REG - Nostra Terra O&G Co - Proposed Appointment of Non-Executive Director

Nostra Terra Oil and GasAnnouncement

13/06/2024 07:00

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RNS Number : 1796S  Nostra Terra Oil & Gas Company PLC  13 June 2024

13 June 2024

 

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

 

Proposed Appointment of Non-Executive Director

Presentation uploaded to Website

 

Nostra Terra (AIM: NTOG), the oil & gas exploration and production company
with a portfolio of development and production in the US, is pleased to
announce that James Newman, an existing 11.3% shareholder in the Company
through the subscription by his wholly owned company, Dos Hermanos
International, in the January 2024 fundraise has agreed to be appointed as a
Non-Executive Director, subject to the completion of satisfactory regulatory
checks.

 

Mr. Newman is an international energy executive with over 35 years of industry
experience in multiple facets of the oil & gas industry, including well
abandonment, well intervention, water management, regulatory compliance,
vertical and horizontal drilling and completions, and financial management. He
started his career at Triple N Services (22 years), an oilfield services
company, specializing in well interventions, operations, and rejuvenation of
mature assets, which he successfully sold to Basic Energy Services LP, where
he served in various positions for 13 years, ultimately as the Executive Vice
President of Operations until he stepped down in 2021.  He is the managing
partner of Clean Rig Power, a company developing zero-emission alternatives
for workover rigs, and Dos Hermanos International and the CEO of Aquafortus, a
private Equity-backed technology company that has developed sustainable
proprietary processes to treat heavy brines in oil & gas, mining, and
industrial applications.

 

He graduated from the Colorado School of Mines with a bachelor's degree in
petroleum engineering and is a registered Professional Engineer in Texas, USA.
 Jim is active in the Society of Petroleum Engineers, most recently serving
on the SPE US Advisory Council. Jim also sits on the Texas Tech Petroleum
Advisory Board, is active on the Southwestern Petroleum Short Course board,
and is a member of the Permian Basin Association. He previously served in a
similar role for the Colorado Oil & Gas Association.

 

The Company will make a further announcement when the regulatory checks are
complete.

 

 Dr Stephen Staley, Nostra Terra's Chairman, said:

 

" As we focus our turnaround on near-term, significant production uplift at
Pine Mills, Jim brings highly relevant experience, including applying new
operating technology and techniques to mature fields.  His impressive career
to date includes several senior leadership roles, and his technical,
financial, and capital market experience will be instrumental in helping us
deliver exceptional value from our Pine Mills asset as we progress with its
redevelopment. I am delighted to welcome Jim on behalf of everyone at Nostra
Terra.

 

Concurrent with Jim's proposed addition to the BOD, we have put together a
brief presentation on the Company's future direction. A copy of that
presentation can be found at the URL address listed below. I would encourage
all of our shareholders to have a look at it. I am very excited about this new
path forward and the value we can deliver to our shareholders. I look forward
to reporting on our progress in future periods and discussing it in detail
with our shareholders at our upcoming AGM."

 

In addition, the Company has taken the opportunity to upload certain slides
onto its website that provide a summary of the Company and the opportunities
for growth focused on the Pine Mills field being developed by the new
Management team, including Jim Newman.

Included within these slides is a summary of the results of an initial,
internal evaluation, based on historic production, of the Pine Mills
opportunity that includes the following potential production enhancements (on
a gross basis and subject to funding):

 

•     9 well reactivations - 80+ bopd

•     3 infill drilling opportunities - 300 bopd

•     Waterflood optimization - 30+ bopd

 

Presentation Link:

https://www.ntog.co.uk/presentations.html

 

For further information, contact:

 Nostra Terra Oil and Gas Company plc  Email:       pwelch@ntog.co.uk

 Paul Welch, CEO

 Beaumont Cornish Limited              Tel:         +44 (0) 20 7628 3396

 (Nominated Adviser)

 James Biddle/ Roland Cornish

 Novum Securities Limited (Broker)     Tel:         +44 (0) 207 399 9425

 Jon Belliss                            Tel:        +44 (0) 20 7770 6424

                                       Email:       NTOG@celicourt.uk

 Celicourt Communications (PR/IR)

 Mark Antelme / Jimmy Lea

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

Competent Person Disclosure

Paul Welch, a Director at Nostra Terra with over 35 years' relevant experience
in the oil industry, has reviewed this announcement for the purposes of the
current Guidance Note for Mining, Oil and Gas Companies issued by the London
Stock Exchange in June 2009. Mr Welch is a member of the Society of Petroleum
Engineers and holds advanced degrees in Petroleum Engineering and Finance.

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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