August 12, 2019 - 14:03

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 completes leasing at Mesquite asset in Texas

Nostra Terra said leasing at its Mesquite asset in Texas had been completed and that a permitting process was now underway.

The target area covered...

Tue, 15/10/2019 - 09:21


Nostra Terra prepares to drill key well

Oil and gas firm Nostra Terra has updated on its operations as it moves towards drilling its first horizontal well in the Permian Basin.

Net...

Mon, 08/07/2019 - 08:14


Nostra Terra Oil and Gas losses narrow as sales rise

Nostra Terra Oil and Gas booked a full-year loss, as expenses more than offset a rise in sales.

Pre-tax losses for the year through December...

Mon, 01/07/2019 - 08:01


Nostra Terra Oil and Gas in talks over new oil lease in Texas

Nostra Terra Oil and Gas Company said it was in advanced discussions with regards to a lease opportunity at its Mesquite asset in Texas.

The...

Mon, 29/04/2019 - 08:28


Nostra Terra issues shares to fund Mesquite prospect in Texas

Nostra Terra said it had raised £1.2m via a share placement to fund the development of its Mesquite prospect in Texas.

New shares in the...

Wed, 27/02/2019 - 09:12