Nostra Terra said it has noted the announcement made yesterday by Magnolia Petroleum and the publication of a circular convening a General Meeting of Magnolia on 18 July.
The Company responded with the following statement:
"In the coming days Nostra Terra will release a full response to Magnolia's announcement, correcting what Nostra Terra believes to be factual inaccuracies in the MAGP announcement and Circular and addressing what Nostra Terra believes to be the fundamental challenges facing MAGP. Given its operational and commercial experience in the onshore oil and gas market in the United States, Nostra Terra believes that Magnolia is pursuing the wrong strategy and that it is well placed to assist Magnolia in restructuring its business model and delivering shareholder value."
At 1:25pm: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was -0.15p at 1.53p