Looks like a game of Texas Hold’em long and strong for Nostra Terra Oil & Gas
“…I can really see potential here at Nostra Terra…the existing Team knew the assets so well and the prospects are now starting to be realised …”
Dr Staley has more than 35 years’ of management and technical experience in the European, African and Asian oil, gas and power sectors, including with Conoco and BP. More recently Dr Staley was founding Managing Director of upstream start-ups Fastnet Oil & Gas plc and Independent Resources plc and a Non-Executive Director of Cove Energy plc. He is a Fellow of the Geological Society, holds a BSc (Hons.) in Geophysics from Edinburgh University, a PhD in Petroleum Geology from Sheffield University and an MBA from Warwick University. He was until October 2019 the CEO and a director of Upland Resources. He is a non-executive director of 88 Energy Limited and Predator Oil & Gas. Staley co-founded and brought to the AIM market both Fastnet Oil & Gas plc (where he was the founding CEO) and Independent Resources plc (where he was the founding managing director). He was also both a technical consultant to, and non-executive director of, Cove Energy plc – the highly successful East Africa focused explorer.
Yesterday, Nostra Terra provided an operations update on all current assets. During the third quarter, NTOG acquired the Caballos Creek Asset – an oil producing asset in South Texas, progressed planned drilling of a new well at Pine Mills and signed a farm-in agreement for a new oil producing asset in the Permian Basin. During the fourth quarter the Board’s goals are to deliver significant increases in production and reserves across the portfolio. Work is focused on assets that will generate near-term cashflow with lasting reserves.
In September 2020, the Company announced the acquisition of the Caballos Creek Oil producing asset which is already cash generative. The acquisition was completed in less than a month, with non-dilutive financing.
Back earlier this year in April a farm-in agreement was announced where a third-party would drill a new well on a currently undrilled area of Nostra Terra’s 100%-owned Pine Mills asset. Drilling is anticipated shortly, in an area that has become increasingly active of late.
In September just passed Nostra Terra signed a farm-in agreement where Nostra Terra has an option to acquire a 75% WI in an existing oil producing asset in the Permian Basin. This is Nostra Terra’s fourth acquisition in the area in recent years. Under the Farm-in, Nostra Terra will earn 50% of the net cashflow for the life of this well, with an option to acquire a 75% WI in the entire asset.
Nostra Terra’s work program is fully-funded and the upcoming activity is anticipated to produce significant additional cashflow for the Company. This cashflow is expected to remain robust, even at subdued oil prices.
Matt Lofgran, Nostra Terra ‘s Chief Executive Officer, recently said: “We’ve previously stated that we’re focused on increasing our cashflow in the near-term, through acquisition and development of producing assets or those that can be put into production quickly, all with long-life reserves and additional upside opportunity”
So what are the thoughts of Non Exec Chairman Dr Stephen Staley? Here Doc Holiday finds out a little more from Staley and why this project was so appealing, what was the attraction for joining the Team, why he thinks opportunities are actually greater with smaller operators and, in his own words, “Why you have to kiss a lot of Frogs to find a Prince!”
The author was not paid for this production but does hold shares in the above named company.