LONDON (Alliance News) - Nostra Terra Oil and Gas company PLC said it received USD1.15 million of the USD1.3 million from Richfield Oil & Gas, awarded by a US court Wednesday.
Richfield defaulted on a USD1.3 million secured loan note it had issued to Nostra Terra in 2011.
Following this successful outcome for the company a further hearing will now take place later this year to determine any additional sums owed to Nostra Terra, including attorneys' fees, costs of collection, and reimbursement for operating expenses, it said.
Nostra Terra's liens - its security interests - will remain in place until final settlement is determined.
The funds will be used to expand its drilling programme.
Nostra shares were trading at 0.391 pence Friday, up 0.006 pence or 1.6%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Nostra Terra (NTOG)