LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC Friday denied that it is planning a share placing, following recent speculation on "certain message boards" relating to its recent share price movement and significant volumes of trades in recent days.
The company said "these are false rumours and completely unfounded".
"We previously announced that in January we had surpassed cash flow positive on an operational basis," Chief Executive Matt Lorgran said in a statement.
"This still remains the case, where free cash flow generated from production has been reinvested into additional wells throughout the year," he added.
Since this time the firm said it has collected USD1.4 million from Richfield Oil & Gas, a firm it took to court for defaulting on a loan. Nostra said these funds will be used for upcoming leasing and drilling.
The stock was trading at 0.350 pence Friday morning, up 0.020 pence or 6.06%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Nostra Terra (NTOG)