0.530 -0.030

ukraine

Having successfully established a solid base for growth in the US, Nostra Terra entered into a contract in February 2010 with Crimea Nadra Invest (CNI) relating to its original assets in Ukraine.

Under the terms of the contract, CNI acquired all the rights and obligations associated with the Joint Activity Agreement (JAA) of 27 January 2001 covering Nostra Terra Overseas Ltd's operations in Ukraine and in particular the Oktyabrskoe field licence, while NTOL will retain a right to payment of 25 per cent of any net profits generated by CNI from the JAA, which runs for a period of 25 years from 27 January 2001.

Nostra Terra believes that CNI, with its local expertise and relationships, is well positioned to unlock additional value from the Oktyabrskoe reservoir, leaving the company to devote its management and financial resources to achieving its primary objective of profitable and sustainable growth in regions of low geological risk.