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Gold/Mining/Energy : News Flash On The Aim Market
LSE 5.240-0.4%Nov 4 3:59 PM EST
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From: miningoz5/7/2014 3:08:55 AM
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Nostra Terra ( LON:NTOG) told investors that the amount of money currently available under its credit facility has increased by 120% to US$1.1mln from US$500,000.

The parameters of the credit facility are linked to the group’s ongoing production performance and can rise to as much as US$25mln as output grows.

Nostra Terra said the current level of stabilised production allowed an increase in the borrowing base much earlier than it expected.

Separately, the company received a further cash boost as it was paid US$231,000 from Richfield Oil and Gas Company, which is the final amount owing following the settlement of a legal dispute.

"The increase in the facility and the collection from Richfield gives us an additional US$831,000 to be used in the field to continue growing our portfolio,” said chief executive Matt Lofgran.

“I'd like to add that the increase in the Facility's borrowing base doesn't take into account the newest wells in our portfolio where Nostra Terra has an 11% and 20% working interest.

“Once those wells have stabilised production we anticipate a significant increase in production and subsequently a further increase in the borrowing base. This should help demonstrate the ability for the Company to grow its production and cash flow without the need for dilution to shareholders."
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