Nostra Terra says Chisholm sale progressing well

Nostra Terra Oil and Gas updated the market on Friday on the sale of its 20% stake in the Chisholm Trail Project, operated by Ward Petroleum Corporation.

The AIM-traded firm initially announced the sale, for $2.1m, on 30 June.

Its board said on Friday that the sale was progressing in line with expectations.

“The buyer's funds for the full purchase price have been verified, a non-refundable deposit is scheduled to be deposited at the beginning of next week, and the buyer is carrying out title due diligence in the ordinary course with the transaction expected to close no later than 17 August as previously announced,” the statement read.

“This presents a material opportunity for the company to progress on other fronts and we look forward to updating the markets in due course.”