Nostra Terra Oil and Gas Company PLC (AIM:NTOG, OTC:NTOGF) has bolstered its coffers as it prepares to further lift production at Pine Mills in Texas.
The micro-cap, which has in recent months significantly improved production volumes and cashflows, today announced it had successfully raised £500,000 through a subscription and placing. It is issuing 2.17 billion new shares at 0.023p per share.
It comes after the company recently completed the first phase of the workover programme in September and October 2024.
The new funds will support the next phase which will focus on four additional wells, aiming for further production growth and enhanced cash flow.
"Today's fundraise is an important next step in the rebuilding of NTOG as it enables us to accelerate the 2nd phase workover program in Pine Mills following on immediately after the very successful 1st phase and so deliver further potential significant increases in production, improved net backs and increased cash flow, all the more quickly,” chief executive Paul Welch said in a statement.
“I would like to thank those shareholders and new institutional investors who supported the fundraise, and I look forward to updating everyone on our operational progress over the coming months."