It’s an intriguing time for Nostra Terra Oil and Gas
“…We’re in a good position financially at Nostra Terra and the planets have aligned somewhat with this. Tunisia needs Oil and Gas…”
The African proverb “A patient man will eat ripe fruit,” and the Liberian proverb “To the patient man will come all the riches of the world,” is sublimely appropriate to Dr Steve Staley from both a location point of view and the two decade wait he’s had for an asset in Tunisia.
That asset is tantalisingly close to joining the portfolio of Nostra Terra Oil and Gas, the company Staley’s been non-executive chair of for the past year. #NTOG is entrenched in oil and gas stronghold Texas, it’s now cash flow positive and looking for opportunities elsewhere.
While the Texas oil boom started in 1901, it has yet to happen in Tunisia which produced first oil in 1966 and is a net importer of energy. Staley though has worked there off and on for twenty years and admires the country for its literacy, the ease with which business can be conducted there and he hints at the incentives governments may offer to companies that will help the country become an oil producer of note.
While the RNS about the Tunisia asset was frustratingly scant on detail, and while there’s a grace period for government approvals what Staley can say is: “It’s large in terms of area and it does have existing discoveries within it. In addition to those discoveries which we hope can be developed, there’s also what we like to think of as running room so there are a number of other prospects and leads of a substantial size that could be added to that portfolio of prospects to make this what we believe a very exciting area.”
Then there’s the scoop. “There are a lot of opportunities, and worldwide, not just Tunisia, so there’s a lot more potential out there to go at and yes I’m very excited.”
There are assumptions made about those who hail from Texas. That Texans all grew up on ranches. That aside Staley was born on a hill farm in the Peak District. He’s made of tough stuff, he’s founded and listed several oil and gas entities including Fastnet Oil and Gas and is a non-executive director of both 88 Energy and Predator Oil & Gas. The latter has assets in Trinidad, so if you’re into alliteration could another asset under the scrutiny be in the Caribbean. So Texas, Tunisia and Trinidad?
Staley says “No, no, no.”
But even the wiles and ‘naive’ questioning of Sarah Lowther fail to make this patient Yorkshireman reveal more other than his outlook on the oil price, and what it is that #NTOG has done so well that it’s now in the position to cherry pick new opportunities.
The author was remunerated but does not hold shares in the company