Nostra Terra Oil & Gas ClusterFook of epic proportions. SELL! SELL! & SELL!

Can it get any worse at the POS that is Nostra Terra Oil & Gas (LON: NTOG)? The answer to that question always seems to be ‘Yes’. The Company are consistent in one respect. That is failure. Nostra are a serial failure run by an Ex estate agent from the USA. Who doesn’t have the Deal Flow, expertise or the common sense to run a small oil company. He’s totally out of his depth. Come on down the shorting CEO Matt Lofgran. Not only has Lofgran lied regarding stock ‘loaned to YA Global (the well known shorting crew) he has consistently with-held market sensitive information most notably on their 25% in the nightmare that is East Ghazalat in Egypt. Readers of Guerilla Investing will be all too aware of the disaster that has unfolded.

Sources indicated to this website a travesty of gargantuan proportions…. Production has now more than halved, not so much as a peep out of Lofgran regarding the steep decline in oil. No revenue has been received, ever! Pump jacks have failed on some of the wells, again not so much as a peep, cash calls from North, the Chinese operator, have gone unpaid by Nostra Terra, an Oil field service Company (Lufkin) was owed close to $1,000,000 in January 2016 and had refused to supply any additional equipment. The JV  has basically accused the Chinese operator of Fraud. They’ve also accused them of technically poor work!

Currently Nostra Terra are in full default for a sum that is way in excess of monies owed to them. Nostra refuse to recognise the default. It’s a case of the tail trying to wag the dog. You do not go in guns blazing dictating to a National Chinese Oil Company demanding that they justify their track record, employees, costs and expenses while at the same time telling them that their technical ability is ‘shit‘. It is a clusterfuck of epic proportions and it will only end in tears for any one daft enough to keep holding this stock. Of course you could wait for the collection of stripper wells that is Pine Mills, to come good. Yet another batch of sucked dry piss poor assets used to flesh out and divert attention from this shitty aim disaster! Or you could wait for the next Placing, The recent one had to go cap in hand to pump & dumpers who paid 2p per share. Of course these are now ALL underwater! lol! Karma…..  If I was them I’d cut my losses and get the fook out…..

North has now questioned the legality of the consortium. A notice of default was served on them by their Chinese Operator on 17th January 2016. Nostra hadn’t paid a single bean since November 2015. That position has not changed. The Nostra Terra JV owes millions of dollars in unpaid cash calls to North! North are deliberately allowing East Ghazalat to run down because the JV is not paying its share of the costs. Adding insult to injury Nostra and their JV partners have tried to replace North as the operator!!! You can’t treat a National Chinese Oil Company like this!

In January 2016 the General Manager of PetroSafwa clearly stated the asset was loss making unless the price of oil was $70 per barrel or higher!!! PetroSafwa are the joint venture operating company!!!

Of course all of this has been deliberately keep from Nostra share-holders. It’s a bomb shell Lofgran has hidden from the market! Nostra Terra are out of control and in the grip of Pump & Dumpers….

With the re-launch of Independent Resources as Echo Energy (Echo Energy (LON: ECHO) there was a chance that this major disaster could have been resolved. Echo have bigger and better things to progress with their time and have washed their hands of the whole Egyptian Nightmare. It’s known that they are actively in negotiation’s to off load East Ghazalat asap!

It will take a new JV partner whose not tainted with the NTOG association to sort this out. There’s no chance, after close on 18 months, that Lofgran, whose responsible for the failure can do it. He should resign immediately.

 

Viva

Dan

 

 

 

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3 Responses

  1. Chris says:

    Well, if all that’s spot on, which I am sure it is Dan, Nostra Terrible will not last as long as the milk in my fridge! So little regulation and so little repercussion. No doubt Mr. Lofgran will have a few bob salted away and walk off into the sunset a lot wealthier than his shareholders!

  2. Steven Aiko says:

    Awful company. I can’t think of a worse POS currently than Ntog. The CEO is dreadful, their assets are shite and merely used for smoke and mirrors Horrendous company

  3. NTOG shareholder ripped off! says:

    Matt Lofgran. Is a scheming conman from the US. I wouldn’t show him were a birds nest was. 7 years of abject failure, lies and bullcrap.

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