Restructuring of Promissory Notes
9 MARCH 2009
NOSTRA TERRA OIL AND GAS COMPANY PLC ("NTOG" or the "Company")
RESTRUCTURING OF PROMISSORY NOTES
Further to the announcement on 24 December 2008, Nostra Terra Oil and Gas
Company plc, the AIM-listed oil and gas company, hereby announces that it has
agreed to the restructuring of certain of its liabilities as follows:
(1) The Company has agreed with its wholly owned subsidiary, Nostra Terra
(Overseas) Limited ("NTOL"), and Nikea Nominees Limited and Nikea Trustees
Limited (together "Nikea") to an assignment and variation of the promissory note
dated 25 May 2007 in the sum of US$1,838,928 whereby the amount due from the
Company to Nikea is reduced by 75% to US$459,732 (the "Nikea Sum") and the
obligation to repay the Nikea Sum is assigned to NTOL. In addition interest will
no longer be payable on the Nikea Sum and the Nikea Sum will be due for
repayment on or before 30 November 2012 with no contingency based on the cash
flow from the Company's wells. A provision allowing the parties to assign the
promissory note has also been inserted.
(2) NTOL has agreed with Ucoco Energy, Inc ("Ucoco") to a variation of the
promissory note dated 10 May 2006 as amended by deed of variation dated 25 May
2007 in the sum of US$159,744.50 whereby the amount due from NTOL to Ucoco is
reduced by 75% to US$39,936 (the "Ucoco Sum"). In addition interest will no
longer be payable on the Ucoco Sum and the Ucoco Sum will be due for repayment
on or before 30 November 2012 with no contingency based on the cash flow from
the Company's wells.
(3) NTOL has agreed with Nikea and Masterworks (Overseas) Limited
("Masterworks") to a variation of the promissory note dated 25 May 2007 as
partially assigned by deed of assignment dated 14 November 2007 in the total sum
of US$436,460 whereby the amount due from NTOL to Nikea is reduced from
US$194,161 by 75% to US$48,540.25 and the amount due from NTOL to Masterworks is
reduced from US$242,299 by 75% to US$60,574.75 (together the "Nikea/Masterworks
Sum"). In addition interest will no longer be payable on the Nikea/Masterworks
Sum and the Nikea/Masterworks Sum will be due for repayment on or before 30
November 2012 with no contingency based on the cash flow from the Company's
wells.
Details of the original promissory notes are set out in the Company's admission
document dated 25 June 2007.
For further information contact:
Nostra Terra Oil and Gas Company plc
Brian Courtney, Chief Executive Officer bcourtney@ntog.co.uk
Stephen Oakes, Non-executive Director Tel: +44 (0)207 877 8788
Blomfield Corporate Finance Limited Tel: +44 (0)20 7489 4500
Alan MacKenzie
Peter Trevelyan-Clark
END
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