Nostra Terra Oil and Gas Company PLC (AIM:NTOG, OTC:NTOGF) confirmed it has completed a £500,000 fundraise, supporting its ongoing operations at its Pine Mills licence in East Texas.
The raise was backed by institutional investors, directors, management, existing shareholders, and new investors.
Some 2.17 billion new shares were issued, priced at 0.023p each.
Proceeds will be used to complete a continuing workover program at Pine Mills, where three of the five planned workovers have so far been completed.
Nostra Terra’s production at Pine Mills has averaged 90 barrels of oil per day (bopd) over the past five days and the company expects the rate will increase to approximately 110 bopd once the remaining workovers are completed.
“With three of the five workovers now completed, and production currently averaging ca.90 bopd over the last five days, this additional raise will enable us to finish the workover program, with production anticipated to reach ca. 110 bopd once this is done," chief executive Paul Welch said in a statement.
“Pine Mills continues to be a high-margin asset with considerable organic growth potential and today's funding news enables us to realise further value from the acreage.”
It is the latest milestone as Nostra Terra, under Welch, works to transform the company.
“We have ambitious plans for this business, both organic and inorganic, and we look forward to sharing further updates with all our stakeholders in due course,” the Nostra Terra chief executive added.