Nostra Terra reveals buyer of Chisholm Trail stake as sale completes

Nostra Terra Oil and Gas said on Thursday it has completed the $2.1m sale of its interest in the Chisholm Trail Prospect in Oklahoma.

The group said Staghorn Petroleum bought the stake in the prospect, something Nostra was unable to reveal until completion as it was bound by commercial confidentiality.

Nostra will use the net proceeds from the sale to accelerate its growth plans and for general working capital purposes.

At the same time the company said it has decided to extend the suspension of quarterly operations reports as part of its “cost cutting initiative and wider rationalisation of the business”.

Previous quarterly reporting was at the board's discretion and is not required under AIM Rules.

“The board feels that management time is better directed towards evaluating and securing new assets for Nostra Terra, as it continues to implement its growth strategy and deliver shareholder value over the medium term,” Nostra said in a statement.

“The company will continue to report on operations and accounts in the annual and interims per standard reporting requirements.”

Shares fell 8.57% to 1.60p at the close.