AIM-listed oil and gas exploration and production company, Nostra Terra Oil & Gas, has announced that it has made progress with the strategic expansion of its portfolio into North African country, Tunisia.

Nostra Terra is an oil & gas exploration and production company with a portfolio of development and production assets in Texas, the USA.

The company announced that ‘exclusive negotiations and preparations have taken place for a large block with existing discoveries, offering both exploration and appraisal activity and new entities have been organised in anticipation of such expansion.’

The deal is not yet completed but the company has negotiated terms and is awaiting final approval from the relevant authorities.

The Chief Executive Officer of Nostra Terra, Matt Lofgran, said: “Our core focus at Nostra Terra has been to first build a foundation of steady producing assets where cashflow covers overhead and can be reinvested in growth. We know investors like to see assets that have large potential upsides so that they can deliver substantial value. We said that we planned to add that aspect to the portfolio once we reached cashflow positive.”

“In anticipation of where we are now, we began working on certain opportunities in the Spring of 2020, when commodity prices were low, caused by the onslaught of the Covid pandemic, creating a great opportunity to invest. We are leveraging the board’s extensive experience and network, and we look forward to adding a dynamic asset to the portfolio, with no near-term external funding needs, and the ability to have a very positive impact.”